Converting Odds Ratios To and From Percentages
Odds are most commonly expressed as ratios, but converting them to percentages will often make them easier to work with. The ratio has two numbers: the size of the pot and the cost of the call. To convert this ratio to the equivalent percentage, we add these two numbers together and then divide the cost of the call by this sum. For example, the pot is $30, and the cost of the call is $10. The pot odds in this situation are 30:10, or 3:1 when simplified. To get the percentage, we add $30 and $10 to get a sum of $40 and then divide $10 by $40, giving us 1/4, or 25%.
To convert any percentage or fraction to the equivalent odds, we subtract the numerator from the denominator and then divide this remainder by the numerator. For example, to convert 1/4 (or 25%), we subtract 1 from 4 to get a remainder of 3 (or 25 from 100 to get a remainder of 75) and then divide 3 by 1 (or 75 by 25), giving us 3, or exactly 3:1.
See also: Fractional oddsRead more about this topic: Pot Odds
Famous quotes containing the words converting, odds and/or ratios:
“A way of certifying experience, taking photographs is also a way of refusing it—by limiting experience to a search for the photogenic, by converting experience into an image, a souvenir. Travel becomes a strategy for accumulating photographs.”
—Susan Sontag (b. 1933)
“However great a man’s fear of life, suicide remains the courageous act, the clear- headed act of a mathematician. The suicide has judged by the laws of chance—so many odds against one that to live will be more miserable than to die. His sense of mathematics is greater than his sense of survival.”
—Graham Greene (1904–1991)
“Typography is not only a technology but is in itself a natural resource or staple, like cotton or timber or radio; and, like any staple, it shapes not only private sense ratios but also patterns of communal interdependence.”
—Marshall McLuhan (1911–1980)