Summarize the following:
Odds of 3-5 indicate that your profit will be three-fifths of a dollar. In other words, for every $5 you bet you can win $3 in profit.  To determine profit, multiply the amount you bet by the fraction. If I spend $15, then my profit for winning is $9 (15 x 3/5). Ex. If I successfully bet $15 on a horse with 3/5 odds of winning, the payout would be $24 ($15 + [15 x 3/5]) This makes sense, because you would expect a bet on the underdog to have a higher payout.  If you have a hard time with fractions, then see if there is a larger number on top then on bottom. If so, that team/horse is not expected to win. When you bet for the underdog, it is called betting "against the odds." For example, if odds are 3/1 for the Cowboys this Sunday, then it is three times more likely that they will lose than win. Odds of 3-1 indicate that if you bet $100, you will win $400, the original amount of your bet plus the profit. Odds of 1-3 will win you $33 on a $100 bet, or $133.

Summary:
Know that odds at the track tell you amount of profit you will make per dollar spent. Understand that fractions greater than one mean a team is an underdog.