In sports betting, an "odd" is a numerical representation of the likelihood of a particular outcome occurring in a sporting event. Odds are used by bookmakers to determine the payout for winning bets and to provide an indication of the probability of different outcomes.
Usually, odds are expressed using the decimal format. Odds can also be expressed as fractional or American formats.
Decimal odds represent the potential return on a winning bet, including the initial stake. For example, if you bet INR 1.000 at odds of 1.50 and you win, you would receive INR 1.500 in total (your INR 1.000 stake plus INR 500 in winnings/profit).
In essence, the lower the odds, the more likely the outcome is considered by the bookmaker, but the lower the potential payout. Conversely, higher odds indicate a less likely outcome but offer a higher potential payout if the bet is successful.