If a race horse runs 100 races and wins 25 times and loses the other 75 times, the probability of winning is 25/100 = 0.25 or 25%, but the odds of the horse winning are 25/75 = 0.333 or 1 win to 3 loses.

To convert from odds to a probability, divide the odds by one plus the odds. So to convert odds of 1/9 to a probability, divide 1/9 by 10/9 to obtain the probability of 0.10.