πŸ’° Odds Converter: Decimal, Fraction, American & Find Probability

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Fractional odds are extremely simple to calculate because well, they are given in fraction form. The denominator or 2nd number to the right is the amount bet and.


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Used primarily in the UK and Ireland, fractions quote the potential profit should the bet succeed, relative to the stake. For example if Β£5 is bet at odds of 2/1 the.


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fractional odds

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Odds can also be expressed as a number, by dividing the terms in the ratio – in this case it is unique (different fractions can.


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fractional odds

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Used primarily in the UK and Ireland, fractions quote the potential profit should the bet succeed, relative to the stake. For example if Β£5 is bet at odds of 2/1 the.


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fractional odds

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Fractional odds are displayed as 10/1 or 7/2. There are several ways to try and understand them but the easiest way is β€œhow much you will win”/”.


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fractional odds

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Fractional odds are displayed as 10/1 or 7/2. There are several ways to try and understand them but the easiest way is β€œhow much you will win”/”.


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fractional odds

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Fractional odds allow you to calculate how much money you will win on your bet in comparison to you stake. The number on the left(e.g. 10) is how much you.


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fractional odds

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The term "fractional odds" is something of a misnomer, especially of the odds of winning but rather the fraction (for any odds.


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fractional odds

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The term "fractional odds" is something of a misnomer, especially of the odds of winning but rather the fraction (for any odds.


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fractional odds

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Fractional odds are extremely simple to calculate because well, they are given in fraction form. The denominator or 2nd number to the right is the amount bet and.


