Payout means the percentage you get, in the case, that you bet the same amount at all the possibilities. The payout of 95 % means, that by the deposit of 1 euro at 1x2, you will get back 0.95 EUR.
(1 / odds1) + (1 / odds2) + (1 / odds3) and the result is divided by one, and then you get the payout.