This Odds To Probability Calculator converts odds for an event into probability of the event. Just enter the odds in the form “Number1/Number2” or just in the form of a decimal number and click the “Calculate” button. And conversely you can enter the probability of an event in the form of a decimal number in the range [0,1] in the appropriate field of the calculator and click the “Calculate” button to get the corresponding odds. Thus, you have also a Probability To Odds Calculator.
Odds vs Probability
There is a confusion between the concepts of odds and probability, and often times, they are used incorrectly, most typically when the people interchanging probability by odds. Odds are a numerical expression, presented usually as a pair of numbers, used in both gambling and statistics. In statistics, the odds for some event reflect the likelihood that the event will take place. The simple way to interpret odds for is as the ratio of events to non-events in the long run. The odds for a possible event are directly related to the statistical probability of that event.
Odds can be expressed as a ratio of two numbers (so as 1/2 odds and 100/200 odds are the same), or as a number, by dividing the terms in the ratio (0.5 in the above example). Probability is expressed as a decimal number in the range [0,1]. These conventions are used in our odds on calculator.
Odds as a number and probability are related by simple formulas used in our Odds To Probability Calculator:
Odds are used not only in gambling. In statistics odds may be more convenient in some cases than probabilities. They are used, for instance, in problems of sequential decision making. Odds-ratios are often used in analysis of clinical trials, etc.
Related calculators
Check out our other statistics calculators such as Bayes’ Theorem Calculator or Permutations Calculator.