Even Money Bet
What is an 'Even Money Bet'?
An even money bet is a type of wager
can make, it is very common in sports betting and gives bettors the chance to double their money. An even money bet is sometimes referred to as 'even money
' or just 'evens'. Most bookmakers will use 'evens' to display the odds for an even money bet, although sometimes it will be displayed as a fraction (1/1) and some online bookmakers
will use the term 'scotch' or 'levels'. Usually, the latter two terms will only be seen in a bookmaker's promotion page in order to draw a bettor's attention to a particularly appealing bet.
'Even Money Bet' Explained
With sports betting, an even money bet is commonly seen. In most weekends of the football season, one or more of the teams will be placed at even money. An even money bet is usually popular with bettors because it's seen as good value, particularly for players who place a singles bet
, simply because if it turns out to be a winning bet, the stake will be doubled.Experienced gamblers tend to like even money bets because they know that over a long period of time, they only need to win 51% of the bets to stay in profit. If they're particularly good at predicting the outcome, they could potentially rack up a larger profit. Although an even money bet doesn't return
as much as 2/1, which doubles the bettor's stake and returns the stake back to them, it can still be tempting if a bettor believes a particular team stands a good chance of winning.Outside of simple win, lose or draw bets, an even money bet can be found in more detailed markets. If we take football as an example, you might find the odds on a number of goals in a game to be evens. If Tottenham are playing Everton at home and the average number of goals in the fixture over the past several seasons has been 2, a bookmaker may offer the following odds:
- Under 1.5 goals - 1/2
- 1.5-2.5 goals - 1/2
- Over 2.5 goals - 1/1 (even money bet)
If the player thinks there is good value in the over 2.5 goals selection, they may stake a wager on that outcome. If, for example, they place a £100 even money bet and the game has a total of 3 goals (regardless of the winner), they will end up winning £200 in total.