Probability- The livelihood that a given event will occur. When used in the gambling form, it is a specific mathematical expression. In statistic referring to gambling it is the frequency a outcome will happen divided by the outcome of all possibilities. For example if there is a outcome of two possibilities, the probability 1 out of 2 which would be 50% chance of your choice being the outcome. The more possibilities the less percentage. For example there is 42 possible out comes, so that would be 1 out of 42. Divide 1 by 42 =.023 so it would be 2.3% chance you will hit the outcome.

Odds - how likely or probability of a given event to happen or no happening. So they compare the two figures in the form of a ratio. First is the expected frequency of a specific outcome, the second expresses the number of all other possible outcomes. In gambling there is house old, true odds are the correct odds reflecting the statistical calculations. House odds are always lower than true odds.