Luck in Oblivion Remastered is an attribute that works mostly behind the scenes but has a broad and significant impact on gameplay. Here's what it does:

• Skill Boost: Luck provides a hidden bonus to almost all your skills (except Acrobatics and Athletics). If your Luck is above 50, it increases your skills by 40% of the points above 50. For example, at 100 Luck, you get +20 to all affected skills. However, this bonus does not count toward unlocking skill perks, which require investing points directly into those skills

• Probability Influence: Luck affects any game event involving chance. This includes:
  • Lowering the chance of lockpicks breaking.
  • Reducing the chance that repair hammers will break when used.
  • Increasing the odds of winning bets in the Arena.
  • Improving the chance of weapon effects triggering, such as Mehrunes' Razor's insta-kill effect.
  • Decreasing the chance of catching diseases from monsters

• Neutral Baseline at 50: A Luck value of exactly 50 means odds are neutral-no advantage or disadvantage. Values below 50 impose a penalty, making random events less favorable to you, while values above 50 tilt outcomes in your favor

• Leveling Luck: You can only increase Luck by 1 point per level, and it costs more attribute points than other stats (4 points per Luck level). While it provides wide-ranging benefits, it is generally less efficient than investing directly in specific skills for perk progression

In summary, Luck in Oblivion Remastered subtly improves your overall effectiveness by boosting skills and tipping random chance events in your favor, but it does not replace the need to develop specific skills for perks and major abilities. It is a "jack of all trades" stat that enhances your general fortune throughout the game