Correct?

[MrJ]

 If a coin is tossed 3 times and all three tosses land on heads, the PROBABILTY (odds) of the next toss coming up heads is only 1 in 16.



The "CHANCE", on the other hand, never changes and is 50% on EVERY toss. (Its all in the wording I guess)

Ken

[Colbster]

Not technically correct.  The fact that there have already been 3 heads is past news.  The probability of the next flip being heads is 50%.  Had you predicted the 4 consecutive heads prior to the first 3 flips, THEN the probability would have been 1 in 16.

[ati]

Correct I think. That's why both sides are right. Those who say after 10 reds you still have only 50% chance of hitting a black, and those who say that the probability of a black after a series of reds, is increasing with every new spin.
To demonstrate my point, I attached two graphs. One with playing martingale always on the opposite color, and one with playing martingale on black, only after 5 reds in a row has shown.
The difference is clearly visible.

[MrJ]

But there is a difference between PROBABILITY and CHANCE.

Ken

[ati]

Yes, chance will always be the same, probability can increase or decrease after certain events.

[cheEsteban]

I will go with Colbster.

The chance or odds of a coin coming out heads or tails will always be 50% (in normal conditions and no confounding factors).

Mr J had it somewhat right in that for 4 outcomes to be heads , the chances are 1 in 16... BUT not for the coin. See you are calculating the chances for the sequence to be heads; to put it in more practical terms, you were calculating the chances of flipping four coins at the same time. In all cases, each coin will always have a .5 chance of heads or tails.

[MrJ]

(The wording).....Okay, I'm trying to separate the differences (if any) between >>

A) Odds
B) Chance
C) Probability

Ken

[cheEsteban]

Ahhh, ok. I see.

...what if we just make up our own work the for the probability of sequences then to help avoid confusion?

[Proofreaders2000]

I would think with that kind of probability (16 to 1)
there would be a higher payout, like in horse racing.

(As opposed to betting an even
chance with less that 50% chance of winning.)
1 to 1 payout.

[Turner]

Ken...people say them all for the same thing
Depends how you phrase it
1) The odds "for" a win on EU or US table is same...35:1
2) The odds "of" a win EU is 18/37 (48.6%), US 18/38 (47.6%)
The first one is just table odds
The second is probability

As for 4 heads in a row...it is "what is the probability of the next 4 coin flips being heads"
Its 6.25% (16:1) the next 4 will be heads. They havnt been flipped yet.

Chance...odds...probability are same thing only odds is also used as what you will win...which doesnt match the probability...like 35:1 and should be called gambling odds or payout odds.