Racetracks quote the approximate odds for each race on a large display board called a tote board.
Question:
Racetracks quote the approximate odds for each race on a large display board called a tote board.
Here's what it might say for a particular race:
What would be the probability of winning for each of these horses? Note: The odds stated are for the horse's losing. Thus, \[P(\text { horse } 1 \text { losing })=\frac{18}{18+1}=\frac{18}{19}\]
so \[P(\text { horse } 1 \text { winning })=1-\frac{18}{19}=\frac{1}{19}\]
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