It is funny how people hate mathematics so much, yet it is involved in our daily lives so much. We count cutlery, how many buns we have left, measure ingredients to bake or cook, need to know how much money something costs, how many km it is to drive somewhere, etc. Really math is essential to even how we think. For example, when you compare between two things and you look back and forth between them. This is a mathematical strategy knowing as mapping. But something we don’t really think about is that odds are probably the most common mathematical concept in life.
The following are examples of odds:
The odds of winning lotto 6/49 are: 1 in 13,983,816.
The odds of winning a casino slot machine (jackpot) are: 1 in 32,768.
The odds of getting cancer are: 1 in 6.
But, there is one issue, many people do not understand what an “odd” is. An odd is:
The number of ways an even can occur, or if you prefer, how many successes you can have for how many failures. Basically, your chances before trying.
For example, 1 in 6 means one success for every 6 failures.
This is different then the probability, which is the chance that something will happen – how likely it is that some event will happen. So, more or less, the measured percentage of the event happening and is measured by the formula:
(Number of successful outcome)/(number of total trials or attempts)
For example, say we flipped a coin 10 times and got 5 heads.
The probability of getting heads would be: 5/10 or 0.5
However, the. Odds of getting heads would be 1/2.