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tlm
<p>In the example you gave the odds are 3:1 (or 3, if one follows the common practice viewing this as a ratio), but decidedly <em>not</em> 25%. Granted, in colloquial speech, "odds" and "probability" are often used interchangeably, but technically odds and probabilities are "interchangeable" only in the limited sense that one can derive one from the other. They mean different things. See [http://www.math.sfu.ca/~alspach/mag3/|here].
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<small><p><b>Update:</b> In response to [chas]'s comment, I replaced the link to MathWorld's definition (which was, indeed, well, odd) with a link to a clearer explanation of odds vs. probabilities.</p></small>
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<p><small>the lowliest monk</small></p>
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