As I understand it, 1:1 (one to one) would be 50/50, like heads or tail in a coin toss.
A 2:1 (two to one) chance of winning would mean the chance of a win is twice the chance of a loss.
Two to one expressed in percentage would be: we have three parts (2+1) so 100 divided by 3 we get 33.3%. Multiply by your odds that is 66.6% win vs 33.3% lose chance.
Or, out of three times there will be two wins, one loss.
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