Short odds and long odds
Short odds indicate an outcome considered relatively likely by the market. A ph93 selection priced at 1.35 offers a smaller potential profit because the result is assessed as more probable. Long odds indicate a less likely outcome and therefore offer a larger possible return.
Neither category guarantees value. A 1.20 favourite can be a poor selection if its real chance is lower than the price suggests. A 6.00 underdog may still be unattractive if the chance of success is extremely small. The useful question is not simply, “Who will win?” It is, “Does the available price fairly represent the chance of winning?”