This article by a statistician explains the difference between probability and odds, the use of fractional odds in a gambling context, how odds ratios are used, and why they are used instead of risk/probability ratios.

Concepts

probability

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Additional Tags

fractional odds, risk/probability ratios, odds

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Classroom Considerations

• Knovation Readability Score: 5 (1 low difficulty, 5 high difficulty)
• The intended use for this resource is Instructional

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