Can you clarify the meaning of the numbers?

[LiftPizzas]

I was curious if the probability is just the (predicted) yes/no probability of a fighter winning, or if that number is also relative to the betting lines entered. Is it supposed to indicate how good a bet is, or a straight-up "how likely that fighter is to win" probability?

For example if it says 66/33 for a fight, does that indicate the (predicted) profitability of betting on that fighter with the specific odds entered? (IOW if a fighter has an actual 66% chance of winning and the payout is less than 1:2, it's still a bad bet to make.)