The Velodrome
All track cycling events are held in Velodromes. The shortest velodromes are 200 meters and have very steep banking, while the longest are 450 meters and have shallow banking (most of these are also outside). An Olympic standard Velodrome is 250 meters long, is inside, and has the track made of wood (most outdoor tracks are concrete).
The Equipment
Almost all riders wear aerodynamic, one-piece skinsuits to reduce drag (even stationary air in an indoor velodrome has an impact). Track bikes are incredibly stiff, as weight doesn't make that much of a difference. There are no brakes, and the crankset and pedals are attached directly to the rear wheel (in other words, if the bike is moving, you are pedaling). The bikes for the Madison, Match Sprint, Olympic Sprint, Keirin, and Points race have standard track frames and drop handlebars. The bikes for the 1 Kilometer Time Trial (Men), 500 Meter Time Trial, Individual Pursuit, and Team Pursuit have similar frames but aerodynamic handlebars.
The Events
Match Sprint
Held over 1000 meters, the Match Sprint is generally considered the "purest" track event. It involves two riders, one of whom is designated to lead the first lap, unless the other rider passes him. The two riders ride slowly around the track for the first two or three laps, before one of them starts their explosive sprint to the line. In the World Championships and other major events, it is a best-of-three competition.
1-Kilometer Time Trial (Men)/500 Meter Time Trial
A very fast and simple event. Riders ride 4 laps (or 2 for the women) of an Olympic Velodrome and are timed. Fastest time wins. The present World Record for the men is held by Arnaud Tournant of France, who covered the kilometer in just 58.875 seconds, for an average speed of over 60 kph.
Olympic Sprint
The Olympic sprint is a three lap event with teams of three riders each. All three start together, but after each lap, the first rider pulls off of the track and the remaining rider (s) continue. This means that the first rider does one lap, the second two laps and the third three laps. Each team is timed and the fastest time wins.
Keirin
The Keirin is one of the strangest track events. Held over 2000 meters (8 laps), the first 5 1/2 laps are paced by a small motorbike which increases the speed from 25 kph up to 45 kph before it pulls off of the track. The final two and a half laps are an insane sprint to the finish, which can include some serious accidents. The first rider across the line wins.
Individual Pursuit
The Mens' Pursuit is over 4 kilometers, while the Womens' is 3 kilometers. Two riders start on opposite sides of the Velodrome, and the rider with the fastest time wins.
Team Pursuit
The principle is the same as that of the Individual Pursuit and it is a mens' only event held over 4 kilometers. Two teams start on opposite sides of the track and the team with the fastest time wins. Germany are the current record holders, averaging over 60 kph.
Madison
A Mens' only event held over 50 to 60 kilometers (200-240 laps), it gets its name from the arena where it was first held, New York's Madison Square Garden. Two man teams participate in the Madison, with only one man racing at a time. The other one rides slowly around at the top of the banking until his team-mate slings him into the race. This is a delicate and dangerous maneuver, which can cause a serious accident if one of the riders makes a mistake. The intent, however, is to get the slower-moving rider up to speed on the track. Sprints are held every 20 laps, and points are given to each of the first four places (1st-5, 2nd-3, 3rd-2, 4th-1) and the last lap counts for double points. However, if a team manages to lap the field, they automatically win because points only serve as a tiebreaker for teams on the same lap.
Points Race
Similar to the Madison, but it is an individual event for both Men and Women and held over a shorter distance (it varies). Sprints are held every 10 laps (the point distribution is the same), and the last lap also counts for double points. If a rider laps the field, they get 20 points. If a rider is lapped by the field, they lose 20 points (this is why you sometimes see negative scores).