UNDERSTANDING ODDS, AUDITS, INCENTIVES, GRAFT, AND THE BRILLIANT USTA
By Javier Palenque
ODDS: the ratio between the amounts staked by the parties to a bet, based on the expected probability either way. Ex. The probability of rain the first week of September during the semis or finals has extremely low odds.
AUDITS: an official inspection of an individual’s or organization’s accounts, typically by an independent body. For example, The USTA CEO should call for an immediate audit of all capital expenditures in the last 12 years.