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What is your chance of winning if you are a 3 to 1 favorite?

Updated: 9/15/2023

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Q: What is your chance of winning if you are a 3 to 1 favorite?
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What are better odds 3 to 1 or 9 to 1?

Here are the two for comparison;For 3 to 1 odds of winning;Probability of winning:0.25, or;Chance of winning:25%---------------------For 9 to 1 odds of winning;Probability of winning:0.1, or;Chance of winning:10%

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If you mean like a coin toss, it's 50% probability of winning, also known as even or 1:1 odds. Winning once has a probability of p=0.5. Winning twice has a probability of p*p = p^2 = 0.25 = 25% = 1/4 = "1 chance in 4" = "odds of 3 to 1 against."

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Why is it that when you have a 2 to 1 favorite it means that you have a better chance than when you have 8 to 1 chance?

Because that's saying you have a 2 out of 3 people betting against, versus 8 out of 9.

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as of 12/2/09, at 12:00 pm, the Yankees are up 3-1 they have a better chance of winning

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As of Nov 3 2010, they have a 3% chance of playing in the National Championship Game.

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What is a better record 3-2 or 2-1?

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