Odds and probability are closely related concepts. Probability refers to the likelihood of a specific outcome occurring, expressed as a number between 0 and 1. Odds represent the probability as a ratio of favourable outcomes to unfavourable outcomes. The house edge, on the other hand, is the statistical advantage that the casino has over players in a game. It is calculated based on the odds and probabilities of the game and represents the average amount the casino expects to win from each bet.