Timeline for Odds vs probability in logistic regression
Current License: CC BY-SA 3.0
4 events
| when toggle format | what | by | license | comment | |
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| Aug 16, 2021 at 8:40 | comment | added | MurgleDreeBrah | I think the odds of a horse who has a 66% chance of winning would be 1/2 , meaning you get your bet back plus 1/2 the bet. What you describe above is a probability 33% horse, get bet back plus 2x the bet. Essentially you should always get 1.0 when you figure the payout. So a 1/2 horse wins 66% of the time so .66 + .66 * 1/2 = 1.0 and .33 + .33 * 2/1 = 1.0 for a 33% chance horse. Just as a sanity check, it makes sense a 66% horse pays less than even money and that a 33% chance horse pays better than even money. | |
| S May 19, 2015 at 10:23 | history | suggested | Puneet Jindal | CC BY-SA 3.0 |
Corrected numbers
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| May 19, 2015 at 8:43 | review | Suggested edits | |||
| S May 19, 2015 at 10:23 | |||||
| May 19, 2015 at 8:28 | history | answered | abaumann | CC BY-SA 3.0 |