Odds are a numerical expression, usually expressed as a pair of numbers, used in both gambling and statistics. In figures, the odds for or chances of some event reflect the likelihood that the event will happen, while odds against reflect the likelihood that it won’t. In gambling, the odds are the proportion of payoff to bet, and do not necessarily reflect the probabilities. Odds are expressed in several ways (see below), and at times the term is used incorrectly to mean simply the probability of an event.  Conventionally, betting chances are expressed in the form”X to Y”, where X and Y are numbers, and it is implied that the chances are odds against the event where the gambler is contemplating wagering. In both gambling and statistics, the’odds’ are a numerical expression of the likelihood of a potential occasion.
If you bet on rolling one of the six sides of a fair die, with a probability of one out of six, the odds are five to one against you (5 to 1), and you’d win five times as much as your bet. If you gamble six occasions and win once, you win five times your wager while at the same time losing your bet five times, so the chances offered here from the bookmaker represent the probabilities of the die.
In gaming, odds represent the ratio between the amounts staked by parties into a wager or bet.  Thus, chances of 5 to 1 mean the very first party (normally a bookmaker) stakes six times the amount staked by the next party. In simplest terms, 5 to 1 odds means if you bet a buck (the”1″ in the term ), and also you win you get paid five dollars (the”5″ in the expression), or 5 times 1. Should you bet two dollars you’d be paid ten bucks, or 5 times two. Should you bet three bucks and win, you’d be paid fifteen bucks, or 5 times 3. If you bet a hundred dollars and win you would be paid five hundred dollars, or 5 times 100. Should you eliminate any of those bets you’d eliminate the dollar, or two dollars, or three dollars, or one hundred dollars.