A round of Texas Hold'em consists of several stages, and you can place your next wagers, called Play bets, during any of them. The stages are known as the Preflop, Flop, Turn and River. At every phase, you'll see more cards and have more information to help you decide what move to make. In theory, this should increase your odds of winning and to balance that, the later into the game you place your bet, the smaller the payouts are. The Preflop is before you have seen your own 2 cards, the Flop is before the first 3 Community cards are dealt, the Turn is before you see the fourth Community Card, and the River is before you see the fifth.