In roulette, players can make various types of bets categorized as inside or outside bets based on risk and potential payouts. Inside bets focus on specific numbers or small groups, yielding higher payouts but with lower odds of winning. Examples include straight, split, street, corner, and line bets. Conversely, outside bets cover larger groups of numbers, offering better odds with lower payouts, such as bets on red or black, odd or even, and high or low numbers.