Short answer: assuming random chances between which team wins and loses each game. There’s a 25% chnace of a three game series, a 37.5% chance of a four game series, and a 37.5% chance of a five game series.
Long answer:
Consider two teams which we’ll call A and B. There are eight possible outcomes for the first three games, each of which have a 12.5% chance of occurring:
AAA - A wins - 12.5%
AAB - no winner, go to fourth game - 12.5%
ABA - no winner, go to fourth game - 12.5%
ABB - no winner, go to fourth game - 12.5%
BAA - no winner, go to fourth game - 12.5%
BAB - no winner, go to fourth game - 12.5%
BBA - no winner, go to fourth game - 12.5%
BBB - B wins - 12.5%
Now consider the results of the possible four game series. There’s a 75% chance of a fourth game and there are twelve possible outcomes, each with a 6.25% chance of occurring.
AABA - A wins - 6.25%
AABB - no winner, go to fifth game - 6.25%
ABAA - A wins - 6.25%
ABAB - no winner, go to fifth game - 6.25%
ABBA - no winner, go to fifth game - 6.25%
ABBB - B wins - 6.25%
BAAA - A wins - 6.25%
BAAB - no winner, go to fifth game - 6.25%
BABA - no winner, go to fifth game - 6.25%
BABB - B wins - 6.25%
BBAA - no winner, go to fifth game - 6.25%
BBAB - B wins - 6.25%
Now consider the outcomes of the possible five game series. There’s a 37.5% chance of a five game series and there are twelve possible outcomes, each with a 3.125% chance of occurring and each of which will give one team a total of three wins.
AABBA - A wins - 3.125%
AABBB - B wins - 3.125%
ABABA - A wins - 3.125%
ABABB - B wins - 3.125%
ABBAA - A wins - 3.125%
ABBAB - B wins - 3.125%
BAABA - A wins - 3.125%
BAABB - B wins - 3.125%
BABAA - A wins - 3.125%
BABAB - B wins - 3.125%
BBAAA - A wins - 3.125%
BBAAB - B wins - 3.125%
If you add up all of the winning series, you’ll get the numbers I gave above.