It could be the outcome of a sports game or match, a political race, or any number of things if expressed in terms of win/lose or win/lose/tie. In the context of betting odds are directly linked to the implied probability of the outcome of interest. Alternatively, we have nine to one odds for not rolling a sum of five. The odds of that happening versus not happening are one to nine. In simple games with dice it could be the odds of rolling a sum of five with two six-sided dice versus not rolling it. Odds typically refer to the ratio between the probability of one event happening versus another where the two events are mutually exclusive and exhaust all possible outcomes.
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