From Probabilities to Odds

Bryan Shalloway explains how odds and probabilities intertwine:

However human understanding of odds predates our formal understanding of probability. You can find references to odds dating back to Shakespeare:

Knew that we ventured on such dangerous seas
That if we wrought out life ’twas ten to one;
– Shakespeare’s Henry IV, Part II, 1597

Yet, in most common settings, modern society has largely supplanted odds for probabilities. You can imagine if Shakespeare were writing today the line might end “’twas ten out of eleven.”

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