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fractional odds

If you bet two dollars you would be paid ten dollars, or 5 times 2. Analogously, given odds as a ratio, the probability of success or failure can be computed by dividing, and the probability of success and probability of failure sum to unity one , as they are the only possible outcomes. Most simply, odds are frequently multiplied or divided, and log converts multiplication to addition and division to subtractions. Usually, the word "to" is replaced by a symbol for ease of use. A variation of fractional odds is known as Hong Kong odds. It is much harder to judge the fairness of the odds offered in a wager on a sporting event such as a football match. Odds can also be expressed as a number, by dividing the terms in the ratio β€” in this case it is unique different fractions can represent the same rational number. Odds with a denominator of 1 are often presented in listings as the numerator only. They are thus specified by three points sharply 3-transitive. This is conventionally either a slash or hyphen , although a colon is sometimes seen. If you bet on rolling one of the six sides of a fair die, with a probability of one out of six, the odds are five to one against you 5 to 1 , and you would win five times as much as your wager. The odds are a ratio of probabilities; an odds ratio is a ratio of odds, that is, a ratio of ratios of probabilities. The meaning of the term "better than evens" or "worse than evens" depends on context. In statistics, odds are an expression of relative probabilities, generally quoted as the odds in favor. The sixteenth-century polymath Cardano demonstrated the efficacy of defining odds as the ratio of favourable to unfavourable outcomes. So this wager is "better than evens" from the gambler's perspective because it pays out more than one for one. Odds are expressed in several ways see below , and sometimes the term is used incorrectly to mean simply the probability of an event. Casinos , for example, offer odds that place themselves at an advantage, which is how they guarantee themselves a profit and survive as businesses. That value may be regarded as the relative probability the event will happen, expressed as a fraction if it is less than 1 , or a multiple if it is equal to or greater than one of the likelihood that the event will not happen. It means that the event is more likely to happen than not. That is a ratio of to , or simply 1 to 5. From the perspective of a gambler rather than a statistician , "better than evens" means "odds against". Fractional odds are also known as British odds, UK odds, [12] or, in that country, traditional odds. For example, if we roll the fair die times, we would very much expect something in the neighborhood of threes, and of the other five possible outcomes. Both exhibit the net return. The odds in favor of an event or a proposition is the ratio of the probability that the event will happen to the probability that the event will not happen. In both gambling and statistics, the 'odds' are a numerical expression of the likelihood of some possible event. To express odds as a probability, or the other way around, requires a calculation. For example, "odds of a weekend are 2 to 5", while "chances of a weekend are 2 in 7". In the modern era, most fixed odds betting takes place between a betting organisation, such as a bookmaker , and an individual, rather than between individuals. There are 2 out of 15 chances in favour of blue, 13 out of 15 against blue. While the mathematical probability of an event has a value in the range from zero to one, "the odds" in favor of that same event lie between zero and infinity. However, in more variable situations, such as a multi-runner horse race or a football match between two unequally matched sides, betting "at odds" provides a perspective on the relative likelihoods of the possible outcomes. The odds for a possible event E are directly related to the known or estimated statistical probability of that event E. Similar ratios are used elsewhere in statistics; of central importance is the likelihood ratio in likelihoodist statistics , which is used in Bayesian statistics as the Bayes factor. The fairness of a particular gamble is more clear in a game involving relatively pure chance, such as the ping-pong ball method used in state lotteries in the United States. In gambling, odds represent the ratio between the amounts staked by parties to a wager or bet. Odds as a ratio, odds as a number, and probability also a number are related by simple formulas, and similarly odds in favor and odds against, and probability of success and probability of failure have simple relations. In simplest terms, 5 to 1 odds means if you bet a dollar the "1" in the expression , and you win you get paid five dollars the "5" in the expression , or 5 times 1. Fractional and Hong Kong odds are actually exchangeable. For example, the odds against a random day of the week being a weekend are Odds and probability can be expressed in prose via the prepositions to and in: "odds of so many to so many on or against [some event]" refers to odds β€” the ratio of numbers of equally likely outcomes in favor and against or vice versa ; "chances of so many [outcomes], in so many [outcomes]" refers to probability β€” the number of equally like outcomes in favour relative to the number for and against combined. Implied by this definition is the fact that the probability of an event is given by the ratio of favourable outcomes to the total number of possible outcomes. 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. If you bet one hundred dollars and win you would be paid five hundred dollars, or 5 times If you lose any of those bets you would lose the dollar, or two dollars, or three dollars, or one hundred dollars. These transforms have certain special geometric properties: the conversions between odds for and odds against resp. In gambling, the odds are the ratio of payoff to stake, and do not necessarily reflect exactly the probabilities. In some cases the log-odds are used, which is the logit of the probability. Favoured in continental Europe , Australia , New Zealand , Canada , and Singapore , decimal odds quote the ratio of the payout amount, including the original stake, to the stake itself.{/INSERTKEYS}{/PARAGRAPH} The gambling and statistical uses of odds are closely interlinked. Guessing heads or tails on a coin toss is the classic example of an event that has even odds. This can be expressed with the smaller number first 1 to 2 or using the word "on" "2 to 1 on " , meaning that the event is twice as likely to happen as not. To express the statistical odds against, the order of the pair is reversed. If the odds are evens , betting 10 units would return 20 units for profit of 10 units. This is particularly important in the logistic model , in which the log-odds of the target variable are a linear combination of the observed variables. If the odds being offered to the gamblers do not correspond to probability in this way then one of the parties to the bet has an advantage over the other. 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. The European odds also represent the potential winnings net returns , but in addition they factor in the stake e. Odds are particularly useful in problems of sequential decision making, as for instance in problems of how to stop online on a last specific event which is solved by the odds algorithm. Different traditions have grown up in how to express odds to customers, older eras came with betting odds between people, today which is illegal in most countries, it was referred as "odding", an underground slang word with origins based in the Bronx. The use of odds in gambling facilitates betting on events where the relative probabilities of outcomes varied. A successful gamble paying out at would return 50 units for a profit of 40 units. Answer: The odds in favour of a blue marble are One can equivalently say, that the odds are against. Hence the odds against rolling a three with a fair die are 5 to 1. For example, the odds that a randomly chosen day of the week is a weekend are two to five , as days of the week form a sample space of seven outcomes, and the event occurs for two of the outcomes Saturday and Sunday , and not for the other five. In case of a finite number of equally likely outcomes, this can be interpreted as the number of outcomes where the event occurs divided by the total number of events:. In case of a finite sample space of equally likely outcomes , this is the ratio of the number of outcomes where the event occurs to the number of outcomes where the event does not occur; these can be represented as W and L for Wins and Losses or S and F for Success and Failure. If an event is more likely to occur than an even chance, then the odds will be "worse than evens", and the bookmaker will pay out less than one for one. In statistics, the odds for or odds of some event reflect the likelihood that the event will take place, while odds against reflect the likelihood that it will not. The profit and the expense exactly offset one another and so there is no advantage to gambling over the long run. This is because, if one rolls the die many times, and keeps a tally of the results, one expects 1 three event for every 5 times the die does not show three i. Converting odds to probability fixes 0, sends infinity to 1, and sends 1 to. Favoured by bookmakers in the United Kingdom and Ireland , and also common in horse racing , fractional odds quote the net total that will be paid out to the bettor, should he or she win, relative to the stake. When the probability that the event will not happen is greater than the probability that it will, then the odds are "against" that event happening. The only difference is that the UK odds are presented as a fractional notation e. It is 6 times as likely that a random day is not a Sunday. For example, on a coin toss or a match race between two evenly matched horses, it is reasonable for two people to wager level stakes. In common parlance, this is a " chance". A simple example is that the statistical odds for rolling a three with a fair die are 1 to 5. The language of odds, such as the use of phrases like "ten to one" for intuitively estimated risks, is found in the sixteenth century, well before the development of probability theory. In gambling, it is commonly referred to as " even money " or simply "evens" 1 to 1, or 2 for 1. If a bet is a fair one, then the odds offered to the gamblers will perfectly reflect relative probabilities. Odds-ratios are often used in analysis of clinical trials. In the very first example at top, saying the odds of a Sunday are "one to six" or, less commonly, "one-sixth" means the probability of picking a Sunday randomly is one-sixth the probability of not picking a Sunday. Odds can be expressed as a ratio of two numbers, in which case it is not unique β€” scaling both terms by the same factor does not change the proportions: odds and odds are the same even odds. However, in popular parlance surrounding uncertain events, the expression "better than evens" usually implies a greater than percent chance of an event occurring, which is exactly the opposite of the meaning of the expression when used in a gaming context. Note that the gambler who bets at "odds on" and wins will still be in profit, as his stake will be returned. In probability theory and statistics, odds and similar ratios may be more natural or more convenient than probabilities. If you bet three dollars and win, you would be paid fifteen dollars, or 5 times 3. Odds of 6 to 1, for example, are therefore sometimes said to be "6 to 1 against ". To a gambler, "odds against" means that the amount he or she will win is greater than the amount staked. {PARAGRAPH}{INSERTKEYS}Odds are a numerical expression, usually expressed as a pair of numbers, used in both gambling and statistics. The natural way to interpret odds for without calculating anything is as the ratio of events to non-events in the long run. Mathematically, this is a Bernoulli trial , as it has exactly two outcomes. This is a minor difference if the probability is small close to zero, or "long odds" , but is a major difference if the probability is large close to one. If you bet six times and win once, you win five times your wager while also losing your wager five times; thus the odds offered here by the bookmaker reflect the probabilities of the die. However, not all fractional odds are traditionally read using the lowest common denominator.