: Odds represent the implied probability of an outcome. Lower odds indicate a higher likelihood of winning but a smaller payout, while higher odds represent an underdog with a larger potential payout.
To understand how betting works, you must first grasp how bookmakers (the entities taking the bets) present information: {BETTING}
: In betting, there is no such thing as a "lock." Uncertainty is inherent, and even heavily favored outcomes can fail. Popular Types of Wagers My Year as a Degenerate Sports Gambler - The Atlantic : Odds represent the implied probability of an outcome