noun The ratio of the probability of an event happening to that of it not happening.
I'd say the odds are strongly in favor of the sun rising tomorrow morning.
noun The ratio of winnings to stake in betting situations.
I looked at the odds given by all bookmakers.
noun An advantage given to a weaker opponent in order to equalize the game when playing casually, usually by removing one of the stronger player's pieces or by giving the weaker player more time.
She beat me with knight odds but lost with rook odds.