Odds of 3-5 indicate that your profit will be three-fifths of a dollar. In other words, for every $5 you bet you can win $3 in profit. To determine profit, multiply the amount you bet by the fraction. If I spend $15, then my profit for winning is $9 (15 x 3/5). Ex.
Commonly used to refer to an initial reraise before the flop. The term has its origins in fixed-limit games where an initial raise is worth two bets, then the reraise is equal to three and so on.