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Odds Ratio

The odds ratio is the ratio that compares the probability of success to the probability of failure. For example, if a six-sided die is to be randomly rolled and an individual bets on it landing on side #2, there is a 1/6 chance that he or she will be successful and a 5/6 chance that he or she will be unsuccessful. The odds ratio of that bet, therefore, is 1:5.
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