What Evens means
Evens is the point where a bet pays exactly what you stake. It's written 1/1 in fractional odds, and you'll also see it called "even money" or "evs". It sits between odds-on prices, where you win less than your stake, and odds-against prices, where you win more.
Evens in decimal and American odds
| Format | Evens as | How it's worked out |
|---|---|---|
| Decimal | 2.00 | 1 ÷ 1 + 1 |
| American | +100 | (2.00 − 1) × 100 |
| Implied probability | 50.0% | 1 ÷ 2.00 |
What Evens pays
| Stake | Profit | Total return |
|---|---|---|
| £1.00 | £1.00 | £2.00 |
| £2.00 | £2.00 | £4.00 |
| £5.00 | £5.00 | £10.00 |
| £10.00 | £10.00 | £20.00 |
| £20.00 | £20.00 | £40.00 |
| £50.00 | £50.00 | £100.00 |
| £100.00 | £100.00 | £200.00 |
How likely is evens to win?
Evens implies a 50.0% chance, or about 1 in 2. The bookmaker sees it as a coin flip. The true chance is usually a little lower than this, because bookmakers build a margin into every price.
Evens each way
An each way bet splits your stake between a win bet and a place bet, with the place part paid at a fraction of evens. For a £5 each way bet (£10 in total):
| Place terms | Place odds | Returns if it wins | Returns if it places |
|---|---|---|---|
| 1/4 odds | 1/4 | £16.25 | £6.25 |
| 1/5 odds | 1/5 | £16.00 | £6.00 |
At 1/5 terms, a placed finish returns £6.00 from the £10 total stake, so it still loses £4.00 overall. Each way needs bigger prices than evens for the place part to cover the bet. Work out any each way bet.
If a horse at evens is withdrawn
When a horse priced at evens is withdrawn after you've bet on another runner in the same race, Rule 4 takes 45p from every £1 of your winnings. It applies to bets struck at a fixed price before the withdrawal. Work out a Rule 4 deduction.
Prices either side of evens
See every common price explained, or convert any price with the odds converter.