Definition

Noun: * The ratio expressing the likelihood of an event occurring and determining potential winnings: "Betting odds" are numerical expressions, typically presented as ratios (e.g., 3:1) or fractions (e.g., 3/1), used in gambling to represent the probability of a particular outcome. They indicate the potential profit relative to the stake.

Examples

• Noun:
  • The betting odds for the underdog team were very high, meaning a small wager could win a large amount.
  • Before placing his bet, he carefully studied the betting odds for each horse in the race.
  • The betting odds shifted dramatically after news of the player's injury.

Advanced Usage

• "To shorten the odds": To decrease the ratio, meaning an outcome is now considered more likely to happen, so the potential payout is lower.
  • The champion's dominant performance has shortened the betting odds on him winning the title again.
• "Against all odds": Despite a very low probability of success. (This is a common idiom derived from the concept).
  • The small startup succeeded against all odds.

Variants and Related Words

• Odds (n): A common shortened form of "betting odds."
  • What are the odds on the home team winning?
• Odds-on (adj): Described as the most likely outcome according to the odds.
  • The reigning champion is the odds-on favorite.

Synonyms

• Prices (n): A term used in betting, especially in horse racing, to refer to the odds.
• Line (n): In some sports betting contexts, especially North American, this can refer to the odds or point spread.

Related Phrases

• To offer odds (v): To set and propose a particular ratio for a bet.
  • The bookmaker is offering odds of five to one.
• To calculate the odds (v): To determine or estimate the probability and potential payout.
  • Sophisticated models are used to calculate the odds for major sporting events.

Related Idioms

• Odds and ends: A collection of small, miscellaneous items. (Note: This idiom is unrelated to gambling).
  • The drawer was full of odds and ends like buttons and old keys.

Noun

1. the ratio by which one better's wager is greater than that of another
   • he offered odds of two to one