An even money bet is a kind of stake where the potential payout equals the original wager. Thanks to its straightforward nature and decent returns, this betting type is particularly appealing to beginners and those seeking simpler gambling strategies.
Let’s unveil the basics of this betting type and whether it carries any pitfalls.
What does even money mean?
In sports betting, the term even money implies a bet between two parties that doesn’t include any vigorish. The even-money odds will always grant you a payout equal to your initial stake. This wagering type is also referred to as 50-50 betting.
In a sportsbook, American odds are typically introduced with either a minus sign (-) or a plus sign (+) located in front of the odds. The odds, in turn, indicate the price of the bet. The plus/minus signs witness underdogs and favorites, correspondingly. As a rule, an even-money bet is represented as +100 at the bookmakers.
For instance, if you bet $50 on Team A to win with the odds of +100, your potential return would be $100: your original wager ($50) plus your reward ($50). You can learn how to calculate winnings and payouts from my earlier article or use a simple odds calculator.
Therefore, the calculations behind the even-money odds are exceptionally simple. You get the same amount that you stake.
How do even money odds affect the sportsbook?
Many sportsbooks consider even money odds unfavorable since this betting type does not allow for much bookmaker’s profits. Thus, the even money concept entails that a sportsbook pays out the same amount of money as it takes in. However, bookmakers seek high revenues, which urges them to avoid placing even odds.
Instead, you are likely to see odds of -110 for a spread or total bet. In this case, gamblers must risk $110 to win $100, while $10 remains with the sportsbook as a vigorish.
Even money beyond sports betting
The even money model is vastly applied in other forms of gambling. Let’s look at the several examples with casino game origin.
Even money in a roulette
Presumably, even individuals unfamiliar with the details of the gambling environment know what is a roulette in a casino. The playing field in roulette includes numerous numbers, number combinations, and colors. Choosing between red or black, odd or even, or 1-18/19-36 illustrates even money bets in this game, with the chances for success of 50-50. If your choice triumphs, you’ll receive a reward equal to your original stake.
What does even money mean in blackjack?
Another popular casino game is blackjack, which also offers the opportunity to involve even money odds. Here, you can choose between a natural blackjack and an even money option.
How does it work?
When you have a natural blackjack and the croupier shows an Ace, you can opt for even money before the croupier checks their hole card for blackjack. Typically, a natural blackjack pays 3:2. So if you bet $10, you would win $15 plus your original $10 bet, making $25 in total. If you select an even money option, you’ll immediately receive 1:1, regardless of whether the croupier has blackjack. This means you would get an even payout of $10 on your $10 bet, making a total of $20.
Are even money odds worth playing?
The opportunity to double your initial stake with even money sounds tempting. Indeed, this strategy can be beneficial in the long term since you don’t need an excessively high winning percentage to maintain a decent profit level. However, you shouldn’t allow sportsbooks to trick you. Make sure that “even money” odds are actually what they claim.
In other words, you should consider whether an even money bet with a particular sportsbook truly represents the 50-50 winning chances. You can analyze odds at various sportsbooks, assess the probability of each outcome, and compare the numbers.
Let’s assume, 1xBet offers the odds at +100 for Tom Brady to have a touchdown in the 2024 NFC Championship Game. Dafabet has the same proposal but the odds are +125. Potentially, you can squeeze a higher revenue from the Dafabet +125 bet since a $100 bet will bring $125. Besides, if you see several sportsbooks at +125, 1xBet’s +100 odds aren’t really even money because the probability is lower than 50-50.
Final thoughts on even money bets
If you are looking for a simple and clear wagering type, you should definitely consider the even money model. Furthermore, it’s a practical option for beginners, as it offers a 50-50 chance of winning, providing a low-risk investment. Finally, the rewards are easy to calculate, and the strategy enables sustainable profits in the long term.
However, there are still points to be cautious about. You can find the games offering +100, but you should research the odds at various sportsbooks. Analyze if there is an advantage for a specific sportsbook or if the odds are mispriced.
By comparing odds and lines from multiple bookmakers, you can discover the best value for your stake.
