Odds – Wikipedia

Odds are a numerical expression, typically expressed as a set of numbers, used in both statistics and gambling. In figures, the chances for or odds of some occasion reflect the chance that the event will take place, while odds against reflect the likelihood that it will not. In gambling, the odds are the ratio of payoff to stake, and don’t necessarily reflect the probabilities. Odds are expressed in several ways (see below), and at times the term is used incorrectly to mean the likelihood of an event. [1][2] Conventionally, betting chances are expressed in the form”X to Y”, where X and Y are numbers, and it’s implied that the odds are odds against the event on which the gambler is considering wagering. In both statistics and gambling, the’chances’ are a numerical expression of the chance of some potential event.
If you bet on rolling among the six sides of a fair die, with a probability of one out of six, then the chances are five to one against you (5 to 1), and you’d win five times up to your bet. Should you bet six times and win once, you win five times your wager while at the same time losing your bet five times, thus the chances offered here from the bookmaker represent the probabilities of the die.
In gambling, chances represent the ratio between the amounts staked by parties into a wager or bet. [3] Thus, chances of 5 to 1 imply the very first party (normally a bookmaker) stakes six times the total staked from the second party. In simplest terms, 5 to 1 odds means if you bet a buck (the”1″ in the expression), and you win you get paid five bucks (the”5″ in the expression), or 5 occasions 1. Should you bet two dollars you’d be paid ten bucks, or 5 times two. Should you bet three bucks and win, then you would be paid fifteen bucks, or 5 times 3. Should you bet one hundred bucks and win you would be paid five hundred dollars, or 5 times 100. Should you eliminate some of these bets you would eliminate the dollar, or two dollars, or three dollars, or one hundred bucks.