Fixed Odds Betting is a type of gambling where the payout is determined at the time the bet is placed. This means that the odds are set and agreed upon before the event occurs, allowing bettors to know exactly how much they can win if their selection is successful. For example, if a bettor places a wager on a sports event with odds of 2/1, they will receive two times their stake plus their original bet if they win. This betting system is commonly used in various forms of gambling, including sports betting, horse racing, and casino games. It provides a straightforward way for bettors to understand their potential returns, making it popular among both novice and experienced gamblers. Unlike other betting types, such as in-play betting, where odds can change during the event, fixed odds remain constant until the event concludes.