A fixed odds betting terminal (FOBT) is an electromechanical device normally found in betting shops in the United Kingdom that allows players to bet on the outcome of various games and events with fixed odds. They were introduced to UK shops in 2001.
The most commonly played game is roulette. The minimum amount wagered per spin is £1. The maximum bet cannot exceed a payout of £500 (i.e. putting £14.00 on a single number on roulette). The largest single payout cannot exceed £500. Token coins can be of value as low as five pence in some UK licensed betting offices (LBOs).
Other games include bingo, simulated horseracing and greyhound racing, and a range of slot machine games.
Like all casino games, the "house" (i.e. the casino) has a built-in advantage, with current margins on roulette games being theoretically between 2.5% and 5%.
Famous quotes containing the words fixed, odds, betting and/or terminal:
“It is the fixed that horrifies us, the fixed that assails us with the tremendous force of mindlessness. The fixed is a Mason jar, and we can’t beat it open. ...The fixed is a world without fire--dead flint, dead tinder, and nowhere a spark. It is motion without direction, force without power, the aimless procession of caterpillars round the rim of a vase, and I hate it because at any moment I myself might step to that charmed and glistening thread.”
—Annie Dillard (b. 1945)
“Macbeth. What is the night?
Lady Macbeth. Almost at odds with morning, which is which.”
—William Shakespeare (1564–1616)
“What is faith but a kind of betting or speculation after all? It should be, “I bet that my Redeemer liveth.””
—Samuel Butler (1835–1902)
“All sin tends to be addictive, and the terminal point of addiction is what is called damnation.”
—W.H. (Wystan Hugh)