PIN » Probability » Odds

The odds of success is the probability of success divided by the probability of failure.

Example: Our engine factory produces 85% good engines, 15% faulty engines. The odds of the next engine being good are
0.85/0.15 or 5.7/1 (or 5.7 to 1)
Sporting and gambling events are often characterized by odds (or other measures of probability such as the ‘point spread’ in football).

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