implied probability
The
chance a price implies: 1 ÷ decimal odds. −110 implies 52.4%. Book margins are baked
in, so it slightly overstates the truth.
vig
The book's built-in
margin — the excess over 100% when you sum a market's implied probabilities. The fee
for being allowed to bet.
no-vig
Implied
probabilities rescaled to sum to exactly 100% — the price with the book's cut
removed. The market's honest opinion.
consensus
The median
no-vig probability across every book quoting the same market at the same line.
Treated as the market's estimate of truth.
edge
Model probability
minus the implied probability of the best available price. Positive edge = the price
pays out too often to be fair.
EV
Expected value: average
profit per unit if the identical bet repeated forever. Positive EV is the only
reason to bet; it guarantees nothing once.
closing line
The final
price before first pitch — the market's most informed number, having absorbed every
bet, injury report, and lineup card.
CLV
Closing line
value: logged decimal ÷ closing decimal − 1. Consistently positive CLV is the
strongest evidence a process sees something real.
unit
The fixed reference
stake every result is measured in. Units keep the ledger about the process, not
about anyone's money.
fractional Kelly
Betting a
fixed fraction (a quarter here) of the growth-optimal Kelly stake — less growth, far
less risk of ruin, and humility about the edge estimate.
paper trading
Logging
every signal with no money attached and grading it as if real. The honest way to
test a process before anything is risked.
calibration
Whether stated
probabilities match reality over volume: of all the moments a model says 60%, about
60% should come true.