Odds

• Odds are another way to express probability.
• Odds are related to probability but are not probability.
• Odds have been mentioned long before systematic mathematical treatment of probability.
• Odds are either "Odds in favor of an event " or " odds against an event"
• Odds against E = P(not E)/P(E)
• Odds in favor of E = P(E)/P(not E)
• Do some problems 694. Make sure to do 35 or 38