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:
“The whole point about the true unconscious is that it is all the time moving forward, beyond the range of its own fixed laws or habits. It is no good trying to superimpose an ideal nature upon the unconscious.”
—D.H. (David Herbert)
“However great a man’s fear of life, suicide remains the courageous act, the clear- headed act of a mathematician. The suicide has judged by the laws of chance—so many odds against one that to live will be more miserable than to die. His sense of mathematics is greater than his sense of survival.”
—Graham Greene (1904–1991)
“Courtroom—A place where Jesus Christ and Judas Iscariot would be equals, with the betting odds in favor of Judas.”
—H.L. (Henry Lewis)
“All sin tends to be addictive, and the terminal point of addiction is what is called damnation.”
—W.H. (Wystan Hugh)