Even money is a price of $2.00 in decimal odds: a winning bet makes a profit equal to its stake. Back a selection at even money with $15 and a win returns $30, your $15 plus $15 profit. The price implies a chance of 1 / 2.00 = 50%, which makes even money the line between odds-on prices below it and odds against prices above it.
Even money in decimal, fractional and American odds
| Format | Even money is written | What the number counts |
|---|---|---|
| Decimal | $2.00 | Total return per $1 staked, stake included |
| Fractional | 1/1, evens, or EVS in British racing | Profit per unit staked |
| American | +100, or -100 | Profit on $100, or the stake needed to win $100 |
| Implied probability | 50% | 1 / 2.00 |
+100 and -100 both mean even money, because at $2.00 the stake and the profit are the same $100.
Why even money means a 50% chance
A $2.00 price pays $1 profit for each $1 at risk, so it breaks even on average only if it wins half the time; below that strike rate, a run of $2.00 bets loses money. With illustrative prices either side of $2.00:
| Price | Break-even strike rate | Profit on a $15 winner |
|---|---|---|
| $1.92 | 52.1% | $13.80 |
| $1.95 | 51.3% | $14.25 |
| $2.00 | 50.0% | $15.00 |
| $2.05 | 48.8% | $15.75 |
| $2.10 | 47.6% | $16.50 |
Working for $1.92: 1 / 1.92 = 52.1%, and 15 x (1.92 - 1) = $13.80. Implied probability turns any price into its break-even rate the same way.
Even money and the bookmaker's margin
A fair coin toss has a fair price of $2.00 on both sides, and a bookmaker quoting it would build in no margin, because two $2.00 prices add up to exactly 100%. So both sides get shortened, which is the margin how betting odds work explains: at $1.92 each side implies 1 / 1.92 = 52.083%, and the market adds up to 104.17%.
That is why both sides of a line or total market tend to sit just under $2.00, as line betting explained shows.
It also means a bookmaker's even money is usually a little worse than it looks. In an illustrative two-way market of $2.00 and $1.83, the total is 50.00% + 54.64% = 104.64%. Divide each chance by 1.0464 to take the margin out, and the $2.00 side's fair chance is 50.00 / 1.0464 = 47.8%, a fair price of 1 / 0.478 = $2.09.
Phrases people mix up with even money
- Better than evens. Said of a price, it means longer than $2.00: a bigger payout and a chance under 50%. Said of a chance, as in "a better than even chance", it means more likely than not, which is an odds-on price. The two point in opposite directions.
- An even money favourite. A favourite at $2.00, which the market rates as likely to win as to lose; once the margin is out, it is usually rated slightly more likely to lose.
Near even money prices on the Terminal
Around $2.00 the price you take sets your break-even rate: $1.92 needs a 52.1% strike rate and $2.10 only 47.6%. B337's Terminal shows prices from 40+ bookmakers across racing and sports, and on sports it sets bookmakers side by side on head to head, line and total markets, where many prices sit near even money.
Each price shows as at the time it was read, on a repeating cycle, so confirm it with your bookmaker before betting. A free account opens a limited view of the Terminal with live odds.
Risk: Betting involves risk. An even money bet is priced to lose about half the time, a few extra cents lift a winner's payout without making it win more often, and there is no guarantee of profit. See responsible gambling for limits and support.