Odds What are the odds to win Odds

Odds

What are the odds to win? Odds are written as a Ratio Part : Part Wins : Losses # of favorable outcomes: # of unfavorable outcomes

what are the odds? How likely it is that something will happen. To state the odds, we use a percent or a ratio ( part : part) 0 ½ 1 Probability Certain not to happen Equally likely to happen or not to happen Certain to happen Chance 0% 50: 50 100%

Odds versus Probability l The ratio of odds gives 2 complementary events l If event A is the favorable outcome (example: roll a 2 or a 4) l Event A’ (not A) is the non-favorable Outcome ( roll a 1, 3, 5, or 6) Odds A : A’ (2: 4) Probability A / (A + A’) ( 2/6)

Examples Odds Probability 2: 1 2/3 1: 5 1/6 6: 3 6/9 1: 1 1/2

What are the odds? 1 2 4 3 1. What are the odds of spinning a number greater than 1? 4 1 2 3 5 2. What are the odds of spinning a 4? 3. What are the odds that the spinner will stop on an odd number? 4. What are the odds of rolling an even number with one toss of on number cube?

Playing the odds We write the odds as a fraction # of favorable outcomes # of unfavorable outcomes

Playing the odds # of favorable outcomes # of unfavorable outcomes OR WINS LOSSES

WE CREATE AN EQUALITY BET TO WINS LOSSES = $ BET $ EARNED Example: The odds that Pete’s team will win is 4: 3 I bet $5 to win 4 = 5 3 X 4 X = 15 X = 3. 75 I WIN $3. 75 AND I GET MY $5 BACK

EXAMPLES BET TO LOSE WINS = LOSSES $ EARNED $ BET Example: The odds that Pete’s team will win is 4: 3 I bet $5 to lose 4 = X 3 5 20 = 3 X X = $6. 67 I WIN $6. 67 AND I GET MY $5 BACK