What is the difference between odds and probability?
In: Mathematics
Probability is just a way of quantifying (i.e. expressing with numbers) the likelihood of some event happening.
“Odds” are one way to describe probability, usually used in gambling. Odds are expressed usually as a ratio of the event happening vs. not happening. E.g. the probability of rolling a six with an ordinary die is 1 in 6, so the odds would be described as either “1 to 5 in favor” or “5 to 1 against.” In gambling, odds are usually used to describe the possible payout of winning a given bet.
Again, odds are mostly only used in gambling. In mathematics and statistics, probabilities are usually described either as fractions (e.g. 1/6), percentages (16.6%), or real numbers between zero and one (0.166).
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