Odds are the measure of how much a market participant (i.e. a bettor) can win vs how much they bet.
Odds represent the probability of a particular outcome in a Condition actually happening. The odds for each outcome of a Condition are determined as the ratio of the total Condition funds to the funds of that particular outcome.
The higher the odds, the lower the chances of the outcome happening and the higher the potential payout for the player who placed a bet on that outcome. Betting odds are used by the Pool to manage the risk and set payout rates for different bets.
Typically, bets are not placed at the pure odds ratio but are adjusted according to the set margin size.