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The odds published by Pinnacle include a margin (vig/overround). The todds1 / todds0 / todds2 fields are the devig odds (margin removed logarithmically) — the fair probabilities. They are present on every snapshot of /api/odds (not only opening/closing), which lets you track how the edge evolves over time.

Detecting value (+EV)

Compare a bookmaker’s odds to the todds. If a book offers odds higher than the corresponding todds, it is a positive expected value opportunity.
Since Pinnacle is the sharpest book, its devig odds are your OTB (Odds To Beat) — the reference for identifying value and computing CLV.

Specials & outrights

/api/specials/odds also includes a todds field on each line. All contestants of a special are devig together (2-way or N-outcome market).

CLV

Use /api/clv to compare your bet price to the closing price and get the clv_pct: