Odds

Definition of Odds

• Odds is the ratio that comapres the number of favorable outcomes of an event to the number of unfavorable outcomes.

More about Odds

• Odds in Favor: Odds in favor of an event = number of favorable outcomes : number of unfavorable outcomes.

For example, the odds in favor of rolling a 2 on a fair six-sided die are 1 : 5 or .

• Odds against: Odds against an event = number of unfavorable outcomes : number of favorable outcomes.

For example, the odds against rolling a 2 on a fair six-sided die are 5 : 1 or .

 

Solved Example on Odds

Find the odds in favor of getting exactly 1 head when three coins are tossed.

Choices:

A. 3 : 5

B. 5 : 3

C. 2 : 1

D. 1 : 2

Correct answer: A

Step 1:  Sample space, S = {(H, H, H), (H, H, T), (H, T, H), (T, H, H), (H, T, T), (T, H, T), (T, T, H), (T, T, T)}.

Step 2: The odds in favor of getting exactly 1 head are 3 : 5.  [Three outcomes are successes and 5 are failures.]

      

Related Terms for Odds

• Success
• Failures
• Probability
• Ratio
• Outcome

 

Additional Links for Odds

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