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Odds: Part II

by Steve Zolotow |  Published: Mar 04, 2015

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This article on odds will continue the discussion of those concepts introduced in the first part. In particular, it will focus on converting from percentages (or fractions) into odds and vice-versa. In Part I, a distinction was made between true odds and money odds. True odds reflect the chance of something really happening. Money odds relate to the amount you can offer or take that it happens. Generally, you want to offer less than the true odds or take more than them. As I write this column, just before the Super Bowl, the New England Patriots and the Seattle Seahawks are considered to be evenly matched. This is reflected by odds of pick or pick’em. It implies that the true odds are even money. If you and a friend bet $100, the winner wins $100 and the loser loses it. If, however, you wander into a casino and bet $100 ...


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