"What does 11 to 1 odds mean?" Here we will tell you what 11 to 1 odds mean, what 11 to 1 probability means, and show you what a 11 to 1 odds payout would be. 11 to 1 odds. This means that out of 12 possible outcomes, odds are that there will be 11 of one kind of outcome and 1 of another kind of outcome.