Odds ratios are in terms of odds, and not probabilities (or likelihoods, or risks, they all mean basically same thing).
If you have an odds ratio of 3 (where the odds ratio was constructed by comparing the odds of disease given you are in group X relative to odds of disease given you are in group Y) then the proper interpretation is that the odds of having the disease are 3 times higher in group X than in group Y, just like you said.
Odds and probability of disease are very closely related, just think of it as being on a different scale.
$odds = \dfrac{p}{1-p}$ where $p$ is the probability of disease. Probabilities are numbers in range from 0 to 1, but odds represent the same phenomenon but on a range from 0 to $\infty$.
If you have $p=0.5$, probability of disease is 50%, then the corresponding odds of disease is $0.5/(1-0.5)=1$.
If you have an odds of disease of 3, then probability of disease is $3/4=0.75$.
That is NOT the same as having an odds RATIO of 3. Since an odds ratio of 3 could be represented by (odds in group X is 3)/(odds in group Y is 1) or (odds in group X is 6)/(odds in group Y is 2). In the first scenario if you convert odds to probabilities you get $(0.75)/(0.5) = 1.5$ (A person from Group X was 1.5 times more likely than a person from Group Y to have the disease). In the second scenario you have $(6/7)/(2/3) \approx 1.28$ (A person from Group X was 1.28 times more likely than a person from Group Y to have the disease).
All this to show that odds and probability/likelihood/risk (although they both are a measure of the same thing) are not equal.