Eli5: How do betting odds work?

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Why is something 1/6 and something else 1/25? Why is something that was last week 1/5 is 1/15 this week? I’ve seen these “odds” change in the newspapers for horse racing, football, and other sports. I have never understood this. I watched some YouTube videos to try to make heads or tails from it but it’s left me in the same.

In: Mathematics