Hi, bmarton01,

I'll have a stab at explaining.

The word "chance" implies percentage.

For example, if you have a 25%

**chance** of winning, then 75% of the time you lose.

The word "odds" compares those two numbers:

So in the example above, the odds against winning are 75:25 or 3:1

Odds are usually expressed as "something to one"

Converting between the two is easy.

To convert from odds to chances, just add the two numbers together to get the denominator, and use either of the others as the numerator.

So 3+1 is 4, and 1/4 is 25%

Going from chances to odds is a wee bit trickier.

Let's use a 40% chance of winning

1 - 0.4 = 0.6

So the odds are 0.6:0.4 or 1.5:1 against.

Let's use an example where the chance of winning is > 50%

Let's imagine we have an 80% chance of winning.

So the odds are 80:20 or 4:1 in favour.

Note that we use X:1 in both directions, just using "against" or "in favour" as needed.

I hope that helps,

VS