Odds, or chances, refer to the likelihood of a specific event occurring compared to it not occurring. They are often expressed as a ratio, such as 3:1, meaning there are three chances of the event happening for every one chance of it not happening. This concept is commonly used in various fields, including gambling, sports, and statistics. Understanding odds helps people make informed decisions based on probabilities. For example, if a team has odds of 2:5 to win a game, it indicates that the team is favored to win, while the opposing team has a lower chance. This information can guide choices in betting or predicting outcomes.