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In gambling, “odds” refer to the likelihood or probability of a particular outcome occurring. They are usually expressed as a ratio or fraction, indicating the relationship between the chances of winning and losing. For example, if the odds are 5 to 1, it means for every 1 time you win, you’re expected to lose 5 times.

The odds are crucial in determining potential payouts. Higher odds imply a lower probability of winning, but a larger payout if you do win. Conversely, lower odds indicate a higher likelihood of winning but with a smaller payout. Bettors often use odds to assess the risk and potential reward of their wagers.