For example, 3/1 odds mean you profit three times the amount you wagered. AR$1 bet at 3/1 would pay outR$4 in total, or aR$3 profit and yourR$1 original wager. Conversely, 1/3 odds mean you profit a third of what you wagered. AR$30 bet on 1/3 odds would returnR$40 total, or aR$10 profit and yourR$10 original wager.
If the odds were even (also represented as +100 in American sports betting), anR$11 bet would have a payout ofR$11 (so a total return ofR$22). But at -110 odds, anR$11 bet pays outR$10 (total return ofR$21).