What does it mean to use relative frequencies as probabilities?
The intuitive definition of probability is to use the relative frequency of an event in a large number of trials. In other words, the chance of an event occurring is related to the actual frequency of occurrance. For example, if we run a sim for 1,000,000 hands of Blackjack and win only 478,000 of these hands, then this result would suggest that the probability of winning a hand is 478,000/1,000,000 = 0.478.
