The odds, by definition using simple language, it means the probability of winning versus the probability of not winning. In short, the mathematical representation of odds = 1/probability. And the probability is the chance of winning.
If you want to succeed in the betfair punting business for a long time, you must aware that you are in fact backing on a certain odds of a team/player to win a match, or laying on a certain odds of a team to lose. Not simply bet on a team to win at any given odds, or lay a team to lose at a listed odds on offered, or simply because it is your favourite team or player.
You must be sure that the odds that you place are in your favour. Because if the odds are at you favour, it means, even the event get started, you have already earned something. On the other hand, if you bet with the worst possible odds, it means that, even before the game get started, you have already lost something. Over a lifetime, if you are an active punters, you will probably will make thousands of decisions, and if you tally up your betting odds, the profits or the losses on the odds itself will sum up to a substantial amount. Hence, choosing a odds that favour you is all the more important. In all the betting experience, sometimes you win, sometimes you lose. And along the way, the money you earned or lost on a odds will sum up to be a substantial amount.
As a human being, we tend to focus on the outcome of the game, we are just too focus on the decision that we made rather than the process. Therefore winning the odds before the event get started is often neglected. We should make it a habit of choosing the odds that favourable to you than just simply choose the team that you like it to win. Therefore knowing the odds and how to choose the odds that favour you is indeed an imperative task. Also compare odds and choose the one that favour you. Finding and betting with value odds all the time will yield good results, and certainly will help you to make some good money in the long run.