A European roulette wheel contains 37 numbered pockets, including the numbers 1 to 36, which are alternately colored red and black, and a single green pocket for zero (0). This layout creates a house edge of 2.7%, making it more favorable for players compared to American roulette, which has an additional double zero. Players have various betting options, including single numbers and outside bets like red/black and odd/even. The game is popular for its straightforward gameplay and the blend of luck and strategy involved.