Gambling odds represent the likelihood of a specific outcome occurring in a game or event. They are typically expressed as fractions, decimals, or percentages, helping players understand how much they can win compared to their stake. For example, if the odds are 2/1, a player would win $2 for every $1 wagered if their bet is successful. Different types of gambling, such as sports betting, casino games, and lotteries, use various methods to calculate odds. These odds can change based on factors like team performance, player injuries, or public betting trends, making them a crucial aspect of gambling strategy.