Probability and Odds
Suppose you have a 25 percent chance of getting X. How do we convert a probability to odds?
Let p = 25 percent
Odds is: (1-p) to p
Which is (1-0.25) to 0.25
which is 0.75 to 0.25
which is 3 to 1
In other words, a 25 percent probability is the same as 3 to 1 odds.
Now it is important to note whether these are odds in favor or against.
3 to 1 against means that out of 4 turns, 3 will be something you don't want and 1 will be something you do want.
3 to 1 in favor means that out of 4 turns, 3 will be something you do want and 1 will be something you do not want.
Question: If the odds are 9 to 1 against X occuring (sometimes written 9:1) , then what is the probability (percentage) that X will happen?
Answer: 10 percent
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