Question if a bookmaker quotes payoff odds of 99 to 1 against a particular horse winning a race, does that suggest the chance that the horse will win

The quoted payoff odds of 99 to 1 against a particular horse winning a race suggests the chance that the horse will not win the race. Odds are a term used to describe the likelihood of an event. The odds are the ratios between the number of possibilities for an event and the number of possibilities for its non-occurrence. The ratio of the number of possible outcomes to the number of possible outcomes that cannot occur is known as the odds in favor. Odds in favor = Number of successes: Number of failures. The ratio between the number of ways an outcome cannot occur and the number of ways it can occur is known as the odds against. Odds against = Number of failures: Number of successes. In the question, we are asked that if a bookmaker quotes payoff odds of 99 to 1 against a particular horse winning a race, suggest the chance that the horse will win. The ratio given to us is 99:1, implying that 99% chance is the failure of the horse, whereas 1% chance is there for the horse winning the race since it is for the odds against a particular horse winning a race. Thus, the quoted payoff odds of 99 to 1 against a particular horse winning a race suggests the chance that the horse will not win the race. Learn more about the odds in favor and the odds against an event at https://brainly.com/question/21094006 #SPJ4 Reply

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