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The phrase "even money" is correct and usable in written English.
It is typically used in gambling or betting contexts to indicate that the odds are equal, meaning a bet will pay out the same amount as the stake.
Example: "The odds for the game are even money, so if you bet $100, you will win $100 if your team wins."
Alternatives: "equal odds" or "fair bet."
Exact(49)
Not even money.
EVEN MONEY Reviewed below in Now Playing.
There was even money to spare.
Even money comes 'in all kinds of emotional flavors.' Ghosts!
"All three horses had about even money on them.
I'm not sure even money would change this.
Similar(11)
Even money-financed deficits cause the government to incur debt.
(Even money-market funds carry some risk, as investors learned during the market turmoil of 2008).
I'm talking about HMO's, refiners, airlines, drilling rigs and even money-management stocks (now overplayed).
Two more were even-money favourites.
They were the even-money bets.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com