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Margin is in relation to the profit that bookmakers make on bets. Traders will adjust probabilities and market fluctuations in such a approach that it is impossible to be able to lose money. The term ‘chances’ refers to the probabilities or likelihood of a good event occurring. It is usually expressed as a fraction or in decimal, such as 2/1 or 3.zero. Typically the higher the odds, the less likely the event is expected in order to happen.