How do you read betting odds?

Let’s use a simple basketball betting example to explain this. Let’s say the Houston Rockets (1.70) are playing against the Memphis Grizzlies (2.10). The 1.70 Rockets odds mean that if you place €10 on them, you will win €17 if they triumph (10 (stake) * 1.70 (odds/decimal) = 17 total winnings)). On the other hand, if you back the Grizzlies and they triumph, you will win €21 (10 (stake) * 2.10 (odds/decimal) =21 (total winnings)).