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Odds: The ratio of probabilities or the amount a bet pays. For example 2-1, 3-2.
Odds Maker: A person who establishes the original and subsequent betting lines.
Odds on Favorite: A horse or competitor that is so favored that the odds are quoted as less than even money.
Off: Bets that are not working.
Off The Board: Sporting events, casinos or bookmakers will not accept action on.
Office: A secret signal passed from a gambler to his confederate.
One Eyed: The Jack of hearts, Jack of spades or King of diamonds. So named because the characters are drawn in profile, thus showing only one eye.
One Roll Bets: Wagers that win or lose depending on the next roll of the dice.
On The Hop: A one roll wager.
Open: In poker, the player who bets first.
Outside Bets: Roulette bets located on the outside part of the layout. They involve betting 12 to 18 numbers at one time and result in a lower payout.
Outside Numbers: In Craps, 4, 10, 5, and 9
Overlay: A good bet where you have an edge over the casino.
Ozzie and Harriet: A hard 8.

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