Question 938972: i can not figure this out. an event has even odds when the odds in favor of (or against) the event are 1:1. what is the probability of an event with even odds?
Answer by mathmate(429)   (Show Source):
You can put this solution on YOUR website!
It is a play of words. "Even odds" does not have anything to do with even/odd numbers at all!
Even is taken to mean equal, and odds the chances of winning. In other words, the chances of winning or losing are equal, that is why it is 1:1 (or 2:2, 3:3, but we always reduce to the simplest proportion in odds).
Additional reference with definition from Collins dictionary:
Even odds: a bet in which the potential winnings are the same amount as the original stake
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