The existence of many types of roulette bets is to give the players the incentive of greater probabilities of winning. However, there are two main types of roulette bets, which is the outside bet and the inside bet. Basically, the outside bets offer greater chances of winning for the players, while the inside bets are harder to win. However, keep in mind that the outside roulette bets pay more than the inside roulette bets.

The outside roulette bets consist of the following:
The Red or Black bet is betting on the numbers whose background is red or black. There are 18 reds and 18 blacks, and when the ball lands on a number whose background is a color you have picked, the casino doubles your money at a payout ratio of 1 to 1, meaning you get to keep your money and its equal value as winnings.

The 1 to 18 and 19 to 36 bet is betting on the first half and second half of the numbers on the roulette wheel. The probability is also equal with the Red or Black bet so the casino also pays with a ratio of 1 to 1.

The Odd or Even bet is betting whether the ball will land on an even or odd number. There are 18 even numbers (2, 4, 6, and so on) and there are 18 odd numbers (1, 3, 5, and so on) on the roulette wheel. Because the probability of landing on an odd or even number is the same as the Red or Black, the payout ratio is also 1 to 1.

The Dozen Bet is a bet on one of the dozens on the roulette wheel, which are three dozens in all. The players get to choose among the first, middle and last dozen. The casino pays the players 2 to 1 if the number on which the ball has landed is on one of the wagered dozens.

Meanwhile, the inside bets offer greater risk but with higher payouts. Here are the types of inside roulette bets:
The Double Street Bet is a bet on six numbers on the roulette wheel, and because the probability of winning is lesser, the casino gives the winning players a payout ratio of 5 to 1.

The corner bet is a bet on four adjacent numbers on the roulette wheel, with the numbers arranged into a square. The corner bet pays the winning player a ratio of 8 to 1.

The street bet pays the winning player a payout ratio of 11 to 1 if the ball lands on any of the three adjacent numbers betted by the player.

The split bet is a bet on two numbers which pays the winner 17 to 1. Making a split bet requires betting on two adjacent numbers on the table, say, 1 and 2.

The single bet is the most basic type of bet on which the player bets on a single wheel. The casino pays the winning player a whopping payout ratio of 35 to 1.

These different types of roulette bets are easy to learn once you have watched a few rounds beside the wheel. As soon as you get to remember and understand the workings of the roulette wheel, then perhaps that will be the time that you get to join and pick your bet!