The First Rule of Probability

"These probabilities that you state ... don't mean anything unless they have real consequences," he says. "If I state a probability of something being 1%, then I should be forced to offer you 99 to 1 odds if you wanted to bet on the other side." He adds: "This is something that, you know, going back to Reds, the guy at the ball and L.A.'s people who were dealing with him knew very well"