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If the odds of a horse winning a horse race are 2 to 7 then the odds against that horse winning the race are 7 to 2.
When you cashed your ticket you would receive $160 -- $140 in winnings along with your original $20 bet.
4 out of 52
Odds are 1 in 26 which is roughly a 4% chance of picking the million dollar case.
No, because that is odds-on.
A horse at 1:1, or even odds, means that for every $2 dollars you bet you will receive $4.
Picking any particular number randomly from 1 to 21000.
3 out of 7, or 42.8% chance you will choose an a in Alabama.
It means a horse that is not likely to win, or that the odds are stacked against him.
There are many different ways to look to calculate the odds on picking the perfect bracket. Attached is a article that lists many of the different possibilities
In horse racing the odds are determined by the bets placed. Betting stops when the race starts. These determine the final odds.
In the US, we use the parimutuel system which means that the betters set the odds by the money they bet. The more bet on a horse, the lower the odds. The favorite has the most money bet on him while a longshot is a horse with very little money bet on him.