To give odds means to estimate the chances of something, usually in connection with some sort of wager, but sometimes just to inform. I'll give odd of 4 to 1 on that horse. = I estimate that there is a 20 percent chance that the horse will win. (20% = 1 in five chances). Odds are given as a ratio. Odds of 4 to 1 mean that in 5 chances total, the horse will win once, versus 4 times that the horse will not win,. Take odds = accept a bet where the odds are specified. "I'm betting 4 to 1 against the horse." "I'll take those odds." = I'll accept a bet at those odds. If this person wins, he will win 4 dollars for every dollar he bet.