1 the ratio between the amounts staked by the parties to a bet, based on the expected probability either way.
2 the chances or balance of probability in favour of or against some result (the odds are against it; the odds are that it will rain).
3 the balance of advantage (the odds are in your favour; won against all the odds).
4 an equalizing allowance to a weaker competitor.
5 a difference giving an advantage (it makes no odds).
Phrases and idioms:
at odds (often foll. by with) in conflict or at variance. by all odds certainly. lay (or give) odds offer a bet with odds favourable to the other better. odds and ends miscellaneous articles or remnants. odds-on a state when success is more likely than failure, esp. as indicated by the betting odds. over the odds above a generally agreed price etc. take odds offer a bet with odds unfavourable to the other better. what's the odds? colloq. what does it matter?
Etymology: app. pl. of ODD n.: cf. NEWS
Useful english dictionary. 2012.