From what I remember with roulette, there's 38 color slots. 18 red, 18 black, and 2 green.
When betting on Red or Black, your odds of winning are 18/19, and payout is double.
To bet on a specific number, the odds are 1/19, and the payout is 6x the bet.
Green are always house tiles and non-bettable.
The odds are stacked so in the long run, the house always ends up the winner...
But, this is all just based on my poor memory from doing some research for a novel once a few years in the past. I've never actually played the game, nor even been in a casino, so it's entirely possible there are multiple variations on the game that I'm unaware of. :)
Edit: Apparently the modern betting system is a lot more complex than the simplistic one I remember, as the image here illustrates --
http://www.southafricanonlinecasinos.com/imagesNew/roulettebets.jpg