Fixed Limit
Fixed limit is a betting structure in which the size of the bets on each round is set in advance.
The simple explanation
In fixed-limit poker, you cannot bet any amount you like. The bet size is fixed for each round. In a $10/$20 hold'em game, the first two betting rounds use $10 bets and raises, and the last two use $20.
A closer look
Fixed-limit games have a cap on the number of raises, usually three or four per round. They reward careful hand selection and pot odds, and they have less variance than big-bet games. Most mixed games are played fixed limit.
A practical example
In a $10/$20 fixed-limit game, a player can bet or raise only in $10 steps on the flop and in $20 steps on the turn and river.
Full explanation
Fixed limit is a betting structure in which the size of the bets on each round is set in advance.
Fixed limit is a betting structure in which the amount of the bet on each round is pre-set. A player can only bet or raise by that amount.
In hold’em the first two betting streets use the small bet and the last two use the big bet. For example, in a $10/$20 game the small bet is $10 and the big bet is $20.
The number of raises per round is capped, usually at three or four.
Most mixed games are played in this format.
Alternative spelling: fixed-limit, FL