Negative odds like -110 show how much you bet to win $100: $110 to win $100. Positive odds like +150 show how much a $100 bet wins: $150. Decimal odds include your stake, so 2.50 returns $250 on a $100 bet.
Implied probability is the win rate the price assumes. At -110 it's 52.4%, so you need to win more than 52.4% of those bets to profit. Because both sides of a market add up to more than 100%, part of that number is the sportsbook's cut. Use the no-vig calculator to strip it out.
See today's bets ranked by expected profit