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Odds, are given as (chances for success) : (chances against success) or vice versa. If odds are stated as an A to B chance of winning then the probability of winning is given as PWin = A / (A + B) while the probability of losing is given as PLose = B / (A + B).
= | Number of Unfavourable Choices : Number of Favorable Choices Or Number of Failures : Number of Successes |
= | P(Eventc) : P(Event) |
= | (n " m) : m |
= | n " m (n " m) + m : m (n " m) + m |
= | n " m n : m n |
Chip Romig, MMR 423
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