Posted On May 20, 2016
What is Even Money
Even money is a term used in both casual and professional gambling where the bettor stands the chance to lose whatever they bet, or win double the amount in returns. This essentially means that the bettor has a 50% chance of winning on a wager that they make. While 50/50 odds aren’t the best possible odds that a bettor can get, it’s a simple and straightforward wager where the bettor can win often win double the amount of money that they initially invest.
Even Money Odds Formats
There are three main types of odds formats that are used when even money is used. These are the fractional odds format, 1/1, decimal odds, 2.0, and moneyline odds, +100. Making a bet that uses the even money odds of 1/1 means that the bettor will win back the same amount of money that they bet. Conversely, having odds of 3/1, means the bettor has a chance of earning triple the winnings of however much they choose to put in.
A simple example of using even money when betting would be wagering $5 on a sports team winning, at odds of 1/1 x5. If the team wins, the bettor receives their full investment back, added to 5, meaning a total return of $10. This is a common rule, and can apply to many even money bets. Another example would be to bet $10 on a horse race, with odds of 1/1 x20. If the horse chosen wins the race, the bettor earns their initial $10 stake back, and another $10, with a final total of $20. As the examples show, betters have a 50% chance of earning double their wager back on every even money bet.
Even Money At The Casino
The even money odds bet is used in a number of different popular casino games. Roulette is the first example. Roulette is a famous tabletop casino game that includes making a wager on a table, and then spinning a roulette wheel to see the outcome and determine whether the bet was successful or not. Roulette makes use of even money, where bettors can simply bet on black or red, and this is considered an even money bet, as the black and red is split 50/50. This, however, can be risky, as the green on the roulette table can make a bettor lose often.
The even money is bet is also used in the card game of Blackjack. This type of bet is offered on the side during games of Blackjack, allowing the player to protect themselves in case the dealer has a blackjack during a round. If the dealer does, in fact, have a blackjack, the player can push on the original bet and earn back however much they put into the side bet. Alternatively, if the dealer doesn’t have a blackjack, the player will automatically lose the even money side bet, but still has a chance to win the main bet.
Knowing Even Money and Odds
For those players entering the betting and casino world for the first time, it’s important to learn the many types of bets there are available. Even money is one of the most simple and straightforward there are, but it’s one step toward becoming a professional.