Betting odds represent the likelihood of a specific outcome occurring in a sporting event or other wager. They are typically displayed in three formats: fractional (e.g., 5/1), decimal (e.g., 6.00), and moneyline (e.g., +500). These odds help bettors understand how much they can win relative to their stake. In addition to indicating potential winnings, betting odds also reflect the bookmaker's assessment of an event's probability. For example, lower odds suggest a higher chance of winning, while higher odds indicate a less likely outcome. Understanding these odds is essential for making informed betting decisions.