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In betting terms 1 denotes the home team, 2 denotes the away side and X represents the draw.

So 1X means the home side to win or the match to end as a draw. X2 means a draw or the away side to win.

This is also referred to as the "Double Chance" market in the betting markets itself.

Example:

Manchester United v Arsenal

1X = Manchester United to win or draw (This is the same as backing Manchester United on the Double Chance)

X2 = Arsenal to win or draw (This is the same as backing Arsenal on the Double Chance)

N.B. You can also view 1X as laying the away side and X2 as laying the home side.

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Q: What does 1X or X2 mean in Football betting?
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