<font face="Verdana, Arial, Helvetica, sans-serif" size="2">uh...yes it does...it exactly means that... </font>
OK, let's say you enter a raffle where 1000 tickets are sold and buy 1 ticket. There are two possible outcomes. You win or you lose.
Do you think it's really a 50-50 chance? Or is it 1 in 1000?