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Probability is the likelihood or chance that something will happen. Probability is an indicator of the comparative frequency with which an event occurs in repeated independent trials. The comparative frequency is always between 0 percent (the event never occurs) and 100 percent (the event always occurs). Probability provides us a tool to predict how frequently an event will occur, but doesn’t allow us to predict when exactly an event will happen. Probability may be used to ascertain the conditions for obtaining the long-term fiscal prospects of a match or certain results; it may also help determine if there is a game worth playing with. It’s frequently expressed as odds, a fraction or a decimal fraction (also called a proportion). Chances and probability are different ways of describing a player’s chances of winning a wager.
Probability is the likelihood or possibility that something will happen. Probability is an estimate of their average frequency with which an event happens in repeated independent trials. The comparative frequency is always between 0 percent (the event occurs) and 100% (the event always occurs). Probability provides us a tool to forecast an event will happen, but does not allow us to predict an event will occur. Probability can be used to determine the conditions for obtaining the fiscal prospects of a particular match or results; it may help determine if a game is really worth playingwith. It’s often expressed as odds, a percentage or a decimal fraction (also called a proportion). Probability and odds are slightly different methods of describing a player’s likelihood of winning a wager.
Notice: This page is excerpted from the Mathematics of Gambling, Random Events, and Probability. References are found on page 24 of the PDF.
Probability, Random Events, and the Mathematics of Gambling
Probability
Probability is an estimate of the chance of winning divided by the number of chances out there. Probability is an ordinary fraction (e.g., 1/4) that can also be expressed as a percentage (e.g., 25%) or as a proportion between 0 and 1 (e.g., p = 0.25). If there are four tickets in a draw and a participant owns one of these, his or her probability of winning is 1 in 4 or 1/4 or 25 percent or p = 0.25.

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