The bookmaker’s built-in margin — the reason the implied probabilities of a market add up to more than 100%.
Vigorish — also called the vig, juice, margin or overround — is the commission a bookmaker bakes into its odds. If a fair coin-flip market were priced at true 50/50 (2.00 each side), a book might offer 1.91/1.91, whose implied probabilities sum to about 105%. That extra 5% is the vig.
It guarantees the book a long-run profit regardless of outcome, and it is the single biggest edge a bettor has to overcome.
To find the market’s true probability you strip the vig — normalising the implied probabilities back to 100%. The result is the "no-vig" or "fair" price, the benchmark KiqIQ compares its model against to find value.
Lower-margin books and comparing prices across bookmakers both reduce the vig you actually pay.
Implied Probability
The probability of an outcome embedded in bookmaker odds — calculated by dividing 1 by the decimal odds.
Value Bet
A bet where the odds offered by the bookmaker are higher than the true probability of the outcome, giving you a positive expected value over the long run.
Closing Line Value (CLV)
The difference between the odds you took and the odds the bookmaker closed at — the most reliable indicator of long-term betting skill.
Push
A bet that ties — the outcome lands exactly on the line — so the stake is returned with no win or loss.
For informational and educational purposes only. Disclaimer
