Sportsbook odds represent the probability of a particular outcome in a sporting event, expressed in various formats such as fractional, decimal, or moneyline. These odds not only indicate the potential payout for a bet but also reflect the bookmaker's assessment of each team's or player's chances of winning. As events unfold, odds can fluctuate based on factors like injuries, team performance, and betting trends. Understanding these odds is crucial for bettors, as they help inform decisions and strategies for maximizing potential returns on wagers.