Can someone explain o me how do odds work and how do they pay off. I see 3:1, 3:2 odds, the heck do these fractions mean?

Can someone explain o me how do odds work and how do they pay off. I see 3:1, 3:2 odds, the heck do these fractions mean?

3:1 = for every 3 you bet, you win 1.
3:2 - for every 3 you bet, you win 2.

3:1 = for every 3 you bet, you win 1.
3:2 - for every 3 you bet, you win 2.


I think you got it backwards

if the odds are 3-1 your gonna win 3 for every 1 you bet.

I think you got it backwards

if the odds are 3-1 your gonna win 3 for every 1 you bet.

This is correct.