Odds – Wikipedia

Odds are a numerical expression, typically expressed as a set of numbers, used in both statistics and gambling. In figures, the odds for or chances of some occasion reflect the likelihood that the event will take place, while chances contrary reflect the likelihood it will not. In gaming, the odds are the ratio of payoff to stake, and don’t necessarily reflect exactly the probabilities. Odds are expressed in several ways (see below), and sometimes the term is used incorrectly to mean the likelihood of an event. [1][2] Conventionally, gambling chances are expressed in the form”X to Y”, where X and Y are numbers, and it’s implied that the odds are odds against the event where the gambler is contemplating wagering. In both statistics and gambling, the’odds’ are a numerical expression of the likelihood of a possible occasion.
Should you bet on rolling among the six sides of a fair die, with a probability of one out of six, then the chances are five to one against you (5 to 1), and you would win five times as much as your bet. If you gamble six occasions and win once, you win five times your bet while at the same time losing your wager five times, thus the chances offered here from the bookmaker represent the probabilities of this die.
In gaming, chances represent the ratio between the numbers staked by parties to a bet or bet. [3] Thus, chances of 5 to 1 mean the very first party (generally a bookmaker) stakes six times the total staked from the second party. In simplest terms, 5 to 1 odds means if you bet a buck (the”1″ from the expression), and also you win you get paid five bucks (the”5″ in the expression), or 5 occasions 1. If you bet two dollars you would be paid ten bucks, or 5 times two. Should you bet three bucks and win, then you would be paid fifteen dollars, or 5 times 3. Should you bet one hundred bucks and win you would be paid five hundred dollars, or 5 times 100. If you eliminate some of those bets you would lose the dollar, or two dollars, or three dollars, or one hundred dollars.

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