... horse that is expected to win25 percent of the races it enters has 3 to 1 (3:1) odds against or 1 to 3 (1:3) odds to win.” This is agreat tool for a bettor who is attempting to calculate the expected ... any time because they are defined that way. Odds, Probability, and Chances At Book of Odds we treat these terms assynonymous. Odds are statements of probability.So, The odds of . . .” should ... expressingprobability. In mathematical terms, statements likethese put fractions into words. When we say, the odds are one in ten,” think of a fraction, with the first, lower number as the numerator, or topnumber...