Betting on red or black has a nearly 50% chance of winning, and the payout for these bets is 1:1. However, keep in mind that the 0 and 00 (in American Roulette) are not red or black, so if the ball lands on either of those, you would lose your bet. These spaces also slightly decrease your odds of winning on a red or black bet. Ultimately, it is up to personal preference whether or not to make this type of bet.