In gambling, odds refer to the ratio of the probability of an event occurring to the probability of it not occurring. Odds are commonly used to determine the payouts for bets, as well as to compare the likelihood of different outcomes in a game or event. For example, if the odds of a football team winning a game are 2 to 1, this means that there are two ways they can win for every one way they can lose. This means that if you bet on the team and they win, you will receive a payout of two times your original wager. If the odds are even, this means that there is an equal probability of the event occurring or not occurring, and the payout for a winning bet would be the same as the amount wagered.