The Theory -
Betting odds represent the probability of an event to happen and therefore enable you to work out how much money you will win if your bet wins. As an example, with odds of 4/1, for every £1 you bet, you will win £4. There is a 20% chance of this happening, calculated by 1 / (4 + 1) = 0.20.
Reality
Sunak at 10/11 however would be described by bookies as 11 to 10 on. You have to bear in mind however that odds are set by bookmakers not by the maths above, but by how much popularity has loaded the chances of them taking a bath, so odds are set to make the runner less attractive to punters.
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