Odds & prices
Even money
What even money looks like in each odds format
It is the same price written four ways. American: +100 (some books show −100, which means the same thing at this one point on the scale). Decimal: 2.00. Fractional: 1/1, said aloud as "evens". Implied probability: exactly 50%.
The arithmetic is the easy part — risk $100, win $100, get $200 back. Even money is the hinge of the whole American system: above it you are on an underdog and the price carries a plus sign, below it you are on a favorite and it carries a minus.
Why an even-money bet is almost never an even bet
If a sportsbook offered even money on both sides of a coin flip, the market would sum to exactly 100% and the book would make nothing. That is not a business, so it does not happen. The standard price on a 50/50 market is −110 each way, which sums to 104.76% — the roughly 4.5% the book keeps.
So when you are offered +100 on one side, look at the other. To hold its usual margin the book will be around −120 there. You are not being handed a fair price; you are on the cheap side of a market that still has margin in it, and the question is whether the true probability is above 50%.
This is the practical value of knowing what even money means: it is the reference point that tells you instantly whether a price is better or worse than a coin flip, without converting anything.
Where you actually meet it
Two-outcome markets that are genuinely close: a pick'em spread, draw-no-bet soccer, a tight moneyline in a low-scoring sport. It also shows up on the plus side of reduced-juice books, where a market priced −105/−105 can drift to +100 on one side as money moves.
It has a second, unrelated meaning at the blackjack table, and people searching the phrase often mean that one instead.
Even money in blackjack is a different thing entirely
When you hold a blackjack and the dealer shows an ace, the dealer may offer you "even money": take a guaranteed 1-to-1 payout now instead of the 3-to-2 you would get if the dealer does not also have blackjack.
It is insurance under another name, and the maths is the same. Declining pays 1.5 units whenever the dealer misses. That beats a guaranteed 1 unit as long as the dealer makes blackjack less than a third of the time — and from an ace they make it about 30–31%. Taking even money is a small, steady loss. It feels safe because it removes the sting of a pushed blackjack, which is exactly why the offer exists.
| American | Decimal | Fractional | Implied | Risk $100 to win |
|---|---|---|---|---|
| −150 | 1.67 | 4/6 | 60.0% | $66.67 |
| −120 | 1.83 | 5/6 | 54.5% | $83.33 |
| −110 | 1.91 | 10/11 | 52.4% | $90.91 |
| +100 | 2.00 | 1/1 | 50.0% | $100.00 |
| +120 | 2.20 | 6/5 | 45.5% | $120.00 |
| +150 | 2.50 | 3/2 | 40.0% | $150.00 |
Implied probability includes the book's margin, so these do not represent true chances — de-vig the market first if you want the fair number.
The common mistake: reading even money as a fair bet
Even money describes the payout, not the fairness. A 50% implied price on something that happens 45% of the time is a bad bet; the same price on something that happens 55% of the time is an excellent one. And because the opposite side is usually priced around −120, the market as a whole still carries the book's margin — you are simply standing on the side where it is less visible.
Common questions
- What does even money mean in betting?
- Even money is a price that pays profit equal to your stake: bet $100, win $100. It is +100 in American odds, 2.00 decimal and 1/1 fractional, and it implies a 50% chance. Some sportsbooks display it as −100, which means the same thing.
- Is an even money bet a good bet?
- Only if the true probability is above 50%. Even money describes the payout, not the odds of winning. Because sportsbooks build in a margin, an even-money price usually sits opposite a price around −120, so the market as a whole is still tilted toward the book.
- Is even money the same as −110?
- No, and the gap matters. Even money returns $100 profit on a $100 risk; −110 returns $90.91. Over a hundred bets that is $909 in profit instead of $1,000 — the difference is the sportsbook's commission, and it is why line shopping for +100 instead of −110 is worth real money.
- Should you take even money in blackjack?
- Generally no. Taking even money on a blackjack against a dealer ace is insurance in disguise: you swap a 3-to-2 payout for a guaranteed 1-to-1. Declining wins more in the long run because the dealer completes blackjack only about 30–31% of the time, and you would need it to be over a third for the trade to pay.
See these numbers on your own bets
Bankroll Guardian tracks every bet and computes your P&L, ROI, CLV, and where you win and leak — free to start, no card required.