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Betting odds are the ratio between the amount staked by the bookies and the bettor, so 7/1 means the bookies stake seven times the amount the bettor has wagered. If the bettor wins; their predicted outcome materialises; they will take seven times their bet from the bookie (in this case).

How do betting odds work? - William Hill
news.williamhill : betting-guides : betting-odds-explained

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Mathematicians measure probability by counting and using some very basic math, like addition and division. For example, you can add up the number of spades in a complete deck (13) and divide this by the total number of cards in the deck (52) to get the probability of randomly drawing a spade: 13 in 52, or 25 percent.

Suited Science: What Are the Odds of Drawing That Card?
scientificamerican : bring-science-home-cards-odds-probability

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