What are the Odds?

Now we begin to learn something new.... Odds

This is not to be confused with probability, odds is similar but a different concept

Definition:  the likelihood of an event
Odds= Number of successes 
              Number of failures 

Here is an example:

*What are the odds of drawing a queen in a deck of cards?
 There are 4 queens in a deck of cards; this is the numerator
There are 52 cards in one deck so subtract 4 from 52 to get the denominator 
the answer is   4/52 reduced to 1/13
so the odds of getting a queen is 1:13

                                                        
Have you seen the difference yet of odds and probability? Let me explain.
Odds is finding the possible wins to the possible loses in an event.
Probability is looking at the chances of an outcome out of the total event. 

We can look at odds from two different standpoints: 

   **Odds in favor of an event- Number of ways that an event could occur
                                                       Number of ways that the event could not occur

    **Odds against an event-  Number of ways that an event could not occur
                                                    Number of ways that the event could occur
So basically, when writing out the two different ways you just switch the numerator and denominator for the answer

Odds in favor of queen in a deck of cards- 1:13
Odds against getting a queen in a deck of cards-  13:1

Here is a video that shows random odds in our world and how rare events actually are... very interesting WATCH IT!