Originally from opera where a 'fat lady' often signaled the end; now it means things can change. They were down by 10, but it's not over until the fat lady sings.
Pro Tip 2/3
Avoid Misinterpretation
Make sure people understand it is a humorous expression, not a comment on someone's weight. I think we'll lose this game—no offense to anyone, you know, it's not over until the fat lady sings.
Pro Tip 3/3
Colloquial Use
Best used in informal settings, too casual for formal writings or speeches. We still have a chance to win, remember, it's not over until the fat lady sings.