What is the difference between probability and odds?

The probability that an event will occur is the fraction of times you expect to see that event in many trials. Probabilities always range between 0 and 1. The odds are defined as the probability that the event will occur divided by the probability that the event will not occur.

• The probability that an event will occur is the fraction of times you expect to see that event in many trials. Probabilities always range between 0 and 1.

• The odds are defined as the probability that the event will occur divided by the probability that the event will not occur.

The probability of 0 is the same as the probability of 0. The probability between 0 and 0.5 is equal to the probability less than 1.0. The probability of 0.5 is the same as the probability of 1.0. Think of it this way: the probability of a coin heads up is 50%. The odds are “Fifty: Fifty”, which equals 1.0.

As the probability rises from 0.5 to 1.0, the probability increases from 1.0 to near infinity. For example, if the probability is 0.75, the odds are 75:25, three to one, or 3.0.

If the odds are high (one million to one), the probability is almost 1.00. If the probability is small (one to one million), the probability is small, almost zero.

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