What do these "odds" mean? I'm used to seeing the odds in terms of "10-to-3" or "8-to-1" to win
They are “to one”, unless otherwise indicated. Never have I seen odds given “to three” (ie, 10-3). At least not here in New York.
Odds, in order of increasing payout amounts, are as follows:
3-1 = $8.00 (for a $2 win wager)
7-2 = $9.00 (for a $2 win wager)
4-1 = $10.00 (for a $2 win wager)
9-2 = $11.00 (for a $2 win wager)
5-1 = $12.00 (for a $2 win wager)
6-1 = etc, etc
7-1
8-1
etc, etc