Odds will be quoted both in the VO forum in the RP section, and in-game, either on [100] or sometimes on [500] or in your sector. A typical set of odds is:
4/3 * Katrina Le-Feir * favourite
52/3 1 . Mick
5/2 . Jestatis Bess
8/3 . Waldoze
4/1 . Cranston Gorky
45/1 . Crello Yoma 45/1 . Maiz Man
These are fractional odds quoted English-style. If your racer wins, you get the fraction quoted back as profit, plus your stake. To take an example, if you wager $1M on Cranston Gorky at 4/1 and he wins, you would get $5M winnings as: $4 profit + $1 stake back to you. In this example Katrina is shown as the favourite, her odds are the ''shortest'' (or most likely). If you wager $3M on Katrina at 4/3 and she wins, you would get $4M profit + $3M stake back = $7M winnings. Clearly the odds have been quoted by the bookmaker such that Cranston Gorky is a ''long shot'' compared to the favorite, Katrina. (Sorry racers this is intended solely as an illustration, good luck to both of you :-) ). Sometimes 4/1 will be called ''4/1 against''. 1/1 is known as ''even money'' and basically means: double your money. In some cases a racer may even be the ''odds-on favourite'', for example with a 3/4 quote, which means you win $1.75M total for $1M bet ($0.75M + $1M). If you have any doubt about understanding the odds, I would encourage you to either look a the wiki: [http://en.wikipedia.org/wiki/Fixed-odds_betting] or ask Foo Fighter ingame.