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Even bets are bets with odds of 2.00 or (1/1). That means if you bet $10 and you win, you will get back $20 ($10bet + $10won). The concept is very basic, but it has regained interest in recent days due to the capabilities of blockchain technology.
When betting on something a bookmaker considers to be 50/50 chance of occurrence, the bookmaker will commonly use odds of (10:11) for both results. That means that if you bet $10 and you win, you will get back $19.09 ($10bet + $9.09won).
To avoid this middleman transaction that takes this theoretical 9% for just being the betting platform, if blockchain technology can be used to secure an even bet between 2 parties and holding the condition of execution as the result of the event, there is no need for bettors to worry about giving up some odds to the sports books. There is of course more to this kind of conditional blockchain transaction, but this is the basic thinking behind it’s use for even bets.