In the most basic form, betting odds are a representation of the underlying chance that an event will occur - the probability. In any event, every outcome has a chance of taking place. Odds are simply an interpretation of these chances.
On Skrilla, each betting market is attributed an odd. Skrilla manages and creates the betting odds for each betting market.
On the Skrilla platform odds are represented in decimals. For example a 50/50 bet would be represented as 2.00.
The closer the odds are to 1.00 indicates there is a strong chance this event will occur. These is called short odds. The further the odds are away from 1.00 indicates the event has a less likely chance of occurring. These are called long odds.
The longer the odds, the bigger potential payout. The shorter the odds, the smaller the payout.
When you place a esports bet, you stake an amount of money on a particular betting market. The stake amount is multiplied by the odd of that market, and this create the potential payout amount.
For example if the odds for mousesports to beat BIG are a 1.70. If you stake $10 on mousesports to win, your potential payout would be $17.00 = $1.70 (odds) x $10.00 (stake).