There are decimal, American or British Odds Available. The better bookmakers willl offer you the ability to choose the type of odds you want to bet with. The higher the odds are the more money you can win, but also the lower probability of winning.

DECIMAL ODDS - EUORPEAN STYLE:
This is the most common type of odds, it is the easiest form to understand. This shows how much the bookmaker pays out per bet. Usually with 2 decimals, and sometimes 3 decimals. When you see odds like 1.60 they payout will be: BET x 1.60 = Payout, and the profit will be: Payout - Bet = Profit

FRACTION - UK ODDS:
This is the most popular type of odds format in the UK. It shows the profit if your bet wins. So if the odds are 3/5 you would calculate the payout by: Bet x (1 + 3/5) = Payout, and the profit would be: Bet x 3/5 = Profit

AMERICAN FORMAT:
There are two different types of the American Format. There is a positive or a negative. In the Positive American Odds it shows you the profit from a stake of $100. Only when you stake it $100 is it easy to calculate your winnings. So for most people that don't make $100 bets, you will calculate the payout by: Stake x (1+ odss/100) = Payout, and for the Profit it will be: Stake x Odds/100 = Payout
For the Negative American Odds it shows you how much you need to bet in order to win $100. To figure this out the formula is: Stake x (1 + 100/odds) = Payout, and for the Profit it is: Stake x 100/odds = Profit