The phrase "even odds" refers to a situation where the likelihood of two outcomes occurring is equal. However, there are other words and phrases that can be used in its place, such as "50/50 chance", "toss-up", "draw", "equal chance", "parity", "dead heat", "balance", "equivalence", and "tie". These synonyms can be used in a variety of contexts, such as when discussing sports matches, political elections, or business decisions. Using synonyms for "even odds" can add variety and nuance to your writing or conversation, while still conveying the same meaning.