Bookmaker quotes pay off odds of 99 to 1 against a particular horse 
If a bookmaker quotes pay off odds of $99$ to $1$ against a particular horse winning a race, does that suggest that the chance that the horse will win is $\frac{1}{100}$, less than $\frac{1}{100}$ or more than $\frac{1}{100}$?


I tried doing this on my own but saying "Oh it's subjective so it depends on whether or not we trust the bookmaker's intuition" and then I realized I was messing up the definitions between chance and odds. Can someone please help me this?
Thank you so much in advance.

odds against = unfavorable occurrences : favorable occurrences,
whereas probability = favorable occurrences / total occurrences,
thus odds against of $\;99:1 = \dfrac1{99+1} = \dfrac1{100}$  
