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odds-on (dzn, -ôn)

adj. Informal

More likely than others to win; having a good chance of success:

"I was the odds-on favorite to become the next president of the Ford Motor Company" - Lee Iacocca.

Odds on means having a better than even chance at winning. I'm just trying to help you out. If you start calling every favorite the "odds on" favorite, people are going to think that you don't know what you're talking about.

im a professional gambler and odds on definately means shorter odds than even money, 2/1 (odds) on means 1/2 = lay out £2 to win £1. if phil is 5/1 and ogilvy is 50/1, then phil is just favourite at 5/1 against evens not odds on. in simpler terms
odds on = profit is less than the lay out (ofcourse you get your stake money back if the bet is a winner) example - phil is 5/1 (odds) on, layout £5 to win £1, leaving you with £6. evens = collect the exact amount you staked, layout £50 to win £50 totalling £100 return. odds against = collect more than ur stake, example - layout £1 on a 2/1 and win £2, collect £3.