How do odds differ from chances?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

I found an web page from Drexel University, "Ask Dr. Math", that explains the difference between odds and PROBABILITY. Perhaps that's the difference you're asking about.
See related link for the exact text.

"Odds" and "chances" are usually used interchangably.

The odds of my lottery ticket winning may be 100 million to 1.

(There are only two possible -outcomes- for that ticket. It's a winner, or it's a loser.)
Reply: The factor of PROBABILITY is exactually the point I am getting to... My question is more about PERCENTAGE than PROBABILITY because I am referring to a "combination" of numbers, such as five, or six, numbers appearing from a total comprised amount of numbers (number of chances). Since "lottery" has entered your answer to my question, we'll use that for the subject. ODDS and CHANCES are used interchangably, but there is still a difference between the two. If you were playing lottery would you select a combination like: 1-2-3-4-5-6? Why not? Because it would be improbable- right? You would pick more of a "scatter" pattern- because the "odds" say you have a better chance. This being a fact, patterns appear on different percentage levels (of wahich there can only be eleven) comprising the total number of chances. Of course, you would play the most propable one- eliminating the other ten patterns, and thus increasing your odds.

No. Although "odds" and "chances" ARE used interchangably in common conversation, there is a HUGE difference in the terms.

Simply put, "chance" relates to the likelyhood of a future event WITH NO HISTORY considered. "Odds", on the other hand, considers history. "Chance" is expressed as a percentage translation of the ratio of a particular outcome versus all possible outcomes.

"Odds" are expressed as a ratio WITHOUT a percentage translation. For example, if a (fair) coin is tossed 3 times and all three tosses land on heads, the PROBABILTY (odds) of the next toss coming up heads is only 1 of 16. The "CHANCE", on the other hand, never changes and is 50% on EVERY toss.
56 people found this useful

What are the odds of having kids with the same birthday but a different year?

Answer . In probability theory , the birthday problem , or birthday paradox [1] pertains to the probability that in a set of randomly chosen people some pair of them will have the same birthday . In a group of 10 randomly chosen people, there is an 11.7% chance. In a group of at lea ( Full Answer )

Exactly what are the odds for the different payouts on slot machines?

That's a really tricky question because the odds vary so much between different slots\n. \nAlso, slots with the same name can vary in their payback. Sometimes what looks to be the same slot, but in a different location in a casino can have very different odds of winning the jackpot.\n. \nI would a ( Full Answer )

What is the difference between even and odd polynomial functions?

Even polynomial functions have f(x) = f(-x). For example, if f(x) = x^2, then f(-x) = (-x)^2 which is x^2. therefore it is even. Odd polynomial functions occur when f(x)= -f(x). For example,\nf(x) = x^3 + x\nf(-x) = (-x)^3 + (-x)\nf(-x) = -x^3 - x\nf(-x) = -(x^3 + x)\nTherefore, f(-x) = -f(x)\nIt is ( Full Answer )

What is the difference between a crude odds ration and an adjusted odds ratio?

Odds ratio (AD/BC) is the ratio between number of times that something happens and does not happen. Crude odds ratio is the ratio that is not stratified (ex. by age). Adjusted odds ratio is a stratified odds ratio. If the odds ratio equals one, then there is no association, and null hypothesis ( Full Answer )

What different between odd number and prime number?

While all prime numbers are odd (except 2), not all odd numbers are prime. 9 for example is an odd number, but you can get it by multiplying 3X3, so it is not prime. Odd numbers are numbers that are not divisible by 2. Prime numbers are numbers that cannot be generated by multiplying 2 whole numbers ( Full Answer )

What are the odds of having two different colored eyes?

Someone answered this wrong on Yahoo Answers, so here's how youactually do it. Since there are other factors other than genes thatcan determine having two different colored eyes, such as trauma tothe eye, mutations, etc, there's no way of knowing. I don't knowhow many people are in the whole have tw ( Full Answer )

How are odd numbers different from even numbers?

Easy answer is that an even number can be divided by 2 and the answer will have no leftovers. An odd number cannot be divided by 2 and the answer without leftovers. 2 divided by 2 is 1 3 divided by 2 is 1.5

What is the difference between even and odd days at school?

In many middles schools, there is a special blocking for that day of the week. For example, on an even day you may have your 1st,3rd,5th,6th, and 7th periods. And on an odd day you have your 2nd,4th,5th,6th, and 8th. The even and odd blocking refers to what periods you have on that day. Ask the offi ( Full Answer )

How are greyson chance and Justin bieber different?

they are different in so many ways. Greyson chance is way cuter than Justin beiber and they don't look alike at all and greyson chance is only thirteen My turn.... Similarities: They were both discovered on youtube. They are both really hott. They both sing. They are both awesome. They play pia ( Full Answer )

What is the chance a different goaltender will sub in?

This question could have two different meanings a hockey goaltender or a soccer goaltender. Since the question deals with subbing in and hockey does not deal with subbing in I will guess you are talking about soccer. The chance of a different goaltender subbing in depends on different situations. In ( Full Answer )

What is the difference between the two odd numbers right after 20?

The difference is 2 . (23 - 21 = 2). If we are talking about two odd numbers that come right after the number 20 then we mean the two consecutive odd numbers after 20. The difference between any consecutive odd numbers (or between any consecutive even numbers) is always 2 .

What is the chance of winning twice when the odds are 50 percent?

If you mean like a coin toss, it's 50% probability of winning, also known as even or 1:1 odds. Winning once has a probability of p=0.5. Winning twice has a probability of p*p = p^2 = 0.25 = 25% = 1/4 = "1 chance in 4" = "odds of 3 to 1 against."

How are even and odd numbers different?

Even numbers can be divided by 2 (with no remainder) while odd number can not be divided by 2 (with no remainder). 4 is an even number (2 into 4 goes twice) 5 is an odd number (2 into 5 goes twice with a remainder of 1)

Which difference is odd?

The difference that when divided by 2 does not give a whole number is the odd one. For example, 6-2=4 , 4 divided by 2=2 , 2 is a whole number; so 6-2 is not odd. 5-4=1 , 1 divided by 2=1/2 , 1/2 is not a whole number; so 5-4 is odd.

What is the difference between odd and even?

Even numbers are divisible by 2. Examples: 2, 44. 56, 88, 100 Odd numbers are numbers which when multiplied by two will have a remainder. Examples: 3, 15, 27, 39, 11.

How can life form from primordial soup by chance when the odds of proteins forming from amino acids by chance are astronomically high?

Only a creationist could think that the chances of forming proteins from amino acids is astronomically high. You can NOT make a statistically analysis of a past events probability. This is basic statistics and if you knew this you would not have asked such an ill posed question. The probabilit ( Full Answer )

What are the chances of not getting odd or prime numbers from 1 to 50?

Chances of not getting odd or prime number from 1 to 50 = Chances of getting an even composite number from 1 to 50 = Number of even composite numbers from 1 to 50/Total numbers from 1 to 50 = 24/50 or 48% Chances of not getting odd or prime number from 1 to 50 = Chances of getting an even comp ( Full Answer )

What is the chance of the pointer landing on an odd number?

The answer will depend on how many numbers there are, how wide the sectors are, whether or not the pointer spins freely and is spun fairly. Since you have not bothered to share any of those crucial bits of information, I cannot provide a more useful answer. The answer will depend on how many number ( Full Answer )