Even odds
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Even odds
The terms 'even odds', 'even money' or simply 'Evens' imply that the payout will be 'one-for-one' or 'double-your-money'. Assuming there is no Bookmakers fee or built-in profit margin, this means that the actual probability of winning is 50%. The term “better than even odds” looks at it from the perspective of a gambler rather than a statistician.
If the odds are Evens (1-1), and you bet 10, you would win 10. If the gamble was paying 4-1 and the event occurred, you would make a profit of 40. So, it is better than Evens from the gambler’s perspective because it pays out more than one-for-one. If an event is more positively favored to occur than a 50-50 chance then the odds will be worse than Evens, and the Bookmaker will pay out less than one-for-one.
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