(Click photos to enlarge)
Odds | Payoff range |
2-5 | $2.80-$2.90 |
1-2 | $3.00-$3.10 |
3-5 | $3.20-$3.50 |
4-5 | $3.60-$3.90 |
Answer: The odds in favor of A with a probability of 3/5 are 3:2. Therefore, the odds in favor of A are 3 to 2 (or 3:2). This means that for every 3 times that A occurs, it fails to occur 2 times.
