A ball is drawn randomly from a jar that contains 6 red balls, 2 white balls, and 5 yellow balls.For instance, if you only have 10% chance of winning a game, the odds against you are 9 to 1 while the probability of your not winning would be 9/10 (which, of course, is 90%). Odds are very similar to probability, but be aware of the difference. One way to remember the difference is this: odds are a ratio while expected value is a weighted sum as explained above. While odds are not the same as expected value, we often hear both of these terms as they relate to chance and probability. This means that for every dollar that you bet, you will receive 30 if you win. In our example, 30/1, or in words 'thirty to one'. In fact in gambling the odds of not winning are preferred and expressed as a ratio X/1. For example among 3100 persons gambling on horses, 100 persons put money on horse 'A' to win and 3000 do not (they bet on other horses). putting money on other horses) we can compute the odds of winning. If we compute the number of people putting money on one horse winning and the number of people putting money on the horse not winning (i.e.
This probability measure is popular in the world of gambling.
