system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5:How do betting odds work?

I never bet, but whenever I see betting odds on tv or if a friend is talking about them I have no idea how it works.

An explanation and an example would be much apprecited.

Thanks.
gpt
They're displayed as a ratio representing Dollars bet:payout.

So if you bet on a horse that's a 3:1 favorite, you'll make one dollar for every $3 you bet on it.  If the horse has odds of 1:3, you'll get $3 for every dollar you bet.