Tente isto:
CREATE OR REPLACE FUNCTION checkLiveSoccerOdd (p_FIXID VARCHAR2,
p_TYPE VARCHAR2,
p_RES VARCHAR2)
RETURN SYS_REFCURSOR
IS
COL SYS_REFCURSOR;
BEGIN
OPEN COL FOR
SELECT M.*,O.*
FROM LIVE M, ODDS O
WHERE M.FIXID = O.FIXID(+)
AND M.FIXID = p_FIXID
AND O.TYPE = p_TYPE
AND O.RES = p_RES;
RETURN COL;
END;