What Is Even Money?
Even money (1/1 in fractional, 2.0 in decimal) is the benchmark odds where your profit equals your stake if you win. A €10 bet at even money returns €20 if successful: €10 profit + €10 stake back. The name reflects this 1:1 ratio of profit to stake. Even money implies the market believes the selection has roughly a 50% chance of winning (the exact implied probability depends on the bookmaker margin applied).
Decimal vs Fractional Even Money
Even money is 1/1 in fractional odds and 2.0 in decimal odds. These are identical. Many Irish bookmakers display both formats and you can switch between them in your account settings. When comparing prices across bookmakers, always use decimal odds to avoid confusion: 10/11 is decimal 1.909, which is below even money despite looking superficially similar. The ‘best price’ is always the highest decimal number.
The Bookmaker's Edge at Even Money
In a true 50/50 market, both sides should be priced at 2.0 (evens). Bookmakers price each side slightly below true evens to build in their margin. A football 1X2 market at approximately 10% margin might price a coin-flip match at 1.91 on each side: the implied probability of each is 52.4% despite neither side being more likely. Over many even-money bets, this margin — about 4.5% per bet at 1.91 — erodes the bettor’s bankroll. The closer the price is to 2.0, the lower the margin applied.
When Even Money Bets Have Value
An even money bet has value when you believe the actual probability of your selection winning is above 50%. In practice, assessing whether a selection has >50% probability requires analytical work: form data, model outputs, comparative market analysis. Bookmakers price markets efficiently but are not infallible; discrepancies between bookmakers on the same event can reveal where one has set a price above fair value. 18+ — Gambling Awareness Trust: 1800 753 753, gamblingcare.ie.
Frequently Asked Questions
1/1 is fractional odds meaning you win €1 for every €1 staked. Also called evens or even money. The decimal equivalent is 2.0.
No. 10/11 is decimal 1.909, which is slightly below even money. You receive less than your stake as profit: a €11 win returns €21, not €22. It is close to evens but strictly below.
Bookmakers apply a margin to both sides. On a 50/50 market with a 5% margin, each side might be priced at 1.95 rather than 2.0, so both sides are marginally below true fair value.
18+ only. Gambling can be addictive. Play responsibly. Gambling Awareness Trust — 1800 753 753 — gamblingcare.ie. GRAI licence: GRAI-0191-RB-26-0001.