... interpretedmathematically as The chances of . . . ,” or The probability of . . . ,” or, the ratio of favorableoutcomes to total outcomes. This is a subtle butimportant convention to be aware of when ... expected to win25 percent of the races it enters has 3 to 1 (3:1)odds against or 1 to 3 (1:3) odds to win.” This is agreat tool for a bettor who is attempting to calculate the expected value of ... physician, the accuracy of tests performed, the development of new treatments, and so on. The past is the perch on which we must stand to look toward the future. Still, the view can beclouded, and the...