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Usenet Posted 21 years ago
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Odds and Chances

I am looking for a clarification.
When the odds are low, the likelihood of the event happening is more, right? So a favourite horse has low odds of winning and the outsider has high odds?
Perhaps it is because I am confused between odds and chances. When the chances of something happening are slim then the odds are high, aren't they?
Thanks
  

Top answer

[nq:1]I am looking for a clarification. When the odds are low, the likelihood of the event happening is more, right? confused between odds and chances.

— Usenet

  • [nq:1]I am looking for a clarification.
  • When the odds are low, the likelihood of the event happening is more, right?
  • confused between odds and chances.
  • [/nq] Example: Odds of 5-4 against some event happening correspond to a probability of 4/9 = 4/(4+5) of the event happening.
  • The "longer" the odds (that is, the larger the first number relative to the second) the samller the probability.
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4 Answers
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[nq:1]I am looking for a clarification. When the odds are low, the likelihood of the event happening is more, right? ... confused between odds and chances. When the chances of something happening are slim then the odds are high, aren't they?[/nq]
Example: Odds of 5-4 against some event happening correspond to a probability of 4/9 = 4/(4+5) of the event happening. The "longer" the odds (that is
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[nq:1]I am looking for a clarification. When the odds are low, the likelihood of the event happening is more, right? ... between odds and chances. When the chances of something happening are slim then the odds are high, aren't they? Thanks[/nq]
No, if the chances are slim (or low) the odds are low (or slim) and the liklihood if the event happening is less.
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[nq:1]I am looking for a clarification. When the odds are low, the likelihood of the event happening is more, right? So a favourite horse has low odds of winning and the outsider has high odds?[/nq]
Uh-huh. 2-1 is low odds, and much better odds than 50-1 (high odds).
[nq:1]Perhaps it is because I am confused between odds and chances. When the chances of something happening are slim then th
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A-ha! I guess I must have mixed up "long" and "high". As you state, when the odds are long the likelihood of happening diminishes. Thanks
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