What are the odds?
A fraction representing the likelihood of an event occurring: (Part / Whole).
Pascal used this to calculate how to divide the pot of an unfinished gambling game fairly.
OR means Add (+). AND means Multiply (*).
In Plain English: Probability is just counting. The top number is 'Good Outcomes' (what you want). The bottom number is 'Total Possible Outcomes'. It's always a decimal between 0 and 1.
In The Real World: Insurance. Companies calculate the probability of you crashing your car to set your price.
The Gambler's Fallacy. Thinking a coin is 'due' to hit Heads after 5 Tails. The coin has no memory. It's always 50%.