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Describes what probability is and odds of events.

Describes what probability is and odds of events.



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    Probability Probability Presentation Transcript

    • Probability By: Jessica A. & Chandler M.
    • Probability is the way of expressing knowledge of belief that an event will occur on chance. Usually used in mathematics. Did You Know? Probability originated from the Latin word meaning approval.
    • Things You Will Need To Know Experiment: Is a situation involving chance or probability that leads to results called outcomes. Outcome: Is the results of a single trial of an experiment. Event: One or more outcomes in an experiment.
    • Experimenting ! A spinner has 4 equal sides colored: yellow, blue, green, and red. Suppose you spin that spinner and it lands on red. What are the chances of this event having that outcome? The Chances of landing on red are 1 in 4 or ¼. These chances are so because the spinner is divided into 4 and it landed on 1 of the equal sides.
    • Experimenting ! A dice has 6 sides, numbered 1-6. Suppose the dice is rolled and lands on a 2. What are the chances that number was the outcome of this event? The chances of the dice landing on a two are 1 in 6 or 1/6. This is possible to occur because it is a 6 sided die that could only land on 1 of the 6 sides.
    • Gambling The mathematics of gambling, is a collection of probability, played in games of chance. From mathematical point of view, the games of chance are experiments achieving various types of events. Over the past few decades, gamblers have begun taking mathematics into account more seriously than ever before. While probability theory is the only accurate theory that can model the skills of gambling, even in glorified conditions. Numerical probabilities are viewed not only as important information, but also as a decision- making criteria, especially in gambling. Gambling is a game of chance and provides a precise account of the odds. Gambling is the meaning of the concept in probability. It also is the mathematics of chance, randomness and risk. The most common form of gambling is playing it on the tables.
    • What Are The Odds? Lottery: US Power Ball - 5 balls picked out of 45... THEN 1 Powerball picked out of 42 - odds: 1 in 80,089,128US California Super Lotto - 6 balls picked out of 51 odds: 1 in 18,009,460 New York Lotto - 6 balls picked out of 51 odds: 1 in 18,009,460 Texas Lotto - 6 balls picked out of 50 odds: 1 in 15,890,700 French Lotto - 6 balls picked out of 49 odds: 1 in 13,983,816 Canadian Lotto - 6 balls picked out of 49 odds: 1 in 13,983,816 Washington Lotto - 6 balls picked out of 49 odds: 1 in 13,983,816 Scandinavian Lotto - 6 balls picked out of 48 odds: 1 in 12,271,512 Australian Tatts Lotto - 6 balls picked out of 45 odds: 1 in 8,145,060 Irish Lotto - 6 balls picked out of 42 odds: 1 in 5,245,786
    • Horse Racing Horse Racing consists of wagering money on which horse will finish first, second, or third. It is known respectively as betting to win, betting to place, and betting to show. Horse racing odds at a track are usually displayed on a large board, called the tote board. This board represents the horse racing odds in terms of the amount of money you will receive from betting. For example, if the horse racing odds are given as 3:1 on a particular horse, this means that if you wager $1 for the horse to win, and it comes in first place, you will receive $3. Many tracks have a minimum bet of $2, so the tote board also often includes a number showing how much money you would receive on a $2 bet.
    • Questions: 1. Which of the following is an experiment? A) Tossing a coin. B) Rolling a single 6-sided die. C) Choosing a marble from a jar. D) All of the above. 2. Which of the following is an outcome? A) Rolling a pair of dice. B) Landing on red. C) Choosing 2 marbles from a jar. D) None of the above.
    • Answers: Question 1- D) Question 2- B)
    • Bibliography Slide 3- Impact Math Textbook Slide 4 & 5- Slide 6- Slide Winning-the-Lottery-/862107 Slide 8- racing-odds.htm Slide 9- _results_ff.jpg