No-Vig Odds
In short: Odds calculated by removing the sportsbook's vig from the posted line, expressing the implied probability with no margin built in. Used as a reference for measuring expected value and as the fair-price benchmark in line shopping.
Also known as: vig-free odds, devigged odds, true odds
When a sportsbook posts both sides of a market at -110, the vig-included implied probabilities sum to 104.8%. No-vig odds strip out that 4.8% excess, producing prices that sum to exactly 100% — the line the book would offer if it charged no margin. No-vig odds derived from a sharp reference book are widely treated as the best available estimate of true probability, and comparing them to retail offerings is the standard method for identifying +EV bets.