Question

suppose the probability of a horse winning a race is 0.04. what are the odds of winning? express your answer in the form a:b

Answer 1

The probability of a horse winning a race is

$Pr(\text{ win)=0.04}$

The probability of the horse losing will be calculated as

$Pr(\text{lose)}=\text{ 1- Pr(win)}$

By substituting the value, we will have

$\begin{gathered} Pr(\text{lose)}=\text{ 1- Pr(win)} \\ Pr(\text{lose)}=1-0.04 \\ Pr(\text{lose)}=0.96 \end{gathered}$

The formula used to calculate the odds of winning is given below as

$\text{Odds of winning=}\frac{pr(\text{ win)}}{Pr(loose)}$

By substituting the values, we will have

$\begin{gathered} \text{Odds of winning=}\frac{pr(\text{ win)}}{Pr(loose)} \\ \text{Odds of winning}=\frac{0.04}{0.96} \\ \text{Odds of winning}=\frac{4}{96} \\ \text{Odds of winning}=\frac{1}{24} \\ \text{Odds of winning}=1\colon24 \end{gathered}$

Hence,

The odds of winning = 1 : 24