Betting terms, defined with today's numbers
Short, plain definitions — each one closes with BeatVig's own current number, not a static example.
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Vig
Vig — short for "vigorish" — is the cut a sportsbook builds into a two-sided price, measured as how far the two sides' implied probabilities add up past 100%.
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Juice
Juice is the common sportsbook-slang name for vig — the margin a sportsbook builds into a two-sided price.
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No-Vig Odds
No-vig odds — also called fair odds — are a two-sided price with the sportsbook's built-in margin mathematically removed, so the two sides' probabilities add up to exactly 100%.
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Expected Value (EV)
Expected value (EV) on a bet is how much a price is paying above, or below, what BeatVig's de-vigged fair line says the outcome is worth — expressed as a percentage, where positive means the price is cheaper than fair.
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Closing Line Value (CLV)
Closing line value (CLV) is the gap between the price you got on a bet and where that same market closed just before the event started — consistently beating the close is one of the strongest signs that a bettor has a real, repeatable edge.
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Arbitrage Betting
Arbitrage betting means buying both sides of the same bet at two different venues whose combined price is under 100%, so either outcome pays back more than the total staked — as long as both bets stand at the prices taken (books can limit, void, or move a price first).
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Prediction Markets
A prediction market — Kalshi, Polymarket, Novig or ProphetX — is an exchange where traders buy and sell yes/no contracts on an outcome, so the contract's own price is the market's probability estimate, unlike a sportsbook's price, which has a margin built in.
In short
This glossary defines the terms BeatVig's own pages use — vig, juice, no-vig odds, expected value, closing line value, arbitrage betting and prediction markets — in plain language. Every definition links to the live BeatVig page that puts the term to work, and most close with BeatVig's own current number rather than a fixed example.
Glossary — FAQ
What is vig in sports betting?
Vig (vigorish), also called juice, is the margin a sportsbook builds into a two-sided price — a -110/-110 market carries 4.76% of vig.
What does EV mean in betting?
EV (expected value) is how much a price is paying above or below BeatVig's de-vigged fair line, as a percentage — positive means the price is cheaper than fair.
What is a prediction market?
A prediction market — Kalshi, Polymarket, Novig or ProphetX — is an exchange where traders set a contract's price by buying and selling against each other, rather than a venue posting a priced-in margin.
Does BeatVig track closing line value (CLV)?
Not for individual readers — BeatVig doesn't log personal bets or wager history. It does keep each market's own closing price for historical rendering; see the Closing Line Value entry.