How to Measure Odds

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Measuring odds requires you to use a very particular formula designed for this exact purpose. Measure odds with help from a longtime mathematics educator in this free video clip.

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Video Transcript

Hi, I'm Jimmy Chang, and we're here to talk about how to measure odds. Now, in terms of measuring odds, there's actually a formula associated with that and that the odds of an event happening, you're taking the number of outcomes for the event E and you're pitting it, and there's a colon there, the number of outcomes against the event happening. So, the idea here is if you're flipping a coin and you want to find out the odds of a head, okay; basically, you're thinking about the number of ways you can get a head, if you're flipping the coin once, it'll just be one. And then, the number of ways you cannot get a head which is tail and that would be one; so, the odds of flipping a coin and getting a head is one to one. Now, if you have cards for example and you want to find out the odds of drawing a jack, you want to think about how many ways can you draw a jack and that's going to be four and the odds, and the number of ways you don't draw a jack will be 48, if you're talking about, of a 52-card deck. So, the odds of getting a jack is four to 48. Now, odds can be reduced if you can reduce both numbers and so four to 48 can be reduced as one to 12. So, when it comes to measuring odds, as long as you follow this formula and are aware of different numbers involving different models, you should be fine. So, I'm Jimmy Chang, and that's a brief description on how to measure odds.

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