Odds vs. Probability: Definition, Explanation, Calculation, Examples and Comparison in One Minute

Many people wrongfully assume odds and probabilities are the same thing.

They're definitely not, as there's a significant difference between saying there are "X to Y" odds of something happening and saying there's an "X to Y" probability of it happening.

Through today's video, I did my best to provide an eloquent definition as well as explanation of odds and probabilities.

I've also explained how odds/probability can and should be calculated by providing examples and, finally have compared the two so as to leave no further room for interpretation.

Let's just say that if this video doesn't prove odds and probabilities are completely different things, nothing will :)
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Видео Odds vs. Probability: Definition, Explanation, Calculation, Examples and Comparison in One Minute канала One Minute Economics