Even money is a gambling term describing a wagering proposition in which the odds are even -- in other words, if one were to lose the bet, one stood to lose the same amount of money that the winner of the bet would win (less, of course, the 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 somewhat likely to happen, but far from inevitable, as in "It's even money that it will rain today."