A measurement used in gambling to indicate the likelihood of a specific occurrence taking place. Most often, odds are used to describe how likely it is that a team will win a game or end up with a certain outcome on the season. The measurement is used to announce how much money will be paid out based on how much is bet. For instance, if Green Bay has 6:1 odds to win the Super Bowl, anyone betting on the Packers will win $6 for every $1 bet (plus his initial bet amount returned).
The odds are a way to quickly determine how likely a given outcome is seen in the eyes of people who follow the sport. A smaller number indicates that the outcome in question is seen as much more likely to occur. If Green Bay Packers is 6:1 to win the Super Bowl, but Minnesota Vikings is 60:1, it means Minnesota is much less likely to win. Teams with higher odds are referred to as underdogs. Odds are most frequently used to indicate payouts in the event of a successful bet.