It is the probability of that event.
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Likelihood of event occurring.
It means that there is a 61.8% chance of the event occurring.
There is 1/7 chance on landing every number.
Multiply the probabilities together. For example, if we are looking at the same event occurring four times that has a 1 in four chance of occurring: 1st event=1/4 2nd event=1/16 3rd event=1/64 4th event=1/256
It is meant to describe something occurring 4 times per year, or once per quarter. If you wanted to describe something occurring once every four years, you would say it is a quadrennial event.