How Do Odds Work in Gambling?  Before we dive into the odds for specific games, let’s take a moment to understand the concept of odds. What exactly do we mean by “odds,” and how do they relate to your chances of winning? The Basics of Odds Odds are essentially a way slot wallet of expressing the likelihood of a particular outcome, such as winning or losing a bet. They can be expressed as a ratio, fraction, or percentage. The lower the odds, the more likely the outcome is, and vice versa.