Definition of Even money

Even money describes a wagering proposition with even odds - if one loses a bet, one 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 know 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.