In Baccarat, there are three possible bets that a player can make: the bankers hand, the players hand, or a tie. The objective of the game is to bet on the hand that will have a total value closest to nine. The cards two through nine are worth their face value, while the ten, jack, queen, and king cards have a value of zero, and an ace is worth one.

When betting on the bankers hand, the player wins if the bankers hand has a higher total value than the players hand. However, the player must pay a 5% commission to the dealer if they win this bet. Betting on the players hand is similar to betting on the bankers hand, but there is no commission to be paid if the player wins. Finally, a tie bet is when the player bets that both the bankers hand and the players hand will have equal values. This is considered the least wise choice of a baccarat bet, as the odds of both hands turning up the same values are small.

In summary, a baccarat bet is a wager placed on either the bankers hand, the players hand, or a tie, with the objective of predicting which hand will have a total value closest to nine.