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Here are two definitions of odds from well-known dictionaries:
Macmillan Dictionary: The chances that are used for calculating how much money you will get if the person or thing you bet on wins a race or competition.
Oxford Dictionary: The ratio between the amounts staked by the parties to a bet, based on the expected probability either way.

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What Does Over/Under Mean?
With over/under betting, the first thing to understand is that you are betting in relation to the number of goals scored in the game. It doesn’t matter which team scores the goals or even who wins. You just take the number of goals scored by each of the teams and add them together to get the total goals scored during the game. The simplicity of this bet is what makes it such a common wager. When you place an over/under bet, you have to choose two things: What “goal line” you want to bet, and Whether you bet that the total goals scored in the game will end over or under that goal line. It doesn’t matter how close the result is to the goal line either, the bet pays the same whether the end result is close to the bet’s goal line or far away.

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