1. Odds

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

3. 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)
Probability 1
Equally likely to happen or not to happen
Certain to happen
Certain not to happen
Chance
50 %
50:50 0%
100%

4. Odds versus Probability
The ratio of odds gives 2 complementary events
If event A is the favorable outcome (example: roll a 2 or a 4)
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)

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

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

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

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

9. WE CREATE AN EQUALITY WINS = $ BET LOSSES $ EARNED BET TO WIN
Example: The odds that Pete’s team will win is 4:3
I bet $5 to win
4 = 5 X
4X = 15
X = 3.75
I WIN $3.75 AND I GET MY $5 BACK

10. EXAMPLES WINS = $ EARNED LOSSES $ BET BET TO LOSE
Example: The odds that Pete’s team will win is 4:3
I bet $5 to lose
4 = X
20 = 3X
X = $6.67
I WIN $6.67 AND I GET MY $5 BACK