In horse racing, odds represent the probability of a horse winning a race. The lower the odds, the higher the probability. For example, a horse with odds of 2/1 is more likely to win than a horse with odds of 10/1. Betting odds also determine the payout on a winning bet, with higher odds resulting in a higher payout.
To understand betting odds, it's important to remember that the odds are always displayed as fractions, with the first number representing the potential winnings and the second number representing the stake. For example, a £10 bet on a horse with odds of 3/1 would result in a £30 payout if the horse wins.