Odds

:For the alternative rock band, see Odds (band).

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

In probability theory and statistics the odds in favor of an event or a proposition are the quantity p / (1 − p), where p is the probability of the event or proposition. The logarithm of the odds is the logit of the probability.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Odds have long been the standard way of representing probability used by bookmakers, though the method of presenting odds varies by location.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Taking an event with a 1 in 5 probability of occurring (i.e. 0.2 or 20%), then the odds are 0.2/(1−0.2) = 0.2/0.8 = 0.25.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

If you bet 1 at fair odds and the event occurred, you would receive back 4 plus your original 1 stake. This would be presented by a British bookmaker as odds of 4 to 1 against (written as 4/1), by a continental European bookmaker as 5.0 to include the returned stake, and by an American bookmaker as +400 representing the gain from a 100 stake.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

By contrast, for an event with a 4 in 5 probability of occurring (i.e. 0.8 or 80%), then the odds are 0.8/(1−0.8) = 4. If you bet 4 at fair odds and the event occurred, you would receive back 1 plus your original 4 stake. This would be presented by a British bookmaker as odds of 4 to 1 on (written as 1/4), by a continental bookmaker as 1.25 to include the returned stake, and by an American bookmaker as −400 representing the stake necessary to gain 100.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

The odds are a ratio of probabilities; an odds ratio is a ratio of odds, that is, a ratio of ratios of probabilities. Odds-ratios are often used in analysis of clinical trials.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Alternative rock: The terms alternative rock and alternative music were coined in the early 1980s to describe punk rock-inspired music genres which didn't fit into the mainstream genres of the time. At times it was used as catch-all phrase for rock music from underground artists in the 1980s and rock music in genera...

Odds (band): Odds were a Canadian alternative rock band in the 1990s. The band's power pop style was frequently compared to that of American contemporaries such as Matthew Sweet. (The band is sometimes referred to as The Odds, although they were always credited on album covers as simply "Odds".)...

Probability theory: Probability theory is the mathematical study of probability....

Odds related Images and Photos (experimental)

Against All Odds 1984

Star Wars Han Solo The Odds Magnetic Mini Tin Sign