Casino maths
Probability vs Odds: What Is the Difference?
Probability describes the chance an event occurs. Odds compare favourable outcomes with unfavourable outcomes, while payout odds describe how a game rewards an event. Those are related but not interchangeable.
Probability formats
A probability of 0.25 is the same as 25% or one chance in four. All probabilities range from zero to one, or zero to 100%.
Odds against
If one outcome wins and three outcomes lose, the odds against winning are 3 to 1. Fair payout odds would account for both the returned stake and the net win; game labels may quote only the net portion.
Probability is not prediction
Knowing that an event has a 25% chance does not tell you which trial will produce it. Independent trials can form streaks without changing the next probability.
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