Even money
Encyclopedia
Even money describes a wagering proposition
with even odds
- if the bettor loses a bet
, he or she stands to lose the same amount of money that the winner of the bet would win (less any vigorish
or "juice"). The term has come to have meaning in the wider English
usage beyond actual gambling
, however, as a way of describing an event whose occurrence is about as likely to occur as not. This is also known as 50-50 though technically they are different since the amount won on a 50-50 bet does not mean that the chance of winning is also 50-50, in fact it is likely less than a 50% chance they will win, especially if they are playing against a professional gambling establishment (casino
, sportsbook
, etc.) since this is how casinos make their money.
Successful gamblers have to examine any bets they make in light of the odds really being even money.
Even money bets do not mean that the bettor can't lose, like betting red or black on roulette
. The presence of the green 0, and even the 00, means that statistically the bettor will lose more than 50% of the time. There are variations of the game that offer en prison on 37 number tables so if a 0 is rolled, the bettor neither wins or loses but his or her bet rides again on the next roll; if the bet-upon event occurs on the second spin, the even-money wager is returned to the bettor. There still is not a 50-50 chance of winning, but a lot closer, since the house edge is reduced by almost 50%.
In blackjack
, even money bet is a side bet offered to a player that has a natural
(an Ace and a ten-valued card) in case the dealer has an Ace as a face-up card. This bet costs half the size of the original bet. Even money bet protects the player from a push if the dealer has a blackjack. In case the dealer does have a blackjack, the player will push on the original bet and get a 2 to 1 payout on the even money side bet. However if the dealer does not have a blackjack, the player will be paid 3 to 2 on the original bet and lose the even money bet.
Proposition bet
In gambling, the term "proposition bet" has two definitions.-Primary definition:...
with even odds
Odds
The odds in favor of an event or a proposition are expressed as the ratio of a pair of integers, which is the ratio of the probability that an event will happen to the probability that it will not happen...
- if the bettor loses a bet
Bet
Bet or BET may refer to:* A wager in gambling* Basic Economics Test * Bet , the second letter in many Semitic alphabets, including Aramaic, Hebrew, Phoenician and Syriac* Brunauer-Emmett-Teller isotherm. See BET_theory...
, he or she stands to lose the same amount of money that the winner of the bet would win (less any vigorish
Vigorish
Vigorish, or simply the vig, also known as juice or the take, is the amount charged by a bookmaker, or bookie, for his services. In the United States it also means the interest on a shark's loan. The term is Yiddish slang originating from the Russian word for winnings, выигрыш vyigrysh...
or "juice"). The term has come to have meaning in the wider English
English language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
usage beyond actual gambling
Gambling
Gambling is the wagering of money or something of material value on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods...
, however, as a way of describing an event whose occurrence is about as likely to occur as not. This is also known as 50-50 though technically they are different since the amount won on a 50-50 bet does not mean that the chance of winning is also 50-50, in fact it is likely less than a 50% chance they will win, especially if they are playing against a professional gambling establishment (casino
Casino
In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...
, sportsbook
Sportsbook
In the United States a sportsbook or a race and sports book is a place where a gambler can wager on various sports competitions, including golf, football, basketball, baseball, hockey, soccer, horse racing, boxing, and mixed martial arts. The method of betting varies with the sport and the type of...
, etc.) since this is how casinos make their money.
Successful gamblers have to examine any bets they make in light of the odds really being even money.
Even money bets do not mean that the bettor can't lose, like betting red or black on roulette
Roulette
Roulette is a casino game named after a French diminutive for little wheel. In the game, players may choose to place bets on either a single number or a range of numbers, the colors red or black, or whether the number is odd or even....
. The presence of the green 0, and even the 00, means that statistically the bettor will lose more than 50% of the time. There are variations of the game that offer en prison on 37 number tables so if a 0 is rolled, the bettor neither wins or loses but his or her bet rides again on the next roll; if the bet-upon event occurs on the second spin, the even-money wager is returned to the bettor. There still is not a 50-50 chance of winning, but a lot closer, since the house edge is reduced by almost 50%.
In blackjack
Blackjack
Blackjack, also known as Twenty-one or Vingt-et-un , is the most widely played casino banking game in the world...
, even money bet is a side bet offered to a player that has a natural
Natural (gambling)
A natural is a term in several gambling games; in each case it refers to one or two specific good outcomes, usually for the player, often involves achieving a particular score in the shortest and fastest manner possible.- Examples :...
(an Ace and a ten-valued card) in case the dealer has an Ace as a face-up card. This bet costs half the size of the original bet. Even money bet protects the player from a push if the dealer has a blackjack. In case the dealer does have a blackjack, the player will push on the original bet and get a 2 to 1 payout on the even money side bet. However if the dealer does not have a blackjack, the player will be paid 3 to 2 on the original bet and lose the even money bet.