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 10 people ---10 bettors--- bet each of 5 horses.
Names of horses are A, B, C, D and E.
{|class="wikitable"
|-
!style="width:50px"|Horses
|-
|A
|-
|B
|-
|C
|-
|D
|-
|E
|}