What is 'Even Money'?
Even money is one of the most recognisable gambling
expressions. It can be uttered in almost any form of gambling, be it cards, football or horse racing
.In the simplest of terms, even money means that the individual who is placing a bet has the same chance of winning the bet as they have losing it. Even money generally – but not always – means that the person betting will either double up on the money they wager
, or will lose that sum altogether. So, for example, with £50 placed on an even money bet, an individual stands to be left with either £100 or £0.
'Even Money' Explained
Even money is a wagering proposition. It can go by other names – evens, 50-50, double or nothing
, equal split, halfway bet – but all mean one and the same thing.An even money bet usually takes place when the bookmakers
have declared that the occurrence of an event is just as likely to occur as not occur. This will most often happen when there are only two potential outcomes, such as when a football match enters a penalty shootout situation, for example.However, in some forms of gambling even money bets do not have odds that are exactly 50–50, with roulette being a prime example. Betting on the ball to land on either red or black is regarded as an even money bet, however the fact that there is a green square representing the number 0 means that the house actually has a fractionally better chance of emerging victorious when compared to the bettor.Despite this type of even money bet giving the casino
a slight advantage, there are some establishments that will allow the bettor to neither lose nor win money should the ball land on the green. Should this be the casino’s rule, then the bettor will instead be given the opportunity to roll again so as to secure a more definitive outcome.