What Does Evens Mean in Betting?

Evens, which can also be referred to as even-money, Evs, 1/1 and 2.0 is the purest and most simple way to express probability in the form of odds. 

Take a coin toss. The probability of a coin landing on heads is 50 per cent and tails toss has the same likelihood at 50 per cent. 

If the true probability of those outcomes was expressed as odds the price of heads or tails would be evens. 

If you were to place a £10 bet on heads at evens (2.0) and the coin landed on heads the returns from that selection would be £20. That would include £10 in winnings and £10 as a returned stake. 

How Do I Calculate My Returns on an Evens Bet?

Returns of all wagers are calculated by the odds of the selection and the amount staked. 

Therefore, a bet at evens, which has the percentage of 50, would effectively return double the stake.  

For example a £25 punt at evens, 1/1 or 2.0 would return £50. 

A £50 wager at evens, 1/1 or 2.0 yields £100. 

A £100 punt at evens, 1/1 or 2.0 would award £200 and so on. 

What is the Implied Probability of an Evens Bet?

All prices have an implied probability, which suggests the likelihood of an outcome. 

This does not mean that the odds and percentage probability is correct, but the punter can make the judgement on those prices. 

For example, odds of evens imply a probability of an outcome of 50 per cent. This is calculated using a formula which can be applied to both decimal, fractional and American odds. 

Even-money is an interesting concept, because it is the only price which implies an equal opportunity of winning or losing. 

While this is not always the case, bets at even-money appeal, as the price appears to be a fair, pure and the outcome a winnable one. 

This is partially true in head-to-head match-ups where there are only two possible outcomes, although due to the margins implemented by bookmakers, odds of evens will not be offered about both of the possible results. 

Where Are Evens Odds Most Commonly Found?

Odds of evens are most commonly found in markets without two outcomes. For example match bets between two competitors in any sport, which include tennis matches, darts games and snooker contests. 

Even-money offers are most commonly found in evenly matched events, and less so in mis-matches and uncompetitive competitions, like boxing bouts or the match betting international rugby contests. 

However, handicap markets will often hold the odds of evens, as these are lines set by odds compilers, to make a competitive market on an uneven contest. 

Occasionally, when a competitor is viewed to be clear of their rivals, odds of evens may be offered on an outright market. Luke Littler is the current even-money favourite for the PDC World Championship, for example.

It’s not unusual to find odds of 2.0 or 1/1 in three-outcome football matches and the price is extremely common in derivative markets such as total goals, both teams to score, total corners and cards. 

Is an Evens Bet Always a Good Value Bet?

There is no reason to think odds of evens will hold more value than any other price. 

The key to winning when betting is to identify opportunities where the probability of an outcome is more likely than the odds suggest. 

For example, if there was an offer of 11/10 about the toss of a coin, that would imply a 47.6 per cent chance of correctly selecting head or tail. 

The actual probability of either of those outcomes is 50 per cent. Variance means that one bet at 11/10 on an even-money chance doesn’t guarantee a return, as the outcome is still on 50 per cent to go in favour of the punter, but long-term it would be a positive expected-value wager. 

What are the Common Misconceptions About Evens Odds?

A common misconception surrounding odds of evens, although it may seem strange to many, is that the bet is more likely to win than lose. 

This is especially true in multiple-outcome events such as horse races, greyhound contests, football matches and outright markets. 

The fact is, an even-money chance is just as likely to lose as it is to win. 

Another consideration is that a bet on an event with the possibility of more than two outcomes is likely to be the favourite in the market. This could potentially lead to the selection being overbet at even-money and possibly a poor-value wager.