This Vig Removal Calculator does one simple task. You can work out how much vig any bookmaker is charging on any 3-way odds market (this obviously includes football).
What Is Vig or Vigorish?
In any market online bookmakers have to try and weight up the balance between offering odds that will attract punters to bet on the event and making a profit on the book.
To do this, the betting company works towards ensuring that the odds they offer have a built in ‘vig’ in their favour.
Vig is a term used in the gambling industry to refer to the “house edge”.
It is often used in casino games, such as roulette, craps or blackjack. For example, the vig in the game of roulette is the one (or two if you are playing the American version) green squares, which mean every spin of the roulette wheel sees a just less than 50/50 chance of the ball landing on red or black. This slight difference in odds is the houses vig and means that over time, they should turn a profit on the table.
In sports betting the vig is less easy to identify and is often built in to the odds a bookmaker will offer.
As a serious punter, you’ll be well aware of the need to get the best possible value bets on any selection you make and when it comes to having a bet in a sporting event with 3 possible outcomes, such as the result of a soccer or hockey game, there is a way to do this using the handy calculator above.
How To Use The Vig Removal Calculator
Using the calculator is relatively easy; you simply find the sporting event you wish to bet on and then enter the odds for the three possible results, home win, away win and draw into the odds column in a decimal format.
Once you have entered these odds, click on the Convert Odds button and this will display the No-Vig% (a theoretical percentage of what the bookmakers believe the chances are of a certain result occurring) and then most critically next to this column are the the No-Vig Odds. These are the odds which, if you can find them available, give you the best value on that bet and increase the amount you’ll win from the bookmaker.
We want to bet on a soccer match between Liverpool and Norwich City, the three betting options for the outcome of the game are:
Liverpool win at odds of 1.32
Norwich win at odds of 5.12
Drawn match at odds of 3.81
All you do is enter these odds into the Odds column of the calculator and then click on the Convert Odds button below.
The above example produces the following results:
Liverpool Win (1.32)- 62.33% No Vig Odds: 1.6043
Draw (3.81) – 21.60% No Vig Odds: 4.6301
Norwich Win (5.12)- 16.07% No Vig Odds: 6.2232
With a clear indication of what the best No-Vig odds are, you can now scout other betting sites and see what the best available odds are for your game in these markets and if you see odds available that are closer to the No-Vig odds, rather than the original odds, you’ve found yourself a much better bet.