Question

if you are given odds of 7 to 8 in favor of winning a bet, what is the probability of winning the bet?

the probability is
(type an integer or a simplified fraction.)

Explanation:

Step1: Recall the formula for probability from odds

If the odds in favor of an event \(E\) are \(a\) to \(b\), the probability \(P(E)=\frac{a}{a + b}\). Here, \(a = 7\) (number of favorable outcomes) and \(b=8\) (number of unfavorable outcomes).

Step2: Substitute values into the formula

\(P=\frac{7}{7 + 8}\)
\(=\frac{7}{15}\)

Answer:

\(\frac{7}{15}\)