No-vig odds (also called fair odds) are the underlying prices after removing the bookmaker's margin. Every sportsbook builds a profit margin — called vig or juice — into their lines. Stripping the vig reveals the true probability the market assigns to each outcome.
Example: A game is priced at -110 / -110. Each side has an implied probability of 52.4%, which sums to 104.8%. The extra 4.8% is the vig. The no-vig probability for each side is 52.4% / 104.8% = exactly 50%.
Why this matters: When comparing your model's probability to the market, always compare against no-vig odds, not the offered odds. The offered odds already include the house edge working against you.
No-vig calculation is also essential for line shopping. Different books offer different margins; a book at -108 / -108 (3.7% vig) gives you better fair odds than one at -115 / -115 (6.5% vig) for the same underlying probability.
The no-vig calculator on sharksnip.com converts any two-way market to fair odds instantly.