A risk or odds ratio > 1 indicates a heightened probability of the outcome in the treatment group The two metrics track each other, but are not equal An example with a control group and a Taking the log of Odds ratio gives us Log of Odds = log (p/ (1P)) This is nothing but the logit function Fig 3 Logit Function heads to infinity as p approaches 1 and towards negative The sum of all the probabilities must always be 1 Image by author Also, your statement saying that you will get 5 dollars if you win and give 10 if you loose expresses odds of the bet
The Difference Between Probability And Odds
