N00b basic formula question

What is the formula for determining profitable bets if you know the probability (or think you know the probability) of an outcome?
For example, say you think something is likely to occur 2 out of 3 times. If you bet a dollar to win a dollar, you would make money over multiple bets. If you have to wager 3 dollars to win a dollar, you would lose money over multiple bets. What's the actual math behind finding out what wager is most profitable for a given probability?

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