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An evens bet is neither deemed odds-on or odds-against and is viewed as 2:00 in decimal odds betting. It is a popular bet with punters who predominantly bet only on single bets and does mean that you only need to win 51% of all even bets in order to stay in the green.
However, bets at evens can often be risky as there is no favourite in the betting market and it can be wiser to place an evens bet in a single bet rather than accumulators. They are often also known as even money bets.
Placing a bet at evens is most commonly associated with football and an example would be to back Tottenham to beat Manchester City with odds of 1/1.
Tottenham may be the home side, but due to Manchester City’s quality, the bookmaker may consider the match difficult to call and decide that there is no particular favourite with the evens odds reflecting that.
This is a chance for the punter to double their money on a single bet should they choose to back Tottenham and they win the game. Evens bets essentially do away with the ability to back a heavy favourite.
In April 2004, Britain Ashley Revell sold all of his possessions, including his house, to bet on a 50/50 spin of the roulette wheel in Las Vegas.
Revell raised £76,840 and put it all on red and remarkably won to double his total wealth in a matter of seconds.
The inclusion of the green 0 on a roulette wheel means the actual chances of landing on red or black are 48.6% and not 50/50 but Revell’s win is still considered one of the greatest evens bets of all time.