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A crude odds ratio is the probability that a case preceeded the control in regard to exposure and history.
adjusted odds ratios are the odds of a dichotomous event being true adjusted for or controlling for other possible contributions from other variables in the model.
The probability of an event is a number in the interval [0, 1]. It can be expressed as a fraction or ratio or as a percentage. Furthermore, if the probability of an event is p, where 0<p<1, and if q = 1-p, then the probability of the event can also be expressed as odds of p to q in favour.
There are many different ways to look to calculate the odds on picking the perfect bracket. Attached is a article that lists many of the different possibilities
Odds in Favor ^Wrong..It's theoretical probability.