A tool exists to determine the fair or “true” odds of an event, eliminating the vigorish (vig) or “juice” charged by bookmakers. This process calculates the implied probability of each outcome within a betting market and then adjusts the odds to reflect a zero-margin scenario, offering a benchmark for assessing value in betting opportunities. For instance, if a book offers odds of +110 on both sides of a coin flip, the calculation would reveal the fair odds to be +100 (or even money) after removing the profit margin.
Eliminating the vigorish is important because it provides a clearer picture of the actual probability of an event. Understanding the true odds allows bettors to identify situations where bookmakers are offering inflated odds, potentially leading to profitable wagers over the long term. The concept of removing the vig from odds has been utilized by sophisticated bettors and professional gamblers for decades, allowing them to more effectively compare odds across multiple books and pinpoint arbitrage opportunities, maximizing the chances of profitable investments.
