F. Daniel, Content Optimization Executive, Diploma in Journalism, California
Answered Jul 15, 2019
Odds and Probability are two related terms, but they are not the same. Both words are used to determine the chances or possibility of the occurrence of an event. Probability is a mathematical operation which is used to calculate or determine the likelihood that an event will happen or not. This is usually calculated using a particular method. For example: through Probability, you can determine your chances or possibility of a class of students performing excellently in a specific examination.
Some events are certain, in those instances, the Probability of them occurring is 1, while the Probability of some events happening is half i.e., 0.5. But most times, Probability is calculated and not guessed. Odds, on the other hand, is just the ratio of the probabilities of an event happening to that of it not happening. Odds are usually used for betting games. There is no such particular method which can be used to calculate odds mathematically.