What are the main differences between chances and odds?

Mathematically of course, they are quite different even though people may use either of these words when they mean the other.

True also, that in life, they are very, very different.

There is no rhyme or reason for you to make a decision to do something. You can’t place a bet on it. Free will is too much of a factor. If you really wanted to win the bet, you would control the outcome – even if you really wanted to take the action that would make you lose.

Maybe instead, we should say probability instead of chances, and odds would remain the same. Then again, some things just can’t be calculated. Even with the most sophisticated algorithms. There is just too much risk of loss in the accuracy and collection of the data. So. We should focus on the things we can control, predict and let the actuaries figure out the rest.

~ Dawn aka Hat Girl