Even Money
Odds where profit equals stake — decimal 2.00, fractional 1/1, American +100.
Even money denotes odds at which the potential profit exactly matches the stake. Bet $100 at even money and win, and you collect $100 profit plus your $100 stake — a $200 total return. In decimal terms it is 2.00; in fractional terms 1/1 (also called “evens”); in American terms +100.
Even-money odds map to an implied probability of precisely 50%, indicating the book treats both outcomes as equally likely. True even-money lines are uncommon in practice, because the book’s margin (vig) usually nudges each side fractionally below even money. A coin-flip proposition, for instance, might be offered at -105 per side rather than +100, letting the book bank a small commission on either result.
Bettors who call a wager “even money” sometimes use the phrase loosely for any near-50/50 proposition, even when the exact price is not precisely +100.
Example
A book lists a tennis match between two closely ranked players. Player A sits at +100 (even money) and Player B at -120. Place a $50 bet on Player A at +100, and if Player A wins you collect $50 profit plus your $50 stake back, for a $100 total payout.
Note the opposite side is -120, not also +100. The asymmetry exists because the book’s margin must be covered. In a perfectly fair, vig-free market, if one side were truly +100 the other would be +100 as well. The -120 on Player B reflects both the vig and a slightly higher implied probability for Player B.
Key Points
- Profit equals stake: At even money, whatever you risk is exactly what you stand to win — among the simplest payouts to compute.
- Implies a 50% probability: Even money frames the event as essentially a coin flip in the market’s view. Any move off +100 marks one side as favored.
- Rare at standard vig levels: Books fold their commission into the price, so true +100 on both sides is unusual. Expect pricing closer to -110 / -110.
- Useful as a benchmark: Even money is a reference point. Prices shorter than it (below 2.00 or a negative American number) mark a favorite; prices longer than it (above 2.00 or a positive American number) mark an underdog.
- Common in proposition bets: Even-money odds show up most often in straightforward yes/no props, such as whether a specific event happens during a game.