Thanks for the compliments on the explanation, but if no one gets it, it still must not be very good!
I know no one REALLY cares about the math, but let's just take Yoanna again. Her 6-1 odds means that EW thinks if she were to compete in ANTM 7 times, she'd win once and lose 6 times. That's why you'd win $6 if you bet $1 on her.
Anyways, even though I'm rooting like heck for Shandi, my money's on Mercedes or April.