Odds refer to a ratio. This can take many forms - 2 examples are pot odds, which is the ratio of the amount in the pot vs. the amount to call, and implied odds, which is the ratio of the amount you think you can win based on future betting vs. the amount to call.

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Four of a kind beaten by four of a kind

I'm trying to ascertain the odds of drawing a 'four of a kind' (in this case 7s) to be beaten by an opponent with four 8s. The game was 5 card stud with 5 players.