Even Money

Even money is a betting term that describes odds where the potential profit is exactly equal to the amount staked. If you bet $100 at even money and win, you receive $100 in profit plus your original $100 stake for a total return of $200. In decimal format, even money is expressed as 2.00. In fractional format, it is 1/1 (also called “evens”). In American format, it is +100.

Even money odds correspond to an implied probability of exactly 50%, suggesting that the bookmaker views both outcomes as equally likely. In practice, true even-money lines are relatively rare because the sportsbook’s margin (vig) typically pushes the odds on each side slightly below even money. For example, a coin-flip proposition might be offered at -105 on each side rather than +100, ensuring the book collects a small commission regardless of the result.

When bettors refer to a wager as “even money,” they may also be speaking loosely to describe a bet that is close to a 50/50 proposition, even if the actual odds are not precisely +100.

Example

A sportsbook offers a tennis match between two closely ranked players. Player A is listed at +100 (even money) and Player B at -120. If you place a $50 bet on Player A at +100 and Player A wins, you collect $50 in profit plus your $50 stake returned, for a total payout of $100.

Notice that the other side of this market is -120, not also +100. The asymmetry exists because the book’s margin must be accounted for. In a perfectly fair market with no vig, if one side is truly +100, the other side would also be +100. 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 wager is exactly what you stand to win. This makes it one of the easiest payouts to understand and calculate.
• Implies a 50% probability: Even money suggests the event is essentially a coin flip in the eyes of the market. Any deviation from +100 indicates that one side is favored.
• Rare at standard vig levels: Because sportsbooks build their commission into the odds, true +100 lines on both sides of a market are uncommon. You are more likely to see -110 / -110 or similar pricing.
• Useful as a benchmark: Even money serves as a reference point. Odds shorter than even money (below 2.00 or a negative American number) indicate a favorite, while odds longer than even money (above 2.00 or a positive American number) indicate an underdog.
• Common in proposition bets: Even-money odds appear most frequently in simple yes/no propositions, such as whether a specific event will occur during a game.