So when the odd is 1.12 it means a huge amount of money has been put on that certain event by Parimutuel Betting because in normal betting where the odds are determined by the house it means that this is the most likely result to come true or like the gamblers say is the favorite of the event.
Not "huge amount of money" but much more than for other possibilities. Which makes betting interesting, as on freebitco you may have odds completely different than in case of "centralized" companies. Which means, that you may still bet on two different possibilities and have profit - if the difference is big enough.
Which brings question if betting is completely out of control or if there is any arbitrage...