Roulette offers a variety of bets, categorized into inside and outside bets. Inside bets involve wagering on specific numbers or small groups of numbers, offering higher payouts but lower odds of winning. Outside bets cover larger sections of the table, such as betting on red or black, odd or even numbers, or ranges like 1-18 or 19-36. These outside bets have a higher chance of winning but offer lower payouts. The diversity in betting options allows players to balance risk and reward based on their preferences.