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## What is the meaning of odds?

In simple terms, odds essentially means that a term that is used to express pair of numbers & this is also used in not only gambling but also in statistics. On one hand, the term, odds for or the odds of an event generally state that a certain event will take place. Whereas on the other hand, odds against come forth for those events which may not take place. The above statement stands true for statistics while in gambling, odds are stated to be the ratio of payoff to that of the state besides which they would not reflect the probabilities exactly.

## Odds Calculator

## How are odds expressed?

When it comes to expressing odds, they are said to be expressed in a number of ways. However, in very simple terms, odds turn out to be that numerical expression which tell about likelihood of a particular event. In statistics, odds for a particular event, let us say E, can be defined to be the probability of the possible event which is E. In addition to this, odds are expressed in terms of X to Y. Here both X & Y are numbers. Moreover, instead of the word ‘to’ a symbol is put in to use for the ease of convenience. At times, ‘to’ is replaced by hyphen or even a colon sometimes.

## Terms related to odds calculator

Odds against is a term that is used especially when the probability of a particular event is not going to happen turns out to be greater than that of the probability that it will take place. Thus, we say that the odds are against the event which will occur. On the other hand, the term odds on can be stated to be the simply the opposite of odds against. This statement means that an event is more likely to occur & very less likely to not to occur.

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In addition to the above listed terms, even odds is a condition which occurs at that time when probability of an event happening or taking place is stated to be in the same manner like that of the event as if it was not happening at all. Finally, the term which is as follows – ‘better than evens’ or the term ‘worse than evens’ astonishingly has a number of definitions & 1 fact which is to be kept in the mind is that the meaning of the above stated terms would be based on the context. Popularly, better than evens means that there is a great chance for the event to occur.

### Formulae used in odds calculator

\( O\,=\, \frac{P}{1\,-\,p}\)

**The above formula is used to calculate odds from the probability.**

\(P\,= \, \frac{O}{O\,+\,1} \)

On the other hand, the above formula is used in order to calculate probability from the odds.

## How to use an odds probability calculator?

To make use of the online odds probability calculator, an individual will be required to enter the numbers before selecting the ‘odds are’ option from the drop down list. Finally, click on calculate to know the answer.