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Odds: Part 5

by Steve Zolotow |  Published: Apr 15, 2015


Odds compare the chance of something happening to the chance that it doesn’t happen. In this series we have looked at three types of odds. True Odds are odds that reflect reality, or at least our best estimate of reality. The true odds of picking a spade from a 52-card deck are 39 (the number of non-spades) to 13 (the number of spades.) Odds are frequently shown as something to one, so this reduces to odds of 3 to 1. Money Odds are a measure of risk and reward—how much you have to lay to bet the favorite or how much you can take with bet the underdog. If you can take more than the true odds or lay less than the true odds, you are making a good bet. If you can take 4 to 1 on whether the card is a spade, you have made a good bet. ...

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