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for: Odds (band) In probability theory and statistics the odds in favor of an event or a proposition are the quantity \frac{p}{(1-p)}, where p is the probability of the event or proposition. The odds against the same event are \frac{(1-p)}{p}. For example, if you chose a random day of the week (7 days), then the odds that you would choose a Sunday would be:

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