Roulette odds vary depending on the type of bet placed. In European roulette, which features a single zero, the house edge is approximately 2.7%, while American roulette, with both a single and double zero, has a higher house edge of about 5.26%. Players can bet on individual numbers, which pays 35 to 1, or on broader categories like red or black, which pays even money. Understanding these odds is crucial for making informed betting decisions and managing risk effectively in this classic casino game.