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A fixed odds betting terminal (FOBT, sometimes pronounced "fob-tee") is a type of electronic slot machine normally found in betting shops in the United Kingdom and introduced in 1999. The terminals allow players to bet on the outcome of various games and events which have fixed odds, with the theoretical percentage return to player (RTP ...
E.g. £100 each-way fivefold accumulator with winners at Evens ( 1 ⁄ 4 odds a place), 11-8 ( 1 ⁄ 5 odds), 5-4 ( 1 ⁄ 4 odds), 1-2 (all up to win) and 3-1 ( 1 ⁄ 5 odds); total staked = £200 Note: 'All up to win' means there are insufficient participants in the event for place odds to be given (e.g. 4 or fewer runners in a horse race).
The Labouchère System is meant to be applied to even money Roulette propositions such as Even/Odd, Red/Black or 1–18/19–36. When any of these bets are made in the game of Roulette, a spin resulting in a "0" or "00" results in a loss, so even though the payout is even money, the odds are clearly not 50/50.
A betting strategy (also known as betting system) is a structured approach to gambling, in the attempt to produce a profit.To be successful, the system must change the house edge into a player advantage — which is impossible for pure games of probability with fixed odds, akin to a perpetual motion machine. [1]
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In professional gambling, even money bets typically do not have odds that are indeed 50–50. Therefore, successful gamblers have to examine any bets they make in light of the odds really being even money. [1] For example, in roulette, betting on red or black is an even money bet. However, the presence of the green 0 and the 00 means that ...
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