wageringterms.

Definition

Even Money

Also known as Evens, EVS, 1/1, Even Odds

By Reviewed Editorial policy

In short

Even money is a price where you win exactly what you stake. Written as 1/1, 2.00 or +100, it implies a 50% chance before any bookmaker margin is considered.

Even money means a £10 bet wins £10, returning £20. It is the pivot of every odds format:

  • Fractional: 1/1 or EVS
  • Decimal: 2.00
  • American: +100

Above it, you win more than you risk. Below it, you risk more than you win, an odds-on price.

It does not mean a fair bet

The implied probability of even money is exactly 50%, which makes it look like a coin flip. It rarely is.

A genuine coin flip offered by a bookmaker would be priced around 1.91 on each side, not 2.00, because the overround has to go somewhere. So when a market does offer even money on both sides of a two-way proposition, either the book is unusually sharp or one of the outcomes is being underestimated.

In practice, a price of exactly 2.00 in a competitive market usually means the bookmaker rates that outcome slightly below 50%, with the margin making up the difference.

Two places the phrase misleads

Blackjack insurance. Dealers offer “even money” when you hold a natural blackjack against a dealer ace: take a guaranteed 1:1 instead of the 3:2 you would get if the dealer has no blackjack. It sounds like a sensible hedge and is a losing proposition in every standard game. Taking it costs about 4% of the hand’s value.

Roulette outside bets. Red, black, odd and even are described as even-money bets, and they pay 1:1, but the zero means your actual chance is 18/37, or 48.6%, not 50%. The payout is even money; the proposition is not.

Common questions

Is an even money bet a 50/50 chance?

Not usually. Even money implies 50% before margin, and a genuine coin flip would be priced nearer 1.91 by a bookmaker. Roulette red pays even money on an 18-in-37 chance, which is 48.65%.

Should I take even money on a blackjack?

No. It is insurance under a different name, and it costs about 4% of the hand's value. Declining it and taking 3:2 whenever the dealer has no blackjack is worth more over time.

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