How do you calculate odds quickly?

Probability can be expressed as 9/30 = 3/10 = 30% - the number of favorable outcomes over the number of total possible outcomes. A simple formula for calculating odds from probability is O = P / (1 - P).

wikihow.com - How to Calculate Odds: 11 Steps (with Pictures) - wikiHow

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Make Your Bookie Cry And Pull The Hair By Generating $23,187

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Let's do an example problem. To calculate the odds of rolling two dice with a sum of four (for instance, a 1 and a 3), begin by calculating the total number of outcomes. Each individual dice has six outcomes. Take the number of outcomes for each die to the power of the number of dice: 6(number of sides on each die) 2(number of dice) = 36 possible outcomes. Next, find the number of ways you can make four with two dice: you can roll a 1 and a 3, a 2 and a 2, or a 3 and a 1 - three ways. So the odds of rolling a combined "four" with two dice are 3 : (36-3) = 3 : 33 = 1 : 11 Next, find the number of ways you can make four with two dice: you can roll a 1 and a 3, a 2 and a 2, or a 3 and a 1 - three ways. So the odds of rolling a combined "four" with two dice are Odds change exponentially based on the number of events occurring simultaneously. Your odds of rolling a "yahtzee" (five dice that are all the same number) in one roll are very slim - 6 : 65 - 6 = 6 : 7770 = 1 : 1295! If we roll one die, it's equally likely that we'll get any of the numbers 1 - 6. However, if we rolldice and add their numbers together, though there's a chance we'll get anything from 2 to 12, not every outcome is equally likely. There's only one way to make 2 - by rolling two 1's - and there's only one way to make 12 - by rolling two 6's. By contrast, there are many ways to make a seven. For instance, you could roll a 1 and a 6, a 2 and a 5, a 3 and a 4, and so on. In this case, the odds for each sum should reflect the fact that some outcomes are more likely than others.

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Does each-way mean 1st 2nd and 3rd?

It essentially gives you the chance to get a return on your money if the horse you back doesn't win but instead finishes in 2nd, 3rd, 4th or 5th place. Each-way means you are betting on two things. The first is that the horse will win. The second is that it will finish anywhere up to 5th place.

grandnational.fans - Each Way Bets Explained - Places, Payouts & Examples - Grand National

In most horse races the idea is to pick the winner. But when you have an event as big as the Grand National, and with a field of 40 runners, the chances of being right on the money are tricky. That’s where the ‘Each-Way’ bet makes more sense. It essentially gives you the chance to get a return on your money if the horse you back doesn’t win but instead finishes in 2nd, 3rd, 4th or 5th place. Each-way means you are betting on two things. The first is that the horse will win. The second is that it will finish anywhere up to 5th place. Because of that, your bet is made up of two parts: the ‘Win’ and the ‘Place’. Each part of the bet must be an equal stake, e.g. a £5 each way bet will have £5 on the ‘Win’ and £5 on the ‘Place’ making a total of £10. The ‘Win’ part of your bet is on your horse to finish first, and the ‘Place’ part is on your horse to finish either first or in one of the places, e.g. 2nd, 3rd, 4th (5th or 6th with selected bookmakers). This works the exact same way for any horse race that you can bet on throughout the year.

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