Glossary

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Fixed-odds betting
In this kind of wager, the player bets against the gambling operator that is running the bet, based on a value equal to or above 1,00 (odds), including up to two decimal places. The value is pre-defined or based on a pre-existing convention, and is associated to each of the possible outcomes for each bet, according to the probability of a certain kind of result.

The prize is calculated by multiplying the amount of the winning bet by the odds value. It may also be the value that betters gamble against each other, with the total being multiplied by the pre-defined odds value. The operator subtracts a commission from the final prize value.
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