How do odds differ from chances?

Answer 1

I found an web page from Drexel University, "Ask Dr. Math", that explains the difference between odds and PROBABILITY. Perhaps that's the difference you're asking about.

See related link for the exact text.

"Odds" and "chances" are usually used interchangably.

The odds of my lottery ticket winning may be 100 million to 1.

(There are only two possible -outcomes- for that ticket. It's a winner, or it's a loser.)

Reply: The factor of PROBABILITY is exactually the point I am getting to... My question is more about PERCENTAGE than PROBABILITY because I am referring to a "combination" of numbers, such as five, or six, numbers appearing from a total comprised amount of numbers (number of chances). Since "lottery" has entered your answer to my question, we'll use that for the subject. ODDS and CHANCES are used interchangably, but there is still a difference between the two. If you were playing lottery would you select a combination like: 1-2-3-4-5-6? Why not? Because it would be improbable- right? You would pick more of a "scatter" pattern- because the "odds" say you have a better chance. This being a fact, patterns appear on different percentage levels (of wahich there can only be eleven) comprising the total number of chances. Of course, you would play the most propable one- eliminating the other ten patterns, and thus increasing your odds.

No. Although "odds" and "chances" ARE used interchangably in common conversation, there is a HUGE difference in the terms.

Simply put, "chance" relates to the likelyhood of a future event WITH NO HISTORY considered. "Odds", on the other hand, considers history. "Chance" is expressed as a percentage translation of the ratio of a particular outcome versus all possible outcomes.

"Odds" are expressed as a ratio WITHOUT a percentage translation. For example, if a (fair) coin is tossed 3 times and all three tosses land on heads, the PROBABILTY (odds) of the next toss coming up heads is only 1 of 16. The "CHANCE", on the other hand, never changes and is 50% on EVERY toss.