The Simple keyword title Approach
Probability represents the long term ratio of (# of times an outcome happens) to (# of times experiment is executed). Odds represent the long run percentage of (# of that time period an outcome does not appear) to (# of times an outcome occurs). If a greeting card is randomly picked from a regular deck of 52 playing cards, the probability this is a spade is usually 1/4; the odds are 3 to 1 1. The true odds of an event symbolize the payoff that would make the bet on that function fair.
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