What Does Even Money Mean In Sports Betting and Wagering?
There are two absolute guarantees in life and while we all know the first one, taxes are probably the one we complain about the most. Everything has a tax (depending your state) and unfortunately there is nothing really that can be done about it. In the sports betting industry, there is a form of tax sportsbooks use called “juice” or “vig”. This is to ensure that the sportsbooks turn a profit regardless of the outcome of a particular game. However, sometimes the sportsbooks feel generous enough to offer up a “tax-free” line. This line is known as “even money” and offers up a chance to double your money – no questions asked.
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What Does Even Money Mean?
When you hear the term “even money” being tossed around, it is a term used to reference a bet placed without any juice or vig. The odds for this wager are expressed in three different ways depending on what odds you prefer to use. As a fraction, even money is expressed as 1/1, while American odds express it was -100 or +100. The majority of the time, even money odds will be listed as “EVEN.”
How Does Even Money Odds Effect the Sportsbook?
Generally speaking, sportsbooks do not like listing even money lines because it is not as easy for them to make money. Since sportsbooks pay out as much money as they take in, sportsbooks would need to rely on a very low winning percentage from the public in order to come out ahead. Since sportsbooks run the show, they do everything in their power to avoid posting “EVEN” odds. They feel comfortable posting odds like -105 and the standard -110 lines, since that extra bit of juice allows them to turn a profit – as long as the balance is equal between both sides. In order for the public to turn a profit betting into -110 lines, they would need to risk $110 dollars to win $100, which means the extra $10 stays with the sportsbook.
Are Even Money Odds Worth Playing?
When a bettor sees “even money” they are inclined to explore further since the chance to double up has presented itself. Betting “even money” lines over the long term can be effective, since you won’t need to have a super high winning percentage to turn a profit in comparison to betting the -110 odds. However, this is where the sportsbooks get you. You must make sure that “even money” is actually worth it or not. Let’s use roulette as an example.
You can get even money odds for betting on the outside of the board – things like red or black, odd or even, or 1-18/19-36. Each of these “even money” propositions seem fair on the surface, but they are far from. Think about it for a second. Depending on the board, there are actually 37 or 38 spots on the wheel – 36 numbers plus 0 and 00. That means any one of those bets could lose and the even money line is not actually a fair representation of the true odds. Playing this even money method would be a losing proposition over the long term which is why you should always be sure the potential return exceeds the risk involved.
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