The outcomes and the events that are almost same
have same probability of occurring at any particular point in the game. In a
game is played in a fair manner then the probability is same for all the people
playing. All the people are independent of each other and also independent of
the previous result. Probability-based things are mentioned when we use it for
talking of a long series of events and not for the individual based ones.
According to the law of large numbers, the ratios
that we predict with the help of probability statements are accurate as we move
for the larger no of events. Whereas the no of outcomes that are particular and
are absolute of a specific type is different from the expectation of frequency
that is increasing with the increase in no of repetitions. They are the ratios
that are predicted and are accurate. They are not the events or precise totals
that can vary depending on different measures.
The formula by which probability of favorable
outcomes for all the possibilities can be calculated as probability equals to
the total number of favorable outcomes divided by the total number of
possibilities. This formula is only applicable to situations where they are
This can be explained using an example, when we
toss a dice, the total number of outcomes that are possible is 36 and the
number of ways by which we can sum up to seven is only 6 therefore, probability
of finding seven using both the dices is (6/36) which results at last as (1/6).
In many of the gambling games, it is compulsory
to show the method of probability in the form of Odds to win the game. Odds are
just the ratio of unfavorable possibilities to favorable possibilities. This
can be explained in this manner, the probability of getting seven using the two
dices is (1/6) then through an average one throw of six would be considered as
a favorable condition but if five comes then it would not be considered
favorable and this is because the odds thrown to form seven will not result to
form seven. Another example can be tossing a coin, the probability of getting
ahead is (1/2) and the odds that can be used to form it are 1 to 1 which are
called as even odds.