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Odds of winning are a numerical expression, usually expressed as a pair of numbers, used in both gambling and statistics. In statistics, the odds for an event or the odds of an event reflect the probability of the occurrence of the event, while the odds against the event reflect the probability that this is not the case. In gambling, the chances of winning are the ratio of payout to bet and do not necessarily accurately reflect the probabilities. Opportunities are expressed in several ways (see below), and sometimes the term is misused to simply indicate the likelihood of an event. Traditionally, game odds are expressed in the form "X to Y", where X and Y are numbers, and it is implied that the odds are odds against the event to which the player is considering betting. In both gambling and statistics, the 'odds' are a numerical expression of the probability of a possible event.
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If you bet on rolling one of the six sides of a fair die, with a probability of one in six, chances are five to one against you (5 to 1) and you would win five times as much as your bet. If you bet six times and win once, you win five times your bet and lose your bet five times. The chances of winning offered by the bookmaker thus reflect the probabilities of the cube.
In gambling, odds represent the ratio between the amounts bet or wagered by the parties. A quota of 5 to 1 means that the first party (usually a bookmaker) is six times the second party's bet. In the simplest sense, 5 to 1 odds means when you put a dollar (the "1" in the term), and you win, you get five dollars (the "5" in the term) or five times 1. If you bet two dollars you would paid ten dollars or five times. 2. If you bet three dollars and win, you would pay fifteen dollars or five times. 3. If you bet one hundred dollars and win, you would get five hundred dollars. or 5 times 100. If you lose one of these bets, you lose the dollar or two dollars or three dollars or one hundred dollars.
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