What does running evens means in horse racing terminology?

In horse racing terminology, "running evens" refers to a horse that is performing at a level where its chances of winning are perceived to be equal to the odds being offered. This means that if a horse is running evens, it is expected to win about half the time based on its current form and competition. Essentially, it indicates a balanced or fair assessment of the horse's performance relative to the other competitors in the race.