Odds Slang for Probability? Date: 02/06/97 at 15:44:00 From:
Anonymous Subject: Odds and probability What is the difference
between odds and probability? Or is odds a slang term for
probability? Date: 02/06/97 at 21:41:26 From: Doctor Wallace
Subject: Re: Odds and probability No, odds is not slang for
probability. There is a difference. A probability is a number
from 0 to 1 inclusive, usually expressed as a fraction, which is
the ratio of the number of chances of a specific event to the
total number of chances possible. For example, if I have 4
marbles in a jar, 3 red and 1 blue, then the probability of
drawing the blue is 1/4. There is one chance of a blue marble
and 4 total chances (marbles). Odds are expressed as the number
of chances for (or against) versus the number of chances against
(or for). So, since there is 1 chance of your picking the blue,
and 3 chances of your picking red, the odds are 3 to 1 AGAINST
you picking the blue. For odds in favor, we just reverse them.
The odds are 1 to 3 IN FAVOR OF