The odds for an event is the ratio of the number of ways the event can occur to the number of ways it does not occur. For example, using the. Definition of Odds: Odds in probability of a particular event, means the ratio between the number of favorable outcomes to the number of unfavorable outcomes. A summary of Complementary Events and Odds in 's Probability. Learn exactly what happened in this chapter, scene, or section of Probability and what it means. This article is about the gambling and statistical term. Most simply, odds are frequently multiplied or divided, and log converts multiplication to addition and division to subtractions. Looked at from the perspective of a gambler rather than a statistician, "better than evens" means "odds against". Number of Unfavorable Choices or Failures for the Event. The gambling and statistical uses of odds are closely interlinked. Super Welterweight - Others matches Men 1. In casual use, the words odds and chances or chance are often used interchangeably to vaguely indicate some measure of odds or probability, though the intended meaning can be deduced by noting whether the preposition between the two numbers is to or in. Swapping odds for and odds against swaps 0 and infinity, fixing 1, while swapping probability of success with probability of failure swaps 0 and 1, fixing. For the alternative rock band, see Odds band. The odds or amounts the bookmaker will pay are determined by the total amount that has been bet on all of the possible events. While they have useful mathematical properties, they can produce counter- intuitive results: The true odds against winning for each of the three horses are , and respectively.