Odds in sports betting is a common expression communicating the change and return of winning a bet. Odds as a ratio in business valuation theory is presented in this article. Using odds as a ratio in business valuation helps expressing the probability of a forecasted free cash flow. This might start further discussions and research on how to quantify the operational assumptions made and to bridge the gap between qualitative assumptions made in business valuation and quantitative concepts such as Monte Carlo valuation analysis, credit rating based on distance to default and real options. A literature review, within other areas of science addressing odds, could help in applying odds as a financial ratio in business valuation.