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Odds are a numerical expression, typically expressed as a pair of numbers, used in both statistics and gambling. In statistics, the odds for or chances of some occasion reflect the chance that the event will happen, while odds against reflect the likelihood it won’t. In gambling, the odds are the proportion of payoff to stake, and do not necessarily reflect the probabilities. Odds are expressed in many ways (see below), and sometimes the term is used incorrectly to mean the likelihood of an event.  Conventionally, betting chances are expressed in the form”X to Y”, where X and Y are numbers, and it’s implied that the chances are odds against the event on which the gambler is contemplating wagering. In both gambling and statistics, the’chances’ are a numerical expression of the chance of a possible event.
If you bet on rolling among the six sides of a fair die, using a probability of one out of six, the odds are five to one against you (5 to 1), and you would win five times as much as your bet. Should you bet six times and win once, you win five times your bet while also losing your bet five times, thus the odds offered here from the bookmaker represent the probabilities of the die.
In gaming, chances represent the ratio between the numbers staked by parties to a wager or bet.  Therefore, chances of 5 to 1 mean the very first party (generally a bookmaker) stakes six times the total staked from the next party. In simplest terms, 5 to 1 odds means if you bet a dollar (the”1″ in the expression), and you win you get paid five dollars (the”5″ from the expression), or 5 occasions 1. Should you bet two dollars you would be paid ten dollars, or 5 times two. If you bet three bucks and win, you’d be paid fifteen bucks, or 5 times 3. If you bet one hundred bucks and win you’d be paid five hundred dollars, or 5 times 100. If you eliminate some of these bets you’d lose the dollar, or two dollars, or three dollars, or one hundred dollars.