Difference between odds and probability

Posted By: Sm Adminon: December 14, 2015In: Miscellaneous

Odds:
Odds are the chances which are measured but it cannot be mathematically calculated. Odds against reflect the likelihood that a particular event will not take place.
Probability:
Probability is the assumption done in mathematical using an equation. It is quantified as a number between 0 and 1 (where 0 indicates impossibility and 1 indicates certainty).
Differences:

Basis	Odds	Probability
Definition (www.oxforddictionaries.com)	The ratio between the amounts staked by the parties to a bet, based on the expected probability either way.	The quality or state of being probable; the extent to which something is likely to happen or be the case.
Synonyms	Allowance, benefit, disparity, start	Expectation, possibility, hazard, anticipation
Antonyms	Disadvantage, similarity, sameness, likeness, equality	Certainty, unlikelihood, reality, improbability
Pronunciation	Eng (UK): /ɒdz / Eng (US): /ädz /	Eng (UK): /prɒbəˈbɪlɪti / Eng (US): /ˌpräbəˈbilədē /
History	The language of odds such as “ten to one” for intuitively estimated risks is found in the sixteenth century, well before the development of mathematical probability.	The scientific study of probability is a modern development. Gambling shows that there has been an interest in quantifying the ideas of probability for millennia, but exact mathematical descriptions arose much later.
Word origin	The word odds were originated in circa 1520.	The word probability was originated in 15th century.
Based on	Odds are based on the probability than an event will ever occur.	Probability is a mathematical measure of how often an event will occur.
Measures	Odd measures the chances for and the chances against an event ever occurring.	Probability only measures the chances that an event will occur against the total number of times an even will occur.
Ensures	Odds are used to find out if an event will ever occur.	Probability ensures that an event will occur.
Expressed	Odds is expressed as a ratio.	Probability is expressed as a number between 0 and 1.
Example in Sentence	The odds are against us. The odds in blackjack are much better than the odds in most other games.	The probability of coming two is more than five in a dice. We are trying to find out the highest probability of coming the king, queen and jack.