For a certain instant lottery game, the odds in favor of a win are given as 1 to 99. Express the indicated degree of likelihood as a probability value between 0 and 1 inclusive. The probability is...

Extracted text: For a certain instant lottery game, the odds in favor of a win are given as 1 to 99. Express the indicated degree of likelihood as a probability value between 0 and 1 inclusive. The probability is -(Round to two decimal places as needed.)