With a loaded dice, you may find that the probability or chance is actually more like (again noticing that all outcomes add up to 100%): If we took a loaded dice rather than a fair dice, one of the outcomes would have an increased probability of happening compared to the other five outcomes because it is weighted. Not all outcomes will have an equal probability of occurring though.

Rolling a dice will have six possible outcomes of equal probability – 16.66% chance of a 1, 16.66% chance of a 2, 16.66% chance of a 3, 16.66% chance of a 4, 16.66% chance of a 5 and 16.66% chance of a 6.

Tossing a coin will produce two outcomes of equal probability – a 50% chance of heads and a 50% chance of tails.Two simple examples to demonstrate the point are tossing a coin and rolling a dice:

So odds indicate the chance – or probability – of an outcome happening within an event, with all outcomes within that event adding up to 100% to make sure every eventuality is covered. In the simplest of terms, odds represent the chance of something happening (let’s call this an outcome) within a wider something (let’s call this an event).

What does the vig mean in gambling