Skip to main content
Parcae
Glossary odds

Fair Odds

In short: The odds you'd see if a sportsbook charged zero vig — odds that exactly match the true probability of the outcome. Useful as a reference for measuring how much vig a book charges and for calculating expected value.

Also known as: true odds, no-vig odds

Fair odds are a mathematical idealization. They’re what the bet should pay if the market were perfectly efficient and the book made no margin. Exchanges come closest to fair odds in practice; retail books are always a few cents worse.