What Do Odds Like "Even" Mean In Football Betting?

So if you have ever opened up a bet slip and looked at the odds and seen "even", "evens", etc., and thought for a second, what is evens meaning betting? You might have even wondered, Is this a good price or is this a normal price? Even money is in an almost balanced place, neither too risky nor too safe. It can be confusing to new players, and that might be part of the reason that so many people ask what does even mean in betting. Actually, it's one of the easiest forms of odds to understand from the surface.

Simple isn't always obvious. So in this article, we will cover the concept of even money/evens, how your winnings are paid out, why bookmakers use the price of 2.00, and where you find even money prices in common football markets. We’ll also cover how they appear on popular sportsbooks such as Afropari, which cater to Africa's largely mobile-first user base. 

Definition: What Is "Even Money" (Evens) In Football Betting? Even Odds Explained

Simply stated, even money means you're placing a wager for an amount, and if that wager is successful, you earn the same amount in profit. It's close to a 1:1 scenario. You stake $10, and you win $10. It's not $15, nor $8, it's just your stake, replicated back to you as a profit.

On most sportsbooks, particularly in Africa, you will see the following:

• Decimal odds 2.00
• Fractional 1/1
• American +100

While these three are written differently, they are describing the same thing. When you ask three friends to describe the same scene, each of them would use their own choice of words; odds formats are like that. Decimal 2.00 is the most common form of odds across African sports betting platforms due to the fact that it is the simplest to view on a phone screen, with nothing needing to be converted.

People who search, what is even money in betting are sometimes trying to link the different formats in their head. After seeing how they relate, understanding the concept becomes significantly simpler.

There's no trick or hidden angles to it; Nonetheless, some newbies feel a little suspicious about it initially.

Payout, Profit & Implied Probability With Even Money

The math here is surprisingly clear-cut; however, do not panic if you are not fond of math; the idea is much more intuitive than precise.

Payout Formula = Stake x Odds

Using even money:

Stake: $10

Odds: 2.00

Payout: $10 x 2.00 = $20

Profit: $20 - $10 stake = $10

Here is the point where people often confuse payout and profit. People often think that doubling their money means they made a profit of $20, but the stake is included in the payout. It returns to you; it is not part of your winnings. A rather minor distinction yet somewhat easy to forget while quickly scrolling through match day.

Finally, the implied probability. Using decimal 2.00, the calculation is as follows:

Implied probability = 1 ÷ 2.00 = 0.5 = 50%

In other words, the bookmaker is saying, "We believe the fair chance is roughly 50%... plus or minus." However, and there is always a 'however', you still have a bookmaker margin built in. Thus, evens do not represent that your wager has a true 50% chance of success. Rather, it represents a rough estimate of equality between sides, especially in closely contested matches.

If you prefer to compare prices among bookmakers, you will likely note that evens do not always appear the same way from the same market. Differences in margins, risk balancing, and timing affect this slightly.

Where to Look for Even Money: Common Markets & Examples

While even money may appear in nearly any type of market, there are markets where we see it less frequently. Even money seems to be the "midpoint" between being overly optimistic and overly cautious. As such, even money appears frequently in sports like soccer (football).

1X2 Full Time Result

As a rule, even money does not appear very frequently in competitive fixtures, since competitive soccer rarely results in completely symmetrical matchups. However, when the odds move quickly after a goal, you will see even money emerge in live betting.

Example:

Team A: 2.00

The draw: 3.20

Team B: 3.80

As soon as a favourite begins conceding early, the odds can shift rapidly from one extreme to another. The minute a team that is favoured is quoted at 1.60, and a goal is scored, their odds will begin to drift towards 2.00.

BTTS (Both Teams to Score)

When two teams are expected to score in a matchup, the total goals odds will typically range from 1.90 to 2.10. Therefore, you will see "Yes BTTS" at an even money quote (2.00) on occasion. When you see it at even money, it doesn't feel surprising. It feels honest and fair, simply a 50-50 proposition.

Over/Under (Total Goals)

A total of over 2.5 goals can be quoted at even money in mid-tempo leagues. There are some leagues where totals can fluctuate wildly due to variables such as weather, field conditions, travel, etc., affecting the total number of goals.

Prop or Player Markets (Props)

When you see safer propositions, such as a player taking a single shot on target, these quotes can vary in proximity to even money based on the individual's performance history.

What do you notice about the markets listed above? These types of markets generally tend to settle into the even money zone due to the fact that they expect a relatively equal probability of occurrence.

