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betting oddsOdds
In probability theory, odds betting odds provide a measure of the probability of a particular outcome. Odds are commonly used in gambling and statistics. For example for an event that is 40% probable, one could say that the odds areorWhen gambling, odds are often given as the ratio of the possible net profit to the possible net loss. However in many situations, you pay the possible loss (“stake” or “wager”) up front and, if you win, you are paid the net win plus you also get your stake returned. So wagering 2 at , pays out , which is called When are quoted as a positive number , it means that a wager paysWhen Moneyline odds are quoted as a negative number , it means that a wager paysOdds have a simple relationship with probability. When probability is expressed as a number between 0 and 1, the relationships between probability and odds are as follows. Note that if probability is to be expressed as a percentage these probability values should be multiplied by 100%.” in ” means that the probability is .” to in favor” means that the probability is .” to against” means that the probability is .“pays to ” means that the bet is a fair bet if the probability is .“pays for ” means that the bet is a fair bet if the probability is .“pays ” means that the bet is fair if the probability is .“pays ” means that the bet is fair if the probability is .The numbers for odds can be scaled. If is any positive number then is the same as and similarly if “to” is replaced with “in” or “for”. For example, is the same as both andWhen the value of the probability (between 0 and 1; not a percentage) can be written as a fraction then the odds can be said to be or and these can be scaled to equivalent odds. Similarly, fair betting odds can be expressed as orThe language of odds, such as the use of phrases like “ten to one” for estimated risks, is found in the sixteenth century, well before the development of probability theory. wrote:The sixteenth-century polymath Cardano demonstrated the efficacy of defining odds as the ratio of favourable to unfavourable outcomes. Implied by this definition is the fact that the probability of an event is given by the ratio of fa……
