Quote (lito @ 8 Oct 2020 02:38)
The ratio is your winnings i.e. 1/2 means you bet $1 you get your $1 back plus $.50 winnings and 33/20 you get back your $1 plus $1.65 (33/20*$1.00)
To add to this, you can easily calculate the implied probability from these so-called fractional odds. For example, 3/2 odds means that there is roughly a 2/(3+2) = 2/5 = 0.4 = 40% probability for that candidate to win.