Sports Betting Guide and Terms - Even Money

Definition

The term “even money” refers to a bet in which there is no vigorish, also known as juice, associated with the bet. This type of bet is universal in sports gambling and can possibly be found in any sport. It is basically a 1:1 bet.

Example

For example, in pointspread games (where vigorish is commonplace), if a sportsbook is receiving too much action on one side and a sportsbook does not want to move the line, they may elect to make one side even money, or even better, to attract more action on this side. In the 2006 National Championship game that featured USC and Texas, USC at one point was at –7 –120 (meaning if one wanted to back USC at –7, one would have to lay $120 to win $100). For those not sure of the game, betting Texas +7 +100—even money—would have been a great value play. In this case only $100 would have to be risked to win $100.

Sportsbooks

Some sportsbooks offer its clients special days in which some games, or even all of the game in one sport, are at even money. This ploy is made to attract new bettors from depositing into their sportsbook. Often, though, these types of sportsbooks cater to the public. Once a player becomes highly successful and wins on a consistent basis, such a sportsbook often limits the plays of the winning sports gambler.

What is the advantage of betting “even money”

As stated in an earlier entry, if one bets sports, one will inevitably have to win at a 55% rate to show profit in the long run. This is due to the vigorish slapped on all sports bets by the sportsbooks to ensure them of their inherent edge. For example if Joe Q. Public decides to play 4 pointspread games, he would have to win 3-1 or better to show profit. If Mr. Public went 2-2, one would assume would push for the day, but taking the juice into account, Mr. Public would be down $20 (assuming he played each game at –110 at $100 a game). On the other hand, if Mr. Public played all 4 sides at even money each, he would have pushed for the day.

Summary

In conclusion, “even money” basically means a 1:1 ratio in sports betting. Betting even money bets reduces the need to win at a 55% winning percentage, and is great way to gamble on sports. Finding a sportsbook, though, that offers even money bets on all its game will be difficult (although one may sell points to improve the juice on some pointspread games).