What term is used for the probability that one event will happen rather than another?

• A. Probability
• B. Odds
• C. Chance
• D. Likelihood

Answer: (B)

Odds capture how many times more likely one outcome is compared with another. When you’re comparing two mutually exclusive outcomes, odds express the relative likelihood of the first happening versus the second. It’s the ratio of their probabilities, not the absolute probability of a single event. For example, if one outcome has probability 0.6 and the other 0.4, the odds in favor of the first are 0.6 to 0.4, which simplifies to 3:2 (or 1.5 as a ratio). This focus on the relative chance is what the term “odds” specifically conveys in gambling and statistics. In contrast, probability (or chance, likelihood) refers to the absolute likelihood of a single event, not its comparison to an alternative.