Probability versus Odds I keep referencing the odds and logodds as ways to express probability, so it's worth the time to explain this concept by itself In the future I can reference this post rather than reexplain the same idea every time Probabilities are numbers between zero and one 0,1 This is sometimes also expressed as aOften 'odds' are quoted as odds against, rather than as odds in favor For example, the probability that a random day is a Sunday is oneseventh (1/7), hence the odds that a random day is a Sunday are 1 6 The odds against a random day being a Sunday are 6 1Implied Probability = (1*(Odds)) / (1(Odds) 100) Which looks like Implied Probability = (1*(110)) / (1(110) 100) or 524% or 0524 = 110 / 210
Probability And Odds Youtube
