The best-known events in the world of sports cycling are generally races; of which mountain biking, road and track cycling are the three main varieties. Mountain biking involves riding off-road, almost invariably on rough terrain, using specially designed mountain bikes or hybrid / cross road bikes. Road cycling events are held on the public highway (following the natural terrain of the area), using lightweight racing bicycles. Track cycling is held on purpose-built banked tracks or, as they are also called, velodromes.

Most bets are placed on road and track cycling. The main event in the cycling calendar is the Tour de France, a gruelling road race which in 2010 will cover some 3600 kilometres and which attracts considerable media attention. There are also two other 'grand tours' in Italy and Spain. There are further cycling events held as a part of the Olympics (both road and track) and the UCI Track World Championships form the other major event on the track racing calendar. Bookmakers will of course offer odds on other events as well.

The Tour de France has its own system, in which the yellow jersey is given to the overall time leader, the green jersey to the points leader, the polka dot jersey to the 'King of the Mountains' and the white jersey to the best performing rider under 25. Punters can bet as to which jersey will go to whom after each round, or after all rounds are over. In other cycling events, bets are usually taken for the first, second or third places in a race.