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ODDS AND PROBABILITIES

ODDS AND PROBABILITIES. World Series Odds From probability to odds From odds to probability. If event A has probability P(A), then the odds in favor of A are P(A) to 1-P(A). It follows that the odds against A are 1-P(A) to P(A).

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ODDS AND PROBABILITIES

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  1. ODDS AND PROBABILITIES World Series Odds From probability to odds From odds to probability

  2. If event A has probability P(A), then the odds in favor of A are P(A) to 1-P(A). It follows that the odds against A are 1-P(A) to P(A) If the probability of an earthquake in California is .25, then the odds in favor of an earthquake are .25 to .75 or 1 to 3. The odds against an earthquake are .75 to .25 or 3 to 1 From Probability to Odds

  3. If the odds in favor of an event E are a to b, then P(E)=a/(a+b) in addition, P(E’)=b/(a+b) If the odds in favor of UNC winning the NCAA’s are 3 (a) to 1 (b), then P(UNC wins)=3/4 P(UNC does not win)= 1/4 From Odds to Probability

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