Even Money
A wager whose potential profit matches the stake exactly — decimal odds of 2.00, fractional 1/1, American +100.
Even money describes odds at which the potential profit lands exactly equal to the sum you stake. Bet $100 at even money and win, and you collect $100 in profit alongside your original $100 stake, a total return of $200. Expressed in decimal terms, even money is 2.00. In fractional terms, it is 1/1, also known as “evens.” In American terms, it is +100.
Even money corresponds to an implied probability of precisely 50%, signaling that the bookmaker regards both outcomes as equally probable. In reality, true even-money lines are fairly scarce, because the sportsbook’s margin (the vig) ordinarily nudges the odds on each side a touch below even money. A coin-flip proposition, for instance, might be priced at -105 on either side rather than +100, guaranteeing the book a small commission whichever way the result falls.
When bettors label a wager “even money,” they sometimes use the phrase loosely to capture a bet close to a 50/50 proposition, even when the precise odds are not exactly +100.
Example
A sportsbook posts 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 prevails you collect $50 in profit plus your $50 stake returned, for a total payout of $100.
Observe that the opposite side of this market is -120, not also +100. That asymmetry exists because the book’s margin has to be accounted for. In a perfectly fair market free of vig, if one side were truly +100, the other 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 grasp and calculate.
- Implies a 50% probability: Even money frames the event as essentially a coin flip in the market’s eyes. Any departure from +100 signals that one side is favored.
- Rare at standard vig levels: Because sportsbooks fold their commission into the odds, true +100 lines on both sides of a market are uncommon. Pricing such as -110 / -110 is far more typical.
- Useful as a benchmark: Even money serves as a reference point. Odds shorter than even money (below 2.00 or a negative American number) mark a favorite, while odds longer than even money (above 2.00 or a positive American number) mark an underdog.
- Common in proposition bets: Even-money odds surface most often in simple yes/no propositions, such as whether a particular event will occur during a game.