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.
Successful gamblers have to examine any bets they make in light of the odds really being even money.^[1]
Even money bets do not mean you can't lose, like betting red or black bet on roulette, the presence of the green 0, and even the 00, means that statistically you will lose more than 50% of the time. There are variations of the game that offer ''en prison'' on 37 number tables so if a 0 is rolled, you don't win or lose but your bet rides again on the next roll. Still not a 50-50 chance of wining, but a lot closer.^[2]

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References

References

1. Poker, Gambling and Life, Caro on Gambling
2. Roulette Systems?