What are Better Odds?
Better odds simply means that the chances of winning something on a certain bet are greater than not winning, and often that the payout will be greater. In the gambling world, the term odds alone tends not to refer to the likelihood of a specific outcome, but instead to the payout/stake ratio.
Better Odds Explained
Tactical and practised bettors will often adjust their wagers according to which outcome is more likely and whether it has a higher payout ratio. These outcomes and ratios are called better odds, and they often allow gamblers to sensibly chose who or what they wish to bet on.
On the other hand, ‘worse odds’ will turn off many players because it typically means that both the outcome is unlikely to happen, and as a result, the payout/stake ratio will be smaller, meaning that the winnings will not accumulate to much.
Better than evens or worse than evens tend to vary in definition depending on the context in which they are used. For gamblers, however, they tend to mean odds against or odds for, respectively. This is best explained using an example.
For instance, if the odds are evens (1:1) and a player bets £10, they would be rewarded £20. Their profit is therefore £10. However, if the odds were 4:1 and the same event happened, the player would earn £50 with a profit of £40. Because the player has earned more than the one-for-one amount, they have better odds because they happen to be better than evens.
However, if an event is more likely to happen (meaning that more people will bet on it, lowering the payout/stake ratio), this means that the odds are worse odds because they are worse than evens and the player will earn less money than one-for-one.