In Black Ops there are 'CoD Points', and they're used throughout the multiplayer to buy new equipment, perks, killstreaks, camo, and playercard emblems. These cost nothing to buy, they are simply earned over the course of regular gameplay (with bonuses being given upon completing gameplay challenges).
There are 4 types of wager match - Gun Game, Sticks and Stones, One in the Chamber and Sharpshooter (descriptions here). There are 3 playlists, ranging from a low buy in to higher ones. The playlists are Ante Up (default buy-in of 10 CoD Points), Weekend Gambler (default buy-in of 1,000 CoD Points), and High Roller (default buy-in of 10,000 CoD Points). The buy in and prizes are always the same in each playlist (unless each player in the game agrees to 'double down').
All CoD Points are earned in-game and cannot be bought or transferred between players.