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Title: Explain the odds of a hi lo game Post by: Millibilli on December 18, 2016, 08:39:08 PM I'm gonna play a hi lo game at freebitco.in
the odds of 2X win are provided there at 47.5% To win, BET HI and get a number higher than 5250 or BET LO and get a number lower than 4750 I dont understand how they arrived at 47.5% I think it's a 50:50 chance of win:loss Its gonna be either hi or lo ,right ? Please help to make up my mind Title: Re: Explain the odds of a hi lo game Post by: Yakamoto on December 18, 2016, 08:43:37 PM If I remember correctly that's a 2.5% house edge, meaning that the casino gets a slight advantage with their odds so that you're basically playing to lose.
If it was 50/50, it would be possible for a lot of people to walk away with more money than they started with. With a house edge, it limits that for a lot of people. Title: Re: Explain the odds of a hi lo game Post by: franky1 on December 18, 2016, 08:55:04 PM what if i told you its not a toss of a coin. its a count of the last 40 games and if there is count of 19 wins... the next person will lose automatically no matter what he decided
Title: Re: Explain the odds of a hi lo game Post by: Millibilli on December 18, 2016, 08:59:22 PM If I remember correctly that's a 2.5% house edge, meaning that the casino gets a slight advantage with their odds so that you're basically playing to lose. If it was 50/50, it would be possible for a lot of people to walk away with more money than they started with. With a house edge, it limits that for a lot of people. Im puzzling over how they secure the 2.5% house edge, because it will be either hi or lo Before i choose hi or lo for next roll i have 50% chance at that moment After i choose say hi, how does my chance of winning increase or decrease Title: Re: Explain the odds of a hi lo game Post by: AgentofCoin on December 18, 2016, 09:05:49 PM If I remember correctly that's a 2.5% house edge, meaning that the casino gets a slight advantage with their odds so that you're basically playing to lose. If it was 50/50, it would be possible for a lot of people to walk away with more money than they started with. With a house edge, it limits that for a lot of people. Im puzzling over how they secure the 2.5% house edge, because it will be either hi or lo Before i choose hi or lo for next roll i have 50% chance at that moment After i choose say hi, how does my chance of winning increase or decrease Simply, 0 to 4750 = LOW 4751 to 5249 = HOUSE EDGE 5250 to 10000 = HIGH There are three choices, but you can only choose two of the three. Title: Re: Explain the odds of a hi lo game Post by: mrcash02 on December 18, 2016, 09:09:40 PM And doesn't matter if you increase the chance of winning to 50% or even 90%, the payout will always be proportional to the house edge, decreasing the payout per bet when you increase the percentage of winning chance.
You can't beat the house on long term, and playing at Freebitco.in is worse, because their house edge is higher than another casinos. Title: Re: Explain the odds of a hi lo game Post by: equator on December 18, 2016, 09:14:19 PM I'm gonna play a hi lo game at freebitco.in the odds of 2X win are provided there at 47.5% To win, BET HI and get a number higher than 5250 or BET LO and get a number lower than 4750 I dont understand how they arrived at 47.5% I think it's a 50:50 chance of win:loss Its gonna be either hi or lo ,right ? Please help to make up my mind What type of makeup mind you want, the house edge of this site is high from all other dice games, this is same game like all dice game. In this site if you are intending to play for winning then just forget it as this site have high house edge. Title: Re: Explain the odds of a hi lo game Post by: Millibilli on December 18, 2016, 09:21:54 PM If I remember correctly that's a 2.5% house edge, meaning that the casino gets a slight advantage with their odds so that you're basically playing to lose. If it was 50/50, it would be possible for a lot of people to walk away with more money than they started with. With a house edge, it limits that for a lot of people. Im puzzling over how they secure the 2.5% house edge, because it will be either hi or lo Before i choose hi or lo for next roll i have 50% chance at that moment After i choose say hi, how does my chance of winning increase or decrease Simply, 0 to 4750 = LOW 4751 to 5249 = HOUSE EDGE 5250 to 10000 = HIGH There are three choices, but you can only choose two of the three. No number will come on display that is between 4751-5249 The winning number displayed will be either low or in hi range Example Numbers used are 1 to 100 House edge 5% Hi above 50 and lo below 45 The rolled number will never come in 45-50 range, it will be either of hi or low range, the numbers 45,46,47,48,49,50 are not even used ingame Title: Re: Explain the odds of a hi lo game Post by: AgentofCoin on December 18, 2016, 09:28:16 PM If I remember correctly that's a 2.5% house edge, meaning that the casino gets a slight advantage with their odds so that you're basically playing to lose. If it was 50/50, it would be possible for a lot of people to walk away with more money than they started with. With a house edge, it limits that for a lot of people. Im puzzling over how they secure the 2.5% house edge, because it will be either hi or lo Before i choose hi or lo for next roll i have 50% chance at that moment After i choose say hi, how does my chance of winning increase or decrease 0 to 4750 = LOW 4751 to 5249 = HOUSE EDGE 5250 to 10000 = HIGH There are three choices, but you can only choose two of the three. The winning number displayed will be either low or in hi range Example Numbers used are 1 to 100 House edge 5% Hi above 50 and lo below 45 The rolled number will never come in 45-50 range, it will be either of hi or low range, the numbers 45,46,47,48,49,50 are not even used ingame No, the numbers between 45 to 50 will come up. Because you haven't seen it yet, does not mean they do not exist. If the game has a House Edge, it will do as I have described. Your 50%/50% chance of winning is actually something like 49%/2%/49%. If the House Edge number pops up, neither HIGH or LOW is the correct guess. Title: Re: Explain the odds of a hi lo game Post by: Millibilli on December 18, 2016, 09:47:20 PM If I remember correctly that's a 2.5% house edge, meaning that the casino gets a slight advantage with their odds so that you're basically playing to lose. If it was 50/50, it would be possible for a lot of people to walk away with more money than they started with. With a house edge, it limits that for a lot of people. Im puzzling over how they secure the 2.5% house edge, because it will be either hi or lo Before i choose hi or lo for next roll i have 50% chance at that moment After i choose say hi, how does my chance of winning increase or decrease 0 to 4750 = LOW 4751 to 5249 = HOUSE EDGE 5250 to 10000 = HIGH There are three choices, but you can only choose two of the three. The winning number displayed will be either low or in hi range Example Numbers used are 1 to 100 House edge 5% Hi above 50 and lo below 45 The rolled number will never come in 45-50 range, it will be either of hi or low range, the numbers 45,46,47,48,49,50 are not even used ingame No, the numbers between 45 to 50 will come up. Because you haven't seen it yet, does not mean they do not exist. If the game has a House Edge, it will do as I have described. Your 50%/50% chance of winning is actually something like 49%/2%/49%. If the House Edge number pops up, neither HIGH or LOW is the correct guess. Thank you, i think you are right ,may be i haven't seen a house edge number yet, I think that site is wrongly displaying house edge numbers as hi or lo ,technically to be called hi it has to go above 50 as per my example above,so if chose lo and rolled say 47 ,it must be displaying it as hi making me believe they never use house edge numbers in game Title: Re: Explain the odds of a hi lo game Post by: mrkevio on December 18, 2016, 10:04:18 PM The chances are 50% even if you chose the multiplier to be 1.01202x. That means around 97% chance. I was playing with that hoping for a lot of profit, but it turned out I was losing the same value but after a lot more bets. If I started from 2k satoshis, I'd make for example 5k in profit in around 50 bets before I lose going all in every bet, and if I started from 2k satoshