Odds
Odds are the likelihood of one thing happening, rather than another.
In gambling, the odds are the amounts paid out by a gambling operator or bookmaker.
For example, if the odds are 3/1 (three to one), the gambling operator would pay out £3 for a £1 stake, or bet. If the odds are 1/4 (one to four), the gambling operator would pay out 25p on a £1 stake.
In gambling, odds are not the same as probability. The odds shown are not the chance that an event will occur (ie the ‘true odds’), but the amount that the bookmaker or gambling operator will pay out, once they have taken off their commission, or ‘house edge’.