The odds are the calculated chance that is offered by a book... on refers to a A bet is a wager made against another person or money where ... where the potential winnings are lower than the The term stake refers to the amount of money you are placing.... These types of odds are given for the The favourite is who has the shortest odds for an event. In ... outcome. For example, if a horse is priced at 8/11 the first number displays the potential return based on the stake, which is displayed by the second number. So, you would need to bet £11 to get £8 back, including your £11 stake.