ABSTRACT
Unless you like betting on horses or dogs, probabilities are much more intuitive than odds.
• Probability is the likelihood of any event happening as a proportion of the total number of possibilities. Or put more simply:
Probability = Number of desired events ÷ Total possible number of events
• The probability of something which is certain to happen is 1. • The probability of an impossible event is 0. • Probability can easily be turned into a percentage by multiplying by 100;
therefore a probability of 1 can also be described as a probability of 100%. • Probability is a way of expressing risk or chance.
