Fair Price / No-Vig Price

The price implied by the market once the bookmaker margin (vig) is removed from both sides, so the two outcomes sum to 100%. The fair price is the honest break-even line and the baseline an edge is measured against.

• Vig / Juice — The bookmaker's built-in margin — the reason both sides of a market aren't priced at +100. Strip it from both sides to get the no-vig fair price.
• Implied Probability — The win probability baked into a price. −110 implies ≈52.4%, +150 implies 40%. Comparing the model probability to this is how an edge is found.