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Even money – or evens – is a betting term that refers to the odds of a particular event. In this case the bookmaker has given the chances of the outcome at 50/50. These kinds of odds are not especially common, as it doesn’t give the bookmaker as much margin for profit.
Depending on the preference of the bookmaker – or the bettor – even money would be written as 2/1 in fractional odds, 2.0 in decimal odds or +100 in American odds.
When a selection is even money it means that if the bet is successful the bettor will receive the amount of the stake back as winnings. It is effectively a way of doubling the bettor’s money.
Betting on evens has its obvious attractions as it is deemed that the event could go either way. Although the returns are not as big as if the odds were longer it can be seen as a quick way to double the stake. Evens betting is particularly attractive with single bets as a bettor only needs to get half of their predictions right to stay ahead of the game – 51% correct means a profit. Some bettors who like to use betting systems have been known to make even money bets to steadily make their profit.
In an event with only two participants – such as a football match – it is unlikely that either of the teams will be priced at even money, as there is more than just the chance for one of the sides to win. But a closer look at some of the other markets usually will turn up an even money opportunity – such as the ever popular both teams to score bet.