I will see odds on people winning elections as 5/1 etc, but have no idea how to figure out if that means they are likely to win or not, other than through context. I have looked it up but never quite ‘get’ it. Please explain to me how it works in a way so simply that a child would understand!
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Its a ratio. winnings/stake.
5/1 will get you $5 for every $1 you bet (plus your original bet back). 2/3 will get you $2 for every $3 you bet (plus your original bet back), which is called “odds on” or the short position
Generally, the “shorter” the odds mean the less you will win, but the more likely you will get a payout. “long odds” are less likely but pay more.
bear in mind, these are NOT the odds of a given event *happening*, just the betting payout when they do happen. They calculate these odds to make sure that no matter the outcome, they both have enough money to cover the winnings and some profit for themselves.
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