There are at least 3 ways to express the probability of an event occurring:
- fractional odds, e.g. '5-to-2' or '5/2' or '5:2',
- decimal odds, e.g. '2.5', and
- percentages, e.g. '29%'.
In the UK, it is most common for bookmakers to use fractional odds for betting. And the media will often quote probabilities in terms of odds rather than percentages. My instinct tells me that a percentage is easier to understand 'at a glance', but this is anecdotal based on my experience.
So my question is, which of these styles is most easily interpreted and understood by the general public? What are the benefits and disadvantages of each style?