odds


Definition of Odds

  • Odds is the ratio that compares the number of favorable outcomes of an event to the number of unfavorable outcomes.

More about Odds

  • Odds in Favor: Odds in favor of an event = number of favorable outcomes : number of unfavorable outcomes.
    For example, the odds in favor of rolling a 2 on a fair six-sided die are 1 : 5 or .
  • Odds against: Odds against an event = number of unfavorable outcomes : number of favorable outcomes.
    For example, the odds against rolling a 2 on a fair six-sided die are 5 : 1 or .

Solved Example on Odds

Find the odds in favor of getting exactly 1 head when three coins are tossed.
Choices:
A. 3 : 5
B. 5 : 3
C. 2 : 1
D. 1 : 2
Correct answer: A
Solution:
Step 1:  Sample space, S = {(H, H, H), (H, H, T), (H, T, H), (T, H, H), (H, T, T), (T, H, T), (T, T, H), (T, T, T)}.
Step 2: The odds in favor of getting exactly 1 head are 3 : 5.  [Three outcomes are successes and 5 are failures.]

Related Terms for Odds

  • Success
  • Failures
  • Probability
  • Ratio
  • Outcome