bete noire
betting odds
We frequently get this wrong. A brief explanation: long odds (eg 100-1 against, normally expressed as 100-1) mean something unlikely; shorter odds (eg 10-1) still mean it’s unlikely, but less unlikely; odds on (eg 2-1 on, sometimes expressed as 1-2) means it is likely, so if you were betting £2 you would win only £1 plus the stake.
Take care using the phrase “odds on”: if Labour is quoted by bookmakers at 3-1 to win a byelection, and the odds are cut to 2-1, it is wrong to say “the odds on Labour to win were cut last night” – in fact, the odds against Labour to win have been cut (the shorter the price, the more likely something is expected to happen).
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