Probability & Odds
Probability and odds are related concepts that describe the likelihood of an event occurring.
Probability is a value between 0 and 1 (0% – 100%) that represents the likelihood of an event occurring, with 0 meaning that the event is impossible and 1 meaning that the event is certain. For example, if the probability of rolling a 6 on a fair dice is 1/6, this means that there is 100% / 6 = 16.67% chance that a 6 will be rolled.
Odds, on the other hand, describe the ratio of the number of successful outcomes to the number of unsuccessful outcomes. Odds are often expressed as a fraction, such as “3 to 1.” For example, if the odd of winning a bet is 2 to 1, this means that for every three times, two will result in a win and one will result in a lost.
The relationship between probability and odds can be expressed as follows:
Odds = (1 – Probability) / Probability
So, if the probability of an event occurring is 0.5 (or 50%), the odds of the event occurring would be 1 to 1 (or 1:1).
Probability and odds are important concepts when playing poker. The relationship between your probability of win a hand, compared to the bet of your opponent, will determine if your call is profitable or not in the long run. We will dive in depth in the pot odds sections with examples and quizzes.