A horse at 1:1, or even odds, means that for every $2 dollars you bet you will receive $4.
It means that the odds are 4 to 1 against winning. This would translate into a 20% chance of winning.
No, because that is odds-on.
It means a horse that is not likely to win, or that the odds are stacked against him.
ML stands for Morning Line. It mean the "line" or predicted odds for the horses in the race. Actual odds are determined by the amount actually bet on each horse. The track handicapper sets the morning line.
In horse racing in Australia and New Zealand, TAB is an acronym that stands for Totalisator Agency Board. Totalisator refers to the large tote boards that calculate and display the betting odds at racetracks.
In horse racing the odds are determined by the bets placed. Betting stops when the race starts. These determine the final odds.
Sky racing is horse racing and some tips include following the odds of the specific horse, and looking for the best bets. The sky horse history and the owner's track record can also be useful tools for knowing where to bet one's money.
Have a look at the related link for information on horse racing betting
If the odds of a horse winning a horse race are 2 to 7 then the odds against that horse winning the race are 7 to 2.
If you are a better handicapper then everyone else, then yes you can make money but the odds are against you.
With regards to horse racing, 'lay betting' means to place a bet on a horse to lose, rather than to win. This, in many cases, would increase the odds of winning. However, care must be taken because if the horse in question wins, you have to pay out.