Do Not Forget: All full-time (FT) markets include the 90 minutes plus stoppage time, unless specified otherwise. Many new bettors make the error of thinking extra time or penalty shootouts, which are common in cup games, count. This is because they fail to read and understand the rules of each specific market.

Understanding Conversions Between Formats (Decimal/Fractional/American)

To help illustrate the relationship between evens and the various formats used to display odds, we will examine them together.

2.00 (decimal) = 1/1 (fractional) = +100 (american)

Once you have seen how the three formats work together, it is easy to recognize what odds are "close to even."

Below is a quick reference guide to help you convert among formats.

For example, if you prefer to use the decimal format, bookmakers like Afropari allow users to switch their preferred format via the user account settings. This is done to provide clarity and simplicity for those who use mobile devices to place bets.

Live Betting & Cash Out: How They Interact With Evens

Live betting can cause evens to jump around like confetti in the air. A goal, a yellow/red card, a substitution made by a manager that looks like a tactical move causes the odds to jump from 2.00 to 1.50 or 3.20 in the blink of an eye.

Cash Out also creates some interesting interactions with evens:

• If your original selection was at evens and the game begins moving in your favor, your cash out value increases.
• If the game moves against you, your cash out value decreases quickly.

Cash out is not a profit-making strategy. Rather, it is a tool to allow you to manage your risk and/or reduce stress associated with a particular outcome. Some individuals love cash out. Other individuals will never use it because it disrupts their experience watching the game. Whether you enjoy the flow of a game or you prefer a calm mind while wagering is really dependent on your personal preference.

Common Misconceptions About Even Money Odds

Even though the concept of even money is simple, there are many misconceptions about it that occur. Since betting can be complex, it is understandable why so many misconceptions exist.

Misconception #1: Confusing Profit and Payout

This misconception has been discussed previously; however, it is the most frequent misconception: doubling your money includes your stake. For example, when you win a bet at even money (2.00), your profit is equal to your stake.

Misconception #2: Believing Evens Means Exactly 50% Chance

Since bookmakers add a margin to the true probability of a given event occurring, and since football has numerous external factors that influence the true probability of a given event occurring, it is impossible to predict a perfectly 50/50 outcome. Therefore, even money odds should always be interpreted within context, and not solely by using mathematical formulas.

Misconception #3: Failing To Understand The Specific Rules Of Each Market

Many bettors incorrectly assume that extra time applies to all markets, including full-time markets. While it is correct that extra time applies to certain markets, all full-time markets almost always only apply to the 90 minutes plus stoppages. Additionally, each prop market has its own set of rules.

Misconception #4: Assuming That Evens Automatically Means Less Risky

There are some bettors who assume that even money means "lower risk." While the odds being quoted at 2.00 may seem reasonable, the amount of risk associated with a particular market is determined by the quality of the matchup analysis, and not by the number 2.00 appearing on the screen.

Africa Notes: Mobile-First, Payments & KYC

As we wrote this article for Afropari's audience and, in general, the African betting landscape, some additional context may be helpful.

In many parts of Africa, people utilise mobile phones primarily; most of the phones are 4G-enabled, though they may have unreliable network connectivity. Therefore:

• Odds in decimal format (2.00) are faster to load and easier to interpret than those in other formats.
• Many of the payments made by betters are via mobile money transfers, e-wallets, and/or credit cards.
• In addition to providing identification documents for KYC verification, the first name and last name used for an account must match those used on the ID provided.
• Live betting has very little margin for error, as slow loading times due to poor bandwidth can cause odds to change prior to your tapping the screen to confirm your bet.

These issues contribute to why people use betting platforms differently based on their individual location and can help you identify areas to limit the amount of friction on the platform.

Frequently Asked Questions (FAQs)

• What does "even" money mean when betting?

It means that your possible profit from a wager will equal the size of your wager. This is represented in decimal form by 2.00 (or 1/1 in fractional), and by +100 in American odds.

• What are the conversion formulas for even money?

2.00 decimal = 1/1 fractional = +100 American

• Do you double your money when betting at even money?

You receive a double payout; however your profit will be equal to your wager (stake). The stake is part of your total payout.

• How do payouts and profits differ when betting at even money?

Potential payout = stake × odds

Profit = payout − stake

• How do you convert between different types of odds formats?

Most platforms offer a settings option within which you can select the odds format you prefer (decimal, fractional, or American).

• Any responsible gambling recommendations?

Yes. Only bet with money you can afford to lose. Set betting limits and avoid attempting to recoup lost funds. Betting is intended for adults (18+); it should remain enjoyable.