Evens (1/1) Explained
- Decimal
- 2.00
- American
- +100
- Fractional
- evens
- Implied probability
- 50.00%
- Polymarket
- 50¢
- $100 wins
- 100.00
- American
- +100
- Fractional
- evens
- Implied probability
- 50.00%
- Polymarket
- 50¢
- Profit
- 100.00
- Total return
- 200.00
2.000 decimal, +100 American, 50.00% implied probability
Evens, written 1/1, means the profit equals the stake: decimal 2.00, American +100, a 50% implied probability. It is the reference point of the fractional ladder, with odds-on prices below it and odds-against prices above.
What 1/1 pays
Profit is stake multiplied by the fraction; add the stake back for the total return. A 100 stake wins 100.00 and returns 200.00.
| Stake | Profit | Total return |
|---|---|---|
| 10 | 10.00 | 20.00 |
| 25 | 25.00 | 50.00 |
| 50 | 50.00 | 100.00 |
| 100 | 100.00 | 200.00 |
| 500 | 500.00 | 1,000.00 |
| 1,000 | 1,000.00 | 2,000.00 |
Break-even and long-run results
The implied probability of 1/1 is bottom divided by top-plus-bottom, which is 50.00%. Win more often than that and you profit over time.
| Win rate | Return on stake |
|---|---|
| 50% | 0.0% |
| 55% | 10.0% |
| 60% | 20.0% |
| 65% | 30.0% |
1/1 is close to evens with an implied probability of 50.00%. Around evens the fractional ladder is fine-grained (10/11, 20/21, evens, 21/20, 11/10), which is where two-way markets like spreads and totals are usually priced.
Converting 1/1 by hand
Divide the top of the fraction by the bottom and add one for the decimal price, 2.00. For the implied probability, divide the bottom by the sum of top and bottom: 50.00%. American odds follow from the decimal price: odds-against, so (2.00 − 1) × 100 gives +100. The same chance on a prediction market is a 50¢ share.
The vig at 1/1
Evens on both sides of a two-way market would add up to exactly 100%, leaving no margin for the bookmaker, which is why 10/11 each side is the standard line instead.
1/1 on a betting exchange
On an exchange 1/1 is worth 1.980 decimal after 2% commission and 1.950 after 5%. Compare with the bookmaker before choosing where to bet.
| Commission | Effective decimal | Effective American | Break-even |
|---|---|---|---|
| 2% | 1.980 | -102 | 50.51% |
| 5% | 1.950 | -105 | 51.28% |
Neighbouring rungs on the ladder
Fractional prices move in fixed rungs rather than smooth steps, so a bookmaker who wants to shorten 1/1 slightly has to jump to the next rung down, and the size of that jump depends on where you are on the ladder. The nearby prices listed below are the rungs on either side of 1/1; each link opens the same set of facts for that price, which is the quickest way to see how much a one-rung move changes the implied probability and the payout.
Same price in other formats
Nearby prices
Nearby prices
Frequently asked questions
What does 1/1 mean in betting?
Fractional odds of 1/1 pay the top number in profit for every bottom number staked. A 100 stake wins 100.00 and returns 200.00. The implied probability is 50.00%.
What is 1/1 in decimal odds?
1/1 is 2.00 in decimal odds: divide the top by the bottom and add 1.
What is 1/1 in American odds?
1/1 converts to +100 in American odds.
Is 1/1 a good price?
A price is good only relative to the true chance. 1/1 implies 50.00%; if you believe the outcome is more likely than that, the price has value. Compare it with a devigged market to check.
Why do bookmakers use a ladder of fractions?
Tradition and readability: prices such as 6/4, 100/30 and 11/10 are quoted instead of their reduced forms because they are what racecourse bookmakers have always used. Decimal odds show the same prices with finer steps.