Odds is the term used to describe the chances a person placing a bet has of winning. There are odds for and odds against.
The knowledge of odds is mostly used in gambling.
Formula to calculate odds.
To calculate odds, we divide the probability of the event by the probability of the non-event.
Example:
Calculate the odds of picking a blue ball from five balls.
The probability of an event is when one blue ball is taken from the other five. So the probability will be;
The probability of a non event will be when he picks the other balls that ain’t blue.
Therefore, the odds of picking a blue ball will be;
Therefore, the odds of picking a blue ball from 5 is 0.25. You can either give your answer as a fraction or a decimal.
