For an analyst, an odd is the inverse of probability (Implied Probability). Understanding this allows you to evaluate how adequate the markets numbers are.
Formula: Probability = 1 / Odds
Example:
If a bookmaker offers odds of 2.00, it means the market estimates the probability of the event at 50% (1 / 2.00 = 0.50).
If the odds are 1.50, the probability is 66.6% (1 / 1.50 = 0.666).
It is important to understand that odds include a "margin" (commission), so the sum of probabilities for all outcomes of a single match will always exceed 100%.