Odds

In mathematics, odds are the chance that an event will happen compared to the chance that it will not happen. For example, if there is an equal chance that it will rain or that it will not rain, the odds of it raining are 1:1 (which is read as "1 to 1"). If it is twice as likely that it will not rain, then the odds of it raining are 1:2 (read as "1 to 2").

Uses for odds

Odds are often used in gambling, especially in horse racing.

In statistics, when the odds are written as fractions, the ratio of the odds of two related experimental events is called the odds ratio. This is often written as $OR$ for short.^[1]^[2]

Related pages

Probability

References

↑ "List of Probability and Statistics Symbols". Math Vault. 2020-04-26. Retrieved 2020-10-13.
↑ Szumilas, Magdalena (2010-08-01). "Explaining Odds Ratios". Journal of the Canadian Academy of Child and Adolescent Psychiatry. 19 (3): 227–229. ISSN 1719-8429. PMC 2938757. PMID 20842279.

Other websites

Ask Dr. Math: Odds Slang for Probability?

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[1] "List of Probability and Statistics Symbols". Math Vault. 2020-04-26. Retrieved 2020-10-13.

[2] Szumilas, Magdalena (2010-08-01). "Explaining Odds Ratios". Journal of the Canadian Academy of Child and Adolescent Psychiatry. 19 (3): 227–229. ISSN 1719-8429. PMC 2938757. PMID 20842279.

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