A half-life often describes the decay of discrete entities, such as radioactive atoms. In that case, it does not work to use the definition that states "half-life is the time required for exactly half of the entities to decay". For example, if there is just one radioactive atom, and its half-life is one second, there will not be "half of an atom" left after one second.
Instead, the half-life is defined in terms of probability: "Half-life is the time required for exactly half of the entities to decay on average". In other words, the probability of a radioactive atom decaying within its half-life is 50%.
For example, the accompanying image is a simulation of many identical atoms undergoing radioactive decay. Note that after one half-life there are not exactly one-half of the atoms remaining, only approximately, because of the random variation in the process. Nevertheless, when there are many identical atoms decaying (right boxes), the law of large numbers suggests that it is a very good approximation to say that half of the atoms remain after one half-life.
Various simple exercises can demonstrate probabilistic decay, for example involving flipping coins or running a statistical computer program.