Answer (1 of 2) Odds and probability are each different entities but related as follows Consider a situation where a certain event has just 2 possible outcomes, a and b, each independent of the other We can state that probabilities P(a)P(b) = 1 Thus we can state that the odds of $\begingroup$ I think the odds of a horse who has a 66% chance of winning would be 1/2 , meaning you get your bet back plus 1/2 the bet What you describe above is a probability 33% horse, get bet back plus 2x the bet Essentially you Luck vs Probability Luck plays an important part in our lives, some events are completely outside our control The fact that you were born is in itself a chance event with extremely low odds Have your father not met your mother, you wouldn't be here When we look at the past, we like to think that we have been in control for most of the time
4 Negative Effects Of Winning The Lottery You Can T Ignore