The odds are fair. odds = chances of success or failure fair = what people think is fair

The odds of an event is a ratio of the ways an event could happen to the number of ways it couldn't. The odds of throwing a 1,1 combination in a pair of dice is 1 to 35. There are 36 ways the dice can come up and 35 combinations are not 1,1. If I give you odds of 1 to 20 of getting 1,1, that would not be fair odds. 1 to 35 would be fair odds. Note - If I say 1 in 36, that would not be odds, but probability, because 36 is the total number of ways the dice could roll

where did you see this phrase? Could you give us some sentences which contain "fair odds"?