There are many different bets that you can make at the craps table, but the most basic is "Pass"/"Don't Pass", which is essentially betting on whether the shooter (the person with the two dice) will win (Pass) or lose (Don't Pass). At the start of a new craps game, the shooter has a "come out roll". If the "come out roll" is 7 or 11, then the shooter wins immediately and the game is over. If the roll is 2, 3 or 12 then the shooter loses ("craps out"). Otherwise the number on the dice is established as "The Point". The shooter then continues to roll the dice until he or she either rolls "The Point" again (which is a win for the shooter) or a 7 (which is a loss). If the shooter loses, then the dice are passed to the next player counter-clockwise, otherwise the shooter starts a new game.
The "Come"/"Don't Come" bet is similar to the "Pass Bet", except that they are placed after "The Point" has been established. The difference is that instead of betting that "The Point" will come up before a 7, the bet is that whatever was rolled last will come up again before the game is over. Also, a "Come Bet" wins immediately if the next roll is 7 or 11.
Other possible bets include: Field Bets (a bet on what the next roll of the dice will be), Any Seven Bets (a bet that the shooter will throw a 7 next) and Craps Bets (a bet that the shooter will throw a 2, 3 or 12 next).