SOLUTION: i can not figure this out. an event has even odds when the odds in favor of (or against) the event are 1:1. what is the probability of an event with even odds?

Question 938972: i can not figure this out. an event has even odds when the odds in favor of (or against) the event are 1:1. what is the probability of an event with even odds?

Answer by mathmate(429) (Show Source): You can put this solution on YOUR website!

It is a play of words. "Even odds" does not have anything to do with even/odd numbers at all!

Even is taken to mean equal, and odds the chances of winning. In other words, the chances of winning or losing are equal, that is why it is 1:1 (or 2:2, 3:3, but we always reduce to the simplest proportion in odds).

Additional reference with definition from Collins dictionary:
Even odds: a bet in which the potential winnings are the same amount as the original stake
RELATED QUESTIONS
22. A train runs every 15 minutes. You arrive at the train station without consulting... (answered by stanbon)

Suupose the odds agaisnt an event is 5:2 1) what are the odds in favor of this event? (answered by Alan3354)

suppose the odds against an event are 5:2 a}what are the odds in favor of the event? b} (answered by Theo)

I am confused with this since I do not have the number of times the event occurred. It is (answered by stanbon,rwm)

This confuses me can you help? Also list out the steps along with the solution.... (answered by Aldorozos)

The probability of an event is 5/6, what are the odds AGAINST this event happening? (answered by stanbon)

I order to win a game. Nelson must throw a 7 in a single toss of a pair of dice. Larry... (answered by stanbon)

The odds against event A are occurring 3:1 and the odds in favor of event B are 3:5 what... (answered by stanbon)

The odds in favor of an event are 10:1. Find the probability that the event will occur (answered by stanbon)