Odds represent the chances of something happening. We also provide answers to some of the biggest questions inexperienced people ask! What Are Betting Odds? In this article, we took the time to write out betting odds explained in a detailed, yet simple way. If you want to try your luck at betting, but you have no experience in the field, you can easily read about what betting odds are and how they work. When betting, the most important thing you need to understand is the odds.