Let's say I know the gambling odds are $X:Y$.
I bet \$$100$. How much do I get if I win? If I lose?
I'm not quite sure how to interpret the meaning of the odds and Google is confusing.
2026-03-27 04:15:32.1774584932
Trying to understand win/loss given gambling odds
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$X$ paid for every $Y$ bet can be normalised to a $Z:1$ payout by taking $Z=\frac{X}{Y}$. For your hundred dollars you have an expectation of $\frac{100×X}{Y}$ gross return.
You can expect to win $\frac{100×(X-Y)}{Y^2}$ for each such bet, which of course is negative and therefore a loss if $X<Y$, since the first $Y$ paid back are to cover your original wager and you can only gain if the total $X$ paid back is greater than this.