Vig (vigorish)
The bookmaker's built-in margin, visible as implied probabilities that sum to more than 100 percent.
A standard -110 / -110 point spread implies 52.4 percent on each side, 104.8 percent in total. The extra 4.8 percent is the vig, and it means a bettor must win about 52.4 percent of such bets just to break even. Props and parlays carry far more vig than main lines.
Prediction markets do not have vig in this sense because the venue is not your counterparty. Their costs show up as trading fees, bid-ask spreads and, on some venues, a cut of winnings. For liquid markets the total cost is usually lower than a sportsbook's margin, which is why sharp bettors watch exchange prices.
To strip vig from a sportsbook quote, divide each implied probability by their sum. That "fair" probability is the number to compare with a prediction market price.
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Frequently asked questions
- What does "Vig (vigorish)" mean?
- The bookmaker's built-in margin, visible as implied probabilities that sum to more than 100 percent.
- Why does vig (vigorish) matter for prediction markets?
- To strip vig from a sportsbook quote, divide each implied probability by their sum. That "fair" probability is the number to compare with a prediction market price.