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- Current: Nov 22, 2023
Odds
In statistics, the term “odds” refers to the ratio of the probability of an event occurring to the probability of it not occurring.
When the probability of an event A occuring is p, the probabiligy of A not occuring is 1 - p. Therefore, the odds are:
Odds = p/(1 - p)
For clarity, this odds are often called “Odds in favor of A”. The odds against a is defined as 1/(Odds in favor of A).
