ELI5: Explain Like I'm 5

Probability theory

Probability Theory is like a math game where you try to figure out how likely something is to happen. To do this, you try to figure out how many possible outcomes there are for a certain situation and then you see how likely it is that it would happen. Let's say you're flipping a coin. There are only two possible outcomes: heads or tails. So, the probability that the coin will land on heads is 1 out of 2, or 50%. That means it is equally as likely for it to land on heads as it is for it to land on tails.