Abstract: A method of determining odds of a possible outcome of an event which occurs during a contest is disclosed. The contest may be a sporting contest such as a football game. The method includes accepting a set of one or more current parameter values (such as score or field position) which influence the likelihood of the possible event outcome (such as the likelihood of a running play). The set of current parameter values is used to retrieve situation-specific likelihood data from a data store. Odds associated with the possible outcome are set based at least in part on the likelihood data. The odds may be adjusted using one or more non-situation-specific factors indicating an average likelihood of the event outcome (such as an average likelihood of a running play for a team regardless of situation). The method may expedite odds determination. An associated system and machine readable medium are also disclosed.