Explain the common usage of the term odds and its usage in gambling. What are the formulas for calculating the odds for and odds against an event? Question content area bottom Part 1 Choose the correct answer below. A. In gambling, the term odds on generally means "odds for." The formulas are odds for event Upper A equalsStartFraction Upper P left parenthesis Upper A right parenthesis Over Upper P left parenthesis Upper A right parenthesis plus Upper P left parenthesis not Upper A right parenthesis EndFraction and odds against event Upper A equalsStartFraction Upper P left parenthesis not Upper A right parenthesis Over Upper P left parenthesis Upper A right parenthesis plus Upper P left parenthesis not Upper A right parenthesis EndFraction . B. In gambling, the term odds on generally means "odds against." The formulas are odds for event Upper A equalsStartFraction Upper P left parenthesis Upper A right parenthesis Over Upper P left parenthesis not Upper A right parenthesis EndFraction and odds against event Upper A equalsStartFraction Upper P left parenthesis not Upper A right parenthesis Over Upper P left parenthesis Upper A right parenthesis EndFraction . C. In gambling, the term odds on generally means "odds for." The formulas are odds for event Upper A equalsStartFraction Upper P left parenthesis Upper A right parenthesis Over Upper P left parenthesis not Upper A right parenthesis EndFraction and odds against event Upper A equalsStartFraction Upper P left parent