Definition of Even Money

What does the term "even money" mean in sports betting? What is the definition of the term "even money"?

In sports betting, "even money" refers to when there is a bet between two sides that doesn't involve any vigorish or "Vig".

For instance - let's say that you and a buddy are betting on the outcome of a Super Bowl game. You both determine that the game is a virtual toss-up, so you decide to make an "even money" bet on the outcome of the game.

Definition of the term Even Money - Sports Betting DictionaryIf you win, your buddy will give you $100. If your buddy wins, you will cough up $100.

This is an "even money" bet.

Now - let's say that you wanted to bet on the same game at a sports book, and the game was a coin flip.

Instead of betting $100 to win $100 back, you would almost certainly have to bet $110 in order to have a chance of winning $100 back. The $10 is the "vigorish", and this is the way that sports books make their money.