A "true even money chance" on a TAB pays $1.70 not the $1.85 Stebbo has stated.

If the TAB were betting on Two-Up and I had a $1 on heads and Stebbo had a $1 on tails then the pool is $2, the TAB take 14.5% commission (29c) and the winner collects $1.71, recuced to $1.70 after rounding.