The odds on a bet are 36:1 against.
These odds indicate that if you play 37 times, you are expected to lose 36 times and win 1 time.
Let A:B represent the odds
The probability of the first value, A, can be calculated as:
[tex]P(A)=\frac{A}{(A+B)}[/tex]And the probability of the second value, B, can be calculated as:
[tex]P(B)=\frac{B}{(A+B)}[/tex]Using this, you can calculate the probability of winning:
The odds are against, which indicates that the ratio given is lose-win, so the probability of winning can be calculated as follows:
[tex]\begin{gathered} P(win)=\frac{win}{(lose+win)} \\ P(win)=\frac{1}{36+1} \\ P(win)=\frac{1}{37} \end{gathered}[/tex]The probability of winning the bet is 1/37.
