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Odds: Part 3

by Steve Zolotow |  Published: Mar 18, 2015


This is the third column on odds and related concepts. The first one dealt with a discussion of what odds are and distinguished between true odds (which focus on the chance of something really happening) and money odds (which relate to the money you can lay or take on it happening). The second one covered the basics of converting the chance of something happening (usually this probability is expressed as a percentage or a fraction) to the odds of it happening. This column will discuss some fundamental points about calculating odds or probabilities for multiple events. A multiple event, unsurprisingly, consists of more than one event. Here is a hold’em example which illustrates this. A flush draw with one card to come (on the turn) is one simple event, but if the flush draw has two cards to come (on the flop), then it is a multiple event. A card ...

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