Even Money
A bet where profit equals the stake: decimal 2.00, fractional 1/1, American +100.
Even money describes odds where your potential profit exactly matches your stake. Bet $100 at even money and win, and you get $100 profit plus your $100 stake back, for a $200 total return. In decimal format that’s 2.00. In fractional format it’s 1/1 (also called “evens”). In American format it’s +100.
Even money odds imply a probability of exactly 50%, meaning the book sees both outcomes as equally likely. In practice, true even-money lines are fairly rare, because the book’s margin (vig) usually drops each side just below even money. A coin-flip proposition, for instance, might be priced at -105 on each side rather than +100, so the book collects a small commission no matter the result.
When bettors call a wager “even money,” they may also be speaking loosely about a bet that’s close to a 50/50 proposition, even if the actual price isn’t exactly +100.
Example
A book offers a tennis match between two closely ranked players. Player A is listed at +100 (even money) and Player B at -120. Place a $50 bet on Player A at +100 and Player A wins, and you collect $50 profit plus your $50 stake back, for a $100 total payout.
Note the other side is -120, not +100. The asymmetry covers the book’s margin. In a perfectly fair, vig-free market, if one side is truly +100, the other side would be +100 too. The -120 price on Player B reflects the combined cost of 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. One of the simplest payouts to calculate.
- Implies 50% probability: Even money means the market sees a coin flip. Any move off +100 means one side is favored.
- Rare at standard vig: Books build commission into the odds, so true +100 on both sides is uncommon. Expect -110 / -110 or similar.
- Useful benchmark: Even money is a reference point. Odds shorter than even money (below 2.00 or a negative American number) mark a favorite; odds longer (above 2.00 or a positive American number) mark an underdog.
- Common in props: Even-money odds show up most often in simple yes/no propositions, such as whether a specific event happens during a game.