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Brief facts about odds:

Odds provide a measure of the likelihood of a particular outcome. They are calculated as the ratio of the number of events that produce that outcome to the number that do not. Odds are commonly used in gambling and statistics. Odds can be demonstrated by examining rolling a six-sided die. The odds of rolling a 6 is 1:5. This is because there is 1 event that produces the specified outcome of "rolling a 6", and 5 events that do not. The odds of rolling either a 5 or 6 is 2:4. This is because there are 2 events that produce the specified outcome of "rolling either a 5 or 6", and 4 events that do not. The odds of not rolling a 5 or 6 is the inverse 4:2. This is because there are 4 events that produce the specified outcome of "not rolling a 5 or 6" and two that do not. The probability of an event is different, but related, and can be calculated from the odds, and vice versa.

Odds ratio - An odds ratio is a statistic that quantifies the strength of the association between two events, A and B. The odds ratio is defined as the ratio of the odds of A in the presence of B and the odds of A in the absence of B, or equivalently, the ratio of the odds of B in the presence of A and the...

Odds algorithm - In decision theory, the odds algorithm is a mathematical method for computing optimal strategies for a class of problems that belong to the domain of optimal stopping problems.

Galton board - The Galton board, also known as the Galton box or quincunx or bean machine, is a device invented by Sir Francis Galton to demonstrate the central limit theorem, in particular that with sufficient sample size the binomial distribution approximates a normal distribution.

Gambling mathematics - The mathematics of gambling is a collection of probability applications encountered in games of chance and can get included in game theory.

Optimal stopping - In mathematics, the theory of optimal stopping or early stopping is concerned with the problem of choosing a time to take a particular action, in order to maximise an expected reward or minimise an expected cost.

Statistical association football predictions - Statistical Football prediction is a method used in sports betting, to predict the outcome of football matches by means of statistical tools. The goal of statistical match prediction is to outperform the predictions of bookmakers, who use them to set odds on the outcome of football matches.

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