" Odds on" means the event is more likely to happen than not, so for every $3 you bet, you win So 3: 1 means that if your bet wins, they will give you 3 for every 1 that you bet. So let's say you want to be $10, it means you will win 3 times this if.
And while it's not likely to happen, it sometimes does, and at 100 / 1 odds mean payout is 1 meaning we bet one dollar and get 125 back.
If only a few people are betting on the outcome the odds will 'lengthen' eg 100 / 1, 500/ 1 so you will win much more money if you are right.
Free: What does 100 to 1 odds meaning
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