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It depends on what you mean, but here is a basic description of how it works. Payouts in gambling games are based on the probability of winning, but the payout is less than the true probability of winning. Just as a basic example, the odds of rolling a 12 in the game Craps is 1 in 36, but if bet on the 12 and win, you only win 30 times the amount bet. So basically, you would have to make a $1 bet 36 times to win $30.
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How is probability used in real life?
=Probability is used in many ways.==For example:==* gambling==*bettting odds==and anywhere in the world!=
What is probability used in?
gambling is a good use. It is also used in politics and in predictions in science
Where is probability used in everyday life?
Logical decision making. Gambling. Odds.
Who discovered probability?
Blaise Pascal and Pierre de Fermat started corresponding over an issue on mathematics of gambling, from which the theory of probability developed in 1654.
What symbol is used for probability of success in statistics?
A "p" is used for probability of success. A "q" is used for probability of failure.
What are the two ways probability can be used?
Predicting the weather and gambling
How is probability used in real life?
=Probability is used in many ways.==For example:==* gambling==*bettting odds==and anywhere in the world!=
What is probability used in?
gambling is a good use. It is also used in politics and in predictions in science
Where is probability used in everyday life?
Logical decision making. Gambling. Odds.
Uses of probability?
ratio and gambling
What person used gambling to make a living and as a result of incorrectly computing the probability of a game caused mathematicians to develop formal probability theory?
Gerolamo Cardano (1501 - 1576).
What does the odds mean in gambling?
Your "odds" are your likelihood or probability of winning.
What has the author Carlotta Zavattiero written?
Carlotta Zavattiero has written: 'Lo Stato bisca' -- subject(s): Gambling industry, Gambling, Gambling and crime, Corrupt practices, Lotteries 'Lo Stato bisca' -- subject(s): Gambling industry, Gambling, Gambling and crime, Corrupt practices, Lotteries
What are some of Nevada's industries?
The gambling/casino industry and the mortgage industry.
What is Mississippi economic strengths come from?
Gambling industry.
What is Nevada's major industry?
Gaming, or gambling, is Nevada's major industry - Las Vegas was built on it.
Who discovered probability?
Blaise Pascal and Pierre de Fermat started corresponding over an issue on mathematics of gambling, from which the theory of probability developed in 1654.
