What does EVS mean in betting - evens bets explained

Sports betting is all about odds, with the displayed odds showing the bookmaker’s view on that selection’s chances of victory, and the potential winnings/returns for a winning bet on that selection. In almost all cases, this is denoted by a numeric label - either a fraction, a decimal, or a +/- number. But sometimes you’ll see the label EVS. This means “evens”, and is often referred to as “even money”. 

Here, we’ll explain what EVS means, the key advantages to placing an EVS bet, the various ways EVS bets are displayed in the different odds formats, and more.

What is an EVS bet?

An EVS bet is a bet on a selection that will win you an amount equal to the amount you staked. For example, a winning £10.00 bet on a selection at EVS means a return of £20.00 (£10.00 winnings, plus your £10.00 stake). EVS odds offer an implied probability of 50 percent, meaning bookmakers give it a 50-50 chance of winning. 

The best example of a true EVS bet would be a bet on the toss of a coin. A coin flip has only two outcomes, with an equal chance of either outcome taking place. That would mean that, if true odds were applied to a coin toss, the odds on heads would be EVS and the odds on tails would also be EVS. That’s because both selections have a 50-50 chance of success.

Sporting events such as football matches have far more variables than a simple coin toss, but when two teams, or two players, are considered to be so well matched that the bookmakers are unable to favour one over the other, they may set the odds as EVS. 

EVS bets aren’t just reserved for simple head-to-head matchups, either. For example, a horse race could have one strong favorite, but if the bookies think there’s a 50-50 chance of that individual horse winning, compared to the chances of any other horse from the field winning, then they may set that horse’s odds at EVS.

Advantages of placing EVS bets 

There are several benefits to placing EVS bets, ranging from the chances of success, to the flexibility they can give you when looking to cash out, or use them in accumulator/parlay bets. Here are the key advantages to placing EVS bets:

Higher percentage chance of winning

By their very nature, these are bets that offer a good chance of success. An EVS bet is considered to have a 50 percent chance of success. That’s a better chance of winning than the vast majority of sports bets, and therefore, EVS bets are often popular with bettors who like to keep their risk level low when betting on sports.

Cashout advantages

Many major online bookmakers offer the chance for bettors to cash out early during in-play betting events. It means that, if you are betting on a football match and the odds are EVS or higher, it’s much easier to cover your bet and lock in profit. For example, if you have placed a bet at EVS, you have the option of cashing out and giving up a portion of your stake. If you time it right, you can cash out and ensure profit once the cashout price is double your earnings.

A great option for accumulators

EVS bets are great options for accumulator bets, as combining them can help boost the overall odds of your acca, while still ensuring that your risk level is relatively low by not including selections with longer odds.

Arbitrage betting opportunities

Arbitrage is the practice of betting on both sides of a two-way market at favourable odds that guarantee a profit from a specific matchup. By backing and laying each side of the matchup at the right time, laying at odds-on and backing at EVS or greater, you can ensure you win, regardless of the result.

Opens up the use of betting systems

There are several betting systems out there, such as the Martingale system, that utilise EVS bets. These systems can incur big losses before any potential profits, however, so it pays to thoroughly research any betting system you intend to use.

Fractional odds vs decimal odds in evens betting

Fractional odds

If you see EVS on a betting odds list, the chances are you’re looking at a market in fractional odds format. EVS, Evs, or Evens, is also occasionally displayed in fractional format as 1/1. Usually, it’ll be Evs or EVS. However, they all mean the same thing – if you stake £1.00, you will win £1.00. 

Any odds that give a selection a better than 50 percent chance of winning are listed in fraction form, with the numerator being lower than the denominator (e.g. 1/2). These are called “odds-on” selections. Those with bigger (longer) odds (e.g. 2/1) are called “odds-against” selections.

Decimal odds

Betting using decimal odds will show EVS differently. In that case, even money bets are displayed at 2.00. That’s because decimal odds denote the total return (profit + stake) you will receive for a £1.00 bet. Odds-on selections have decimal odds lower than 2.00. Odds-against selections have decimal odds higher than 2.00

American odds

If you find yourself looking at an American odds board and want to find an EVS selection, that will be displayed at +100. That means you’ll receive $100 in winnings from a $100 bet. Odds-on selections have American odds listed as minus numbers, and indicate how much you need to stake to win $100. Odds-against selections are above +100, and indicate how much you win for staking $100.

H2: Is EVS the same as EV in betting?

No, EVS and EV are very different terms. While EVS, as we’ve covered here, means evens, EV stands for “expected value”. This is a formula for calculating the expected value of a bet or trade to decide which selection offers the best value for your money.

EV, or expected value, is calculated as follows:

(Amount won per bet * by the probability of winning) minus (Amount lost per bet * probability of losing)