2. Important Definitions/Symbols of ODDS P(E) is the probability of an event E occurring P(not E) is the probability of an event E Not occurring
3. Probability to ODDS 1. The odds in favor of E = P(E)/P(not E) 2. The odds against E = P(not E)/P(E) The odds against E can also be found by reversing the ratio representing the odds in favor of E.
4. EXAMPLE IN FAVOR AGAINST Roll a 6-sided die. Find the odds in favor of rolling a 2. P(E)=1/6, P(not E)=5/6 1/6 divided by 5/6=1/5 The odds in favor of rolling a 2 are 1 to 5. Roll a 6-sided die. Find the odds against rolling a 2. By reversing the above ratio, the odds against rolling a 2 is 5 to 1.
7. Odds in favor of red queen= (2/52)divided by (50/52)=2/50=1/25
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10. Odds to Probability If the odds in favor of event E are a to b, then the probability of the event is given by P(E) = a/(a + b) EXAMPLE: If the odds in favor of a horse winning a race are 2 to 5. Find the probability the horse will win. P(E)=2/(2+5) = 2/7
11. Citations: Thinking Mathematically Robert Blitzer Pictures from Creative Commons
