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Tasha
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07-08-2010, 11:10 AM
Post subject: Odds calculation
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#1 (permalink)
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Flush
Join Date: May 2010
Location: At the far end of the table
Posts: 262
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I need some help with this, basic though it is.
If the probability of something happening is 7/10 does that make the odds of it happening 7/3?
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Keith
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Full House
Join Date: Nov 2008
Posts: 1,336
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if the chance of something happening is 7/10 then it will happen on average 7times and not happen 3 times for every 10 attempts
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Penneywize
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Full House
Join Date: Jan 2005
Posts: 885
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7:3, yes - but, more importantly, why do you need to know this?
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NightGizmo
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Flush
Join Date: May 2010
Posts: 268
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Some write the odds as 7:3, others as 70%. They mean the same thing, but the 7:3 notation makes it easy to compare against money odds. If you bet $7 to win $3 in a 7:3 situation, you would break even statistically. If you could bet less or win more, it's a +EV situation.
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celtic123
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Full House
Join Date: Jun 2008
Location: **Officially**The worst poster on FTR
Posts: 708
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Quote:
Originally Posted by Tasha
I need some help with this, basic though it is.
If the probability of something happening is 7/10 does that make the odds of it happening 7/3?
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Basically, Take a pack of cards.
Q) 52 cards in the pack , the probability of you pulling any Ace out is ?
A) There are 4 aces , so 4/52 is the fraction , which simplifies to 1/13.
Do you know that 4/52 is the same as 1/13 ?
If you do , you should see that 7/10 cant be 7/3
edit
brush up here http://onlinestatbook.com/chapter5/basic.html
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spoonitnow
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Straight Flush
Join Date: Sep 2005
Location: IRC Chat Room
Posts: 5,406
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{Locked}
See parts 1-3 in spoonitnow's Mathematics of EV Thread
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Quote:
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Originally Posted by Ripptyde
I only have 2 simple rules when I am coaching a new student.
Rule # 1: don't ask questions
Rule # 2: don't ask questions
I have no interest in discussing strategy with a protege'. Your job is to remain quiet and listen. I have a very systematic approach that I will share with the right candidate and I promise that I will turn you into a force of nature and show you elements of the game of poker that you never knew existed.
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