When the odds ratio equal 1, the odds for group 1 are the same as the odds for groups 2. When the odds ratio is greater than 1, the odds for group 1 are greater than the odds for groups 2. When the odds ratio is less than 1, the reverse is true. The farther odds ratio goes in either direction, the stronger the association among the variables. If you take the reciprocal of the odds ratio the value is .546.
Odds ratios are invariant when the orientation of the rows and columns reversed.
The odds ratios are relatively invariant to changes in the marginal frequencies. For ecample, if you were to multiply each of the frequencies in the table by a constant, c, the odds ratio would remain unchanged. The same is true if you multiply the frequencies for one row by one constant and the frequencies in the other row by a different constant. In any case, the odds ratio can be obtained from the relative risk by the following formula. This is useful because there are times when it isn't possible to estimate relative risk directly.