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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 ...
Fixed-odds betting is a form of gambling where individuals place bets on the outcome of an event, such as sports matches or horse races, at predetermined odds. In fixed-odds betting, the odds are fixed and determined at the time of placing the bet. These odds reflect the likelihood of a particular outcome occurring. If the bettor's prediction ...
Fixed-odds betting and Parimutuel betting frequently occur at many types of sporting events, and political elections. In addition many bookmakers offer fixed odds on a number of non-sports related outcomes, for example the direction and extent of movement of various financial indices , the winner of television competitions such as Big Brother ...
A low-volatility slot machine has regular but smaller wins, while a high-variance slot machine has fewer but bigger wins. Weight count is an American term referring to the total value of coins or tokens removed from a slot machine's drop bucket or drop box for counting by the casino's hard count team through the use of a weigh scale.
Parimutuel betting differs from fixed-odds betting in that the final payout is not determined until the pool is closed — in fixed-odds betting, the payout is agreed at the time the bet is sold. Parimutuel gambling is frequently state-regulated, and offered in many places where gambling is otherwise illegal.
In 2013–2014 there was significant controversy with more betting shops springing up on High streets in the United Kingdom, encouraging poor people to gamble, especially to play fixed odds betting terminals. Betting shops are strictly regulated in the number of machines they can have and the payout they can provide. [11]
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A video lottery terminal (VLT), also sometimes known as a video gaming terminal (VGT), video slots, or the video lottery, is a type of electronic gambling machine. They are typically operated by a region's lottery , and situated at licensed establishments such as bars and restaurants.