From what i read "The probability that an event will occur is the fraction of times you expect to see that event in many trials. The odds are defined as the probability that the event will occur divided by the probability that the event will not occur."
Can any of you tell what is the real life usage of Odds? I would also appreciate if anyone can give a simple explanation on what we are trying to achieve by calculating the Odd? In the case of probability, we are calculating the chance of a particular event to happen. Similarly, what are we trying to find out by calculating the odd in plain English?