Odd is defined to be
P(event)
-----------
1- P(event)
So if P(event) is 0.50, then the odd is 1 to 1. If P(event) is 0.75, then the
odd is 3 to 1 since 0.75 is three times as large as 1 - 0.75 = 0.25.
Given one of odds or probabilities, you can always derive the other.
Ken
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