Relationship Between Odds and Probabilities

# Relationship Between Odds and Probabilities - to.75 or 1 to...

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ODDS AND PROBABILITIES World Series Odds From probability to odds From odds to probability

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From Probability to Odds If event A has  probability P(A), then  the odds in favor  of A  are P(A) to 1-P(A).  It  follows that the odds  against  A are 1-P(A)  to P(A) If the probability of an  earthquake in  California is .25, then  the odds in favor  of  an earthquake are .25
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Unformatted text preview: to .75 or 1 to 3. The odds against an earthquake are .75 to .25 or 3 to 1 From Odds to Probability ❚ If the odds in favor of an event E are a to b, then P(E)=a/(a+b) ❚ in addition, P(E’)=b/(a+b) ❚ If the odds in favor of UNC winning the NCAA’s are 3 (a) to 1 (b), then P(UNC wins)=3/4 P(UNC does not win)= 1/4...
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Relationship Between Odds and Probabilities - to.75 or 1 to...

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