What is “probability”, what are “odds”, and what are thedifferences between them?

What is “probability”, what are “odds”, and what are the differences between them?

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Expert Solution

Probability and odds are kind of similar concepts just in probability we show the chances into fraction form and odds in the ratio form.

In odds we have two things: Odds in favor and Odds in against.

If there is an event of which ways of occur is 'm' and ways of non-occurrance is 'n' then

Odds in favor = m : n

Odds in against = n : m

Probability of happening = m/(m+n)

Probability of not happening = n/(m + n)

orchestra answered 1 year ago

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