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Probability and odds are the same thing but expressed in different terms. Probability is the chance that an event will occur and is expressed in percentages. The range of an event occurring is between zero and one. To simplify things and allow us to express percentages by using a whole number rather than a decimal we multiply by 100. If the probability of something happening were 0.6 percent we would say there is a 60 percent chance of it happening (0.6 xlOO = 60).

Odds are the ratio between the number of times an event will occur and the number of times it will not happen. It is expressed with two numbers separated by a colon. If there is a 60 percent chance of an event occurring there is a 40 percent chance of it not occurring. We would express the odds as 6:4 for this event. To reduce this further we divide 6/4 and find the odds are 1.5:1. In poker and other gambling games, we use odds to express our chances of winning or losing. No matter how you express it, whether you talk percentages or odds, it is all based on mathematics.

There is a sign in the mathematics section of the Boston Museum of Science that reads:
"The theory of probability is nothing more than good sense, confirmed by calculations"
Sometimes when playing poker we throw our good sense out the window in hopes of an outcome that is contrary to sound mathematical principles. When this happens we are playing what I call a "wish" hand. You know the odds against you are astronomical, but you are wishing for a miracle draw. Occasionally you will make your hand, but in the long run you will lose more money.

Any time you are playing a drawing hand, the odds are against you. This means that you will not make your hand more times than you will make it. Most of the time the odds against you will be too large and it will be unprofitable to attempt to draw to the hand.
There will be other times, however, when the odds against you are offset by the money in the pot that you can win. In these situations it is correct to draw to a hand because are receiving the proper "Pot Odds."

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