If the odds in favor of an event are 3:7, what is the probability of the event occurring?

Question

best answer to gives me a correct answer with explanation

Answer 1

Odds in favour are 3 out of 10 which causes it to be 30% probable.

Odds against are 7 out of 10, therefore 70%

Hope this helped!

Answer 2

It means it is less likely to happen than to happen.

Say you're betting on an event whose odds are this. Maybe a race, and your horse's odds are 3:7 to win. In 7 races (matched up against the same competitors) your horse would be likely to win 3 of these match ups. Then again, no one could predict precisely which races the horse would win out of the 7 match ups. The odds do not favor your horse winning if there is only one match up, however, there is always the luck of the draw. And, if your horse did win with these odds, your payoff would be better than if your horse was favored to win; a "sure thing" pays off less than a "longshot", although how much of a longshot 3:7 is really depends on the size of the field.