If a horse is very likely to win, the odds may be shorter than evens, for example, 4/5 - which means that the bookie thinks the horse is more likely to win than not to win by a ratio of 5 to 4. Such odds are expressed as 8/11, and pronounced as 11 to 8 on). What it means in practice is that you have to stake more than you will win - so, for example, odds of 8/11 mean you will win £8 for every £11 staked - and get a return of £19.

A bet where you have to stake more than the amount you expect to profit by.

having a better than even chance of success; "the odds-on favorite"

Refers to a price where you have to stake more than the amount you expect to make as profit.

Odds of less than even money. This a bet where you have to outlay more than you win. For example if a horse is two to one odds-on, you have to outlay two dollars to win one dollar and if the horse wins you collect a total of three dollars (the two dollars you bet and the one dollar you won).

when a horse's price is less than even-money; eg, 9/10 (bookmaker), $1.90 (tote).

An odds-on price means any selection that is better than even odds or even money. This means that if you back an odds-on favourite you will obtain winnings less than your stake. For example, if you bet £100 on a 1/2 favourite you will win £50.

Odds of less than even money. This a bet where you have to outlay more than you win. For example if a horse is two to one Odds-On, you have to outlay two dollars to win one dollar and your total collect if the horse wins is three dollars. That is made up of your two dollars and the one dollar you win.

An Odds-on bet has a Minus sign in front and is worked out in reverse. It is the amount you wager to win $100. In the U.K. it is a bet on odds below evens 1:1. In Europe, it is a bet on odds below 2:1.

The odds when you will win less than double your money. E.g. for a $1 stake the dividend would be anything less than $2. Also known as odds being "in the red".

Odds e.g. 1/7 when the the denominator is larger than the numerator (i.e. in this instance, the bookmaker is asserting that there is a 6 out of 7 chance that the horse will win)

Odds of less than even money ($1 to $1). A winner at a payoff of under $4.00 is "odds on."

When the money bet on a horse is less than even money it is the odds-on favorite.

Odds of less than even money. In England it is simply called "on," thus a horse "5-4 on" is actually at odds of 4-5