The core of all sports betting, online bingo and gambling in general, is odds. So what are odds, and why are they so important when placing a bet, or taking a risk? First, odds are important because they indicate the likelihood of an outcome occurring. In any situation, where there is an unknown factor, there are odds that the result may be one outcome, or another. If one takes flipping a coin as an example, the odds in this case would be easy to calculate, given that the result can either be heads or tails. And, essentially, there is an equal chance of either result occurring.