Odds in statistics and Odds in a horse race

Definition of Odds in statistics

[math]\displaystyle{ Odds=\frac{probability\ that\ the\ outcome\ occurs}{probability\ that\ the\ outcome\ does\ not\ occur} }[/math]

Example of a horse rase

Assumption

In order to simplify, the bookmaker in the following scenario does not charge any betting fees

A race that 5 horses start and 10 bettors bet

Here is a horse race that 5 horses start and 20 people — 20 bettors — bet each of 5 horses.

Names of horses are A, B, C, D and E.

Horses
A
B
C
D
E

Each bettor bets $1 for one horse. All bet money are pooled ($20 pooled in total) and will be redistributed for bettors who bet a winning horse.

Now each all bettors bet as following:

Horses	Bettors
A	10 bettors
B	5 bettors
C	3 bettors
D	2 bettors
E	1 bettor

Results