The slots on the wheel are going to be numbered one through 36 and are going to be red or black, the zero on the slot is going to be green. What this means to you is that you will have a 50/50 chance of the ball landing on whether red or black. You can either choose to select by color for your bet or you will be able to choose by number.
By betting on low or high as well as red and black, your odds are going to be about the same. However, usually the payout is going to be smaller. Remember, the more numbers or slots that you bet on, the better your odds and therefore the smaller the payout is going to be. The highest payout that you can receive is when a single number is played on and the ball lands on that number. You will then receive a payout of 35 to 1.