Why Odds?

To be useful, facts and statistics usually require context—giving us all a shot at interpretation. In the hands of politicians, lawyers and the media, facts and stats are often spun from straw to gold.

We at Odds’R have our own, sometimes quirky, perspective on the facts and stats we gather and turn into odds-based Q&A. But our goal is to give you information, and a good time, in edible, even tasty, portions that also give you an edge in deciding what to do next—whether it’s prescribed by a doctor, recommended by a stockbroker, or suggested by a hot date. Think of Odds’R as an alternative to the bunker or revolution mentality—with some laughs in the process.

What Do the Odds Mean?

Will it or won’t it? Odds are the mathematical projections that particular events will or won’t occur—usually expressed as a ratio. So, if the odds of a plane crash are 1 to 1 million (or, alternatively, 1 in 1 million), then the chance of a plane crash is extremely low. Sound counterintuitive? Think it ought to be a million to one? Well, that’s what gambling odds have done to our math sensibilities (See below). But 1 to 1 million or 1 in 1 million is the correct mathematical expression.

Take a chance! Chance is another way of expressing odds or probabilities. For instance, a 1 in 500 chance indicates a pretty low probability that what you’re hoping for, or are afraid of, will occur. So, when your chances of dying from the bite of a Black Mamba are 99 in 100, (or alternatively, 99 to 1 odds) wear the heavy leather boots and watch where you’re walking! Better yet, stay out of the jungle: 99 in 100 is almost a certainty.

No Way <—> Way! When there’s a certainty that something won’t happen, it’s expressed as “zero” probability. If there’s a 50% or 50-50 chance, it’s called “even odds,” sometimes expressed as 1 to 1 odds. At the opposite end of the probability spectrum are absolute certainties. These are expressed as “100%”—since there’s no chance they won’t occur. But that’s somewhat rare, much like the chance of not seeing another double negative here.

Wanna Bet? Finally, don’t make the mistake of confusing the odds in Odds’R Q&A with the odds you get from your bookie. Gambling ratios, while expressed as “odds,” are really just the ratios of the payout for each dollar bet.

Wanna know more? E-mail oddsworth@oddsrgames.com.