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Objective: Understand Principles of Probability

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Objective: Understand Principles of Probability

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By the end of this lesson, students will be able to understand and explain the concept of probability, its application in sports betting, and the inherent risks involved.

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Begin with a brief overview of probability. Use real-life examples related to sports betting to make the concept relatable.

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Introduction to Probability, Basic Overview - Sample Space, & Tree Diagrams

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Teacher presents on how probability is calculated and its significance in predicting outcomes in sports betting. Discuss the formula of probability.

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The probability formula is used to compute the probability of an event to occur. To recall, the likelihood of an event happening is called probability. When a random experiment is entertained, one of the first questions that come in our mind is: What is the probability that a certain event occurs? A probability is a chance of prediction. When we assume that, let's say, x be the chances of happening an event then at the same time (1-x) are the chances for "not happening" of an event.

Similarly, if the probability of an event occurring is "a" and an independent probability is "b", then the probability of both the event occurring is "ab". We can use the formula to find the chances of an event happening.

Formula to Calculate Probability

The formula of the probability of an event is:

Or,

Where,

P(A) is the probability of an event "A"

n(A) is the number of favourable outcomes

n(S) is the total number of events in the sample space

Note: Here, the favourable outcome means the outcome of interest.

Sometimes, students get confused about the word "favourable outcome" with "desirable outcome". In some of the requirements, losing in a certain test or occurrence of an undesirable outcome can be a favourable event for the experiments run.

Basic Probability Formulas

Let A and B are two events. The probability formulas are listed below:

Example Questions Using Probability Formulas

Example 1: What is the probability that a card taken from a standard deck, is an Ace?

Solution:

Total number of cards a standard pack contains = 52

Number of Ace cards in a deck of cards = 4

So, the number of favourable outcomes = 4

Now, by looking at the formula,

Probability of selecting an ace from a deck is,

P(Ace) = (Number of favourable outcomes) / (Total number of favourable outcomes)

P(Ace) = 4/52

= 1/13

So we can say that the probability of getting an ace is 1/13.

Example 2: Calculate the probability of getting an odd number if a dice is rolled.
Solution:
Sample space (S) = {1, 2, 3, 4, 5, 6}

n(S) = 6

Let "E" be the event of getting an odd number, E = {1, 3, 5}

n(E) = 3

So, the Probability of getting an odd number is:

P(E) = (Number of outcomes favorable)/(Total number of outcomes)

= n(E)/n(S)

= 3/6

= ½

Probability is a very interesting topic, if learnt in the right way. You will be able to solve the probability problems on your own. Register with BYJU'S and find a new way to solve probability and other major maths topics now.

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Probability Formulas- List of Basic Probability Formulas With Examples

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The formula for the probability of an event is given below and explained using solved example questions. Click to know the basic probability formula and get the list of all formulas related to maths probability here.

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Small groups analyze different sports betting scenarios using probability. Encourage collaboration by utilizing Padlet for group input and sharing of findings.

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Students given worksheets to solve problems on probability and risk. Include various levels for differentiated learning.

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Create a mock betting scenario where students can apply their knowledge to predict outcomes using the principles of probability.

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How I got banned from sports betting (Using Maths) | Arbitrage Betting Explained

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Throughout the activities, observe and discuss students' understanding of probability in sports betting.

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Conclude with a quiz covering the concepts of probability and risk as applied to sports betting.

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25 Probability Quizzes, Questions, Answers & Trivia - ProProfs

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Are you looking for a mathematical way to impress your friends or attract your enemies? Our online probability quizzes are a good place to start. The challenging qui

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Students discuss what they learned about probability and risk in sports betting, focusing on real-life implications.

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Assign an online game/simulation where students can practice predicting outcomes based on probability.

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You are here: Home → Online resources → Probability

This is an annotated and hand-picked list of online tutorials, games, worksheets, and activities for probability. I have tried to gather only the best, to make sure they are truly useful for my site visitors!

Probability
Books
Probability Interactive Activities
(click on 'probability' from the top menu)
Interactive tools for studying experimental and theoretical probability: an adjustable spinner, two regular 6-sided dice or customized dice.
www.shodor.org/interactivate/tools/

Math Mammoth Statistics & Probability
A worktext with both instruction and exercises, meant for grades 5-7. The book includes lessons on reading and drawing different graphs including circle graphs and stem-and-leaf plots, mean, median, mode, and range, and simple probability.

You can find a chapter on probability in the following books as well:

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Online games and resources for probability

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List of online math games, quizzes, and interactive tutorials for probability topics

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