Yes. If the odds are four to one in favour of a particular outcome from an event, then that outcome should occur four times from a total of five events. If the odds are four to one __against__, then that outcome should occur once from five events.

See also:

Fixed-odds betting - Wikipedia, the free encyclopedia
"Fractional odds:

Favoured by bookmakers in the United Kingdom and Ireland, and also common in horse racing, fractional odds quote the net total that will be paid out to the bettor, should he win, relative to his stake.

Odds of 4/1 ("four-to-one" or less commonly "four-to-one*against") would imply that the bettor stands to make a £400 profit on a £100 stake. If the odds are 1/4 (read "one-to-four", or "four-to-one*on"), the bettor will make £25 on a £100 stake. Should he win, the bettor always receives his original stake back, so if the odds are 4/1 the bettor receives a total of £500 (£400 plus the original £100).

Odds of 1/1 are known as evens or even money.

Not all fractional odds are traditionally read using the lowest common denominator.

Perhaps most unusual is that odds of 10/3 are read as "one-hundred-to-thirty".

Fractional odds are also known as British odds, UK odds or in that country, traditional odds."

R21