Tuesday, April 21, 2015

Odds can be thought of as a chance of an event occurring. Suppose you know there are 8 possible outcomes, each equally likely. The odds or any one happening are 1 in 8. It can also be represented as a ratio, in which case it is the one chance that the event occurs and seven that is does not occur, written as 1:7, and it is said that odds are "1 to 7"

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