I am having some trouble in understanding odds, and I would like just a basic explanation for how to interpret them.

I have found various posts related to odds but most of them are more complex than what I am trying to understand. Here is an example of how I am interpreting odds: if the odds of an event happening are 3 to 1, then the event will happen 3 times for every 1 time that it doesn't happen. I do not know if this interpretation would be correct. So, any guidance and more examples on interpreting odds would be greatly appreciated.