Even Money
A wager whose potential profit equals the stake: decimal 2.00, fractional 1/1, American +100.
Even money describes odds where the potential profit precisely matches the amount staked. Stake $100 at even money and win, and you collect $100 in profit plus your original $100 stake, for a $200 total return. In decimal notation this is 2.00. In fractional notation it is 1/1 (also called “evens”). In American notation it is +100.
Even money odds map to an implied probability of exactly 50%, signaling that the bookmaker treats both outcomes as equally probable. In reality, genuine even-money lines are fairly uncommon, because the book’s margin (vig) generally nudges the price on each side just below even. A coin-flip proposition, for instance, might post at -105 per side rather than +100, ensuring the book extracts a small commission whatever the result.
When bettors call a wager “even money,” they may also be using the phrase loosely to flag a bet that sits near a 50/50 proposition, even when the exact price is not precisely +100.
Example
A sportsbook posts a tennis match between two closely ranked players. Player A is listed at +100 (even money) and Player B at -120. Stake $50 on Player A at +100 and, if Player A wins, you collect $50 in profit plus your $50 stake returned, for a $100 total payout.
Note that the opposite side of this market is -120, not also +100. The asymmetry exists because the book’s margin has to be priced in. In a perfectly fair, vig-free market, if one side is truly +100, the other side would be +100 as well. The -120 price on Player B reflects the combined cost of the vig and a marginally higher implied probability for Player B.
Key Points
- Profit equals stake: At even money, whatever you risk is precisely what you stand to win, making it one of the simplest payouts to compute.
- Implies a 50% probability: Even money signals the event is essentially a coin flip in the market’s view. Any departure from +100 indicates one side is favored.
- Rare at standard vig levels: Because books fold their commission into the price, true +100 lines on both sides are uncommon. Pricing such as -110 / -110 is far more typical.
- Useful as a benchmark: Even money is a reference point. Prices shorter than even money (below 2.00 or a negative American figure) flag a favorite, while prices longer than even money (above 2.00 or a positive American figure) flag an underdog.
- Common in proposition bets: Even-money odds show up most often in simple yes/no propositions, such as whether a specific event will occur during a game.