As soon as you've placed your bet, calculating your winnings is a good way of helping you understand odds. The following example will help you understand basic odds and how you can calculate potential winnings. If you place $10 on 3/1 odds and your team won, your winnings would be as follows. 3/1 = 3. Therefore, placing $10 as the 1 would represent $30 as the 3. Also, your stake is returned to you if your bet wins. Therefore, 3/1 would mean $10 returns $30 + the stake you placed = $40. Another example, $10 on 7/1 odds would return $80 ($70 initially + your $10 stake).