Even Money

Even money describes odds where the profit you stand to make is exactly equal to what you put down. Bet $100 at even money and win, and you collect $100 in profit plus your original $100 stake back, for a total return of $200. You’ll see it written as 2.00 in decimal format, as 1/1 (also called “evens”) in fractional format, and as +100 in American format.

Even money odds line up with an implied probability of exactly 50%, which suggests the bookmaker sees both outcomes as equally likely to happen. In reality, you don’t run into true even-money lines all that often, because the sportsbook’s margin (vig) usually nudges the odds on each side a little below even money. A coin-flip type proposition, for example, might be priced at -105 on both sides rather than +100, which lets the book pocket a small commission no matter how it turns out.

Keep in mind that when bettors call a wager “even money,” they’re sometimes just speaking loosely about a bet that’s close to a 50/50 shot, even when the actual odds aren’t 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. If you put $50 on Player A at +100 and Player A wins, you collect $50 in profit plus your $50 stake back, for a total payout of $100.

Notice the other side of this market is -120, not +100 as well. That gap exists because the book’s margin has to be covered somewhere. In a perfectly fair market with no vig, if one side were truly +100, the other side would be +100 too. The -120 price on Player B reflects both the 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, which makes it one of the simplest payouts to picture and work out.
• Implies a 50% probability: Even money suggests the market sees the event as basically a coin flip. Any move away from +100 means 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 aren’t common. You’re far more likely to see -110 / -110 or something similar.
• Useful as a benchmark: Even money works as a handy reference point. Odds shorter than even money (below 2.00, or a negative American number) point to a favorite, while odds longer than even money (above 2.00, or a positive American number) point to an underdog.
• Common in proposition bets: Even-money odds show up most often in straightforward yes/no propositions, like whether a particular event will happen during a game.