Odds

Odds are a numerical expression, usually expressed as a pair of numbers, used in both gambling and statistics. In statistics, the odds for or odds of some event reflect the likelihood that the event will take place, while odds against reflect the likelihood that it will not. In gambling, the odds are the ratio of payoff to stake, and do not necessarily reflect exactly the probabilities.

Statistics[edit | edit source]

In statistics, the odds for an event E are defined as a simple function of the probability of that possible event E. If the probability of the event is P(E), then the odds are defined as the probability that the event will take place divided by the probability that the event will not take place, or P(E) / (1 − P(E)).

Gambling[edit | edit source]

In gambling, odds represent the ratio between the amounts staked by parties to a wager or bet. Thus, odds of 6 to 1 mean the first party (normally a bookmaker) stakes six times the amount staked by the second party.

Odds Ratios[edit | edit source]

In some cases the log-odds are used, which is the logit of the probability. Most simply, odds are frequently multiplied or divided, and log converts multiplication to addition and division to subtractions.

See Also[edit | edit source]

Odds Resources
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