Yes. You will win $50 plus get your $100 bet returned. 1 to 2 odds means you get one dollar for every two you bet. 2 to 1 odds would return $6 on a $2 bet - 2 x $2 plus your $2.
You'd be lucky to get him at 1-2. Realistically the payout would end up more around 120 dollars. Of course, that's an almost guaranteed 20 dollars, but it's not COMPLETELY guaranteed.
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