Two events that have the same chance of happening. For example, if I flip a coin the event of obtaining a 'head' is equally as likely as the event of obtaining a 'tail'.
But equally likely does not mean 0.5 probability. It's possible that it's equally likely that someone in Ontario, Canada will die from being stung by a wasp as from being electrocuted in their kitchen at home. Neither event is very likely but the two events could be equally likely.
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Two events are equally unlikely if the probability that they do not happen is the same for each event. And, since the probability of an event happening and not happening must add to 1, equally unlikely events are also equally likely,
Theoretical probability is the probability of an event when all outcomes are equally likely. With theoretical probability, you determine the probability by dividing the number of ways the event can occur by the total number of equally likely outcomes.
http://www.emathzone.com/tutorials/basic-statistics/definition-of-probability.html
That's the 'probability' of a favorable outcome.but only if the outcomes are equally likely.
It is more LIKELY to have a likely event than a UNLIKELY event.