\nOK, let’s get probability and odds squared away first. Essentially they are expressing the same thing but doing them in a slightly different manner. Odds are expressed as a relationship between an event occurring or not and probabilities are expressed as a ratio of possible events to total events. Probabilities by definition are therefore between 0 and 1 inclusively. They are commonly expressed as a fraction, decimal or percentage. <\/p>\n
\tIn other words if we look at an event that can occur. <\/p>\n
\tThe odds of it occurring are expressed as the relation of the chance for it occurring to the chances against it occurring. <\/p>\n
\tOdds = (Chances for):(Chances against) <\/p>\n
\tThe probability of it occurring is expressed as the ratio of the chances of it occurring to the total chances that can occur (the sum of those for and against). <\/p>\n
\tProbability = (Chances for)\/(Total Chances) where Total Chances equals the sum of Chances for and Chances against. <\/p>\n
\tFor example, getting a winning bet on the Iron Cross. <\/p>\n
\tThe odds are 30:6 or 30 to 6 which could be reduced to 5:1 or 5 to 1. <\/p>\n
\tThe probability of winning a bet with the Iron Cross would be 30\/36, 5\/6, .833 or 83%. <\/p>\n
\tThere is no conjecture or guessing in calculating the probability. It has the same degree of accuracy as the odds. <\/p>\n
\tThe odds of throwing a head with a single flip of a coin is 1:1 or 1 to 1. The probability of a head is 1\/2, .5 or 50%. The odds and probability are both taking the same data into consideration. They are both looking at the possibility of 1 event occurring out of 2 possible outcomes.<\/p>\n
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OK, let’s get probability and odds squared away first. Essentially they are expressing the same thing but doing them in a slightly different manner. Odds are expressed as a relationship between an event occurring or not and probabilities are expressed…<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-90","post","type-post","status-publish","format-standard","hentry","category-gtc-wisdom"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/90","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=90"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/90\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=90"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=90"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=90"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}