can anyone plz by example the odds formula below by example (dice odds maybe)
Odds are typically quoted as odds against a particular event, so I’ll stick with that approach.
Suppose that you have a fair (six-sided) die. The probability of rolling a three is 1/6, so the odds against rolling a three are:
\frac{1 - \frac16}{\frac16} = \frac{\frac56}{\frac16} = 5:1.
This represents the payoff on a fair bet: if you bet that the outcome of a roll of the die will be a 3, a fair bet will pay you 5-to-1: if you bet, say, $100 each time, then you expect that one time you’ll win (and gain $500), and that five times you’ll lose (and lose $500: $100 apiece on each of five rolls). The expected return is zero.
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