Odds in statistics and Odds in a horse race
目次
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 10 people ---10 bettors--- bet each of 5 horses.
Names of horses are A, B, C, D and E.
| Horses |
|---|
| A |
| B |
| C |
| D |
| E |
