What I'm calling odds to 1 is, in fact, odds to 1. What I've been talking about is, in fact, odds to 1.
So it is, in fact,
you who do not know what
I am talking about, while I and millions of other people around the world know exactly what I'm talking about. It's called odds to 1.
http://en.wikipedia.org/wiki/Odds
Since neither the phrase "odds to one" or "odds to 1" appears anywhere on the wikipedia "odds" page, it is difficult to understand why you would cite it as a reference. On the other hand, the article does say this: "In probability theory and statistics, where the variable p is the probability in favor of a binary event, and the probability against the event is therefore 1-p, "the odds" of the event are the quotient of the two, or p / (1–p)," which is precisely the definition that I gave.
I'll let you know when I have a use for your odds thingie. Offhand, no particular use is occurring to me at the present time. But I'll let you know.
Remind why I, a professional statistician, should care (or even be surprised) that you can't think of why odds is useful (while somehow simultaneously thinking that its reciprocal is).
To a statistician, odds is extremely useful. First of all, it is the relative probability of two events, a useful quantity in its own right. Secondly, it transforms a probability, whose range is [0, 1] to a quantity whose range is [0, +∞], which makes it an easier quantity to deal with in some mathematical models. Moreover, we can take the log of the odds to give us a quantity whose range is the entire real line, allowing us to model it by using relatively simple linear models.
In Bayesian inference, the ratio of the posterior odds of a hypothesis to the prior odds is the Bayes factor, the impact of the current evidence on the relative plausibility of the two hypotheses.
In epidemiology, the ratio of the odds of exposure among those with a disease divided by the odds of exposure of those not having the disease is the gives the odds ratio, which is the effect of the exposure on the likelihood of disease. The odds ratio is important because it, unlikely the relative risk, can be calculated in retrospective studies.
Besides, you say the "odds to one" of an event A with P(A)=.2 is 4 is a useful quantity, but it's reciprocal .25 is not. That is patently absurd, since it's just the reciprocal! And what about the "odds to one" on an event B with P(B)=.8? It's "odds to one" is .25. Is that useful, but it's reciprocal (its actual odds) 4 not useful? How so?