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The odds typically suggest the level of danger in placing a bet on a particular result. This implies that if you put a bet at higher odds, you're backing the outsider, and there's more opportunity of you losing your stake. In many sports, the favourite will usually win - that's the one with the lowest odds. But there are some occasions where it pays to back the outsider because the result is much less predicated. The Grand National is an ideal example of this, and outsiders of as much as 100/1 have actually been understood to win the race - bagging huge jackpots for people who have backed them.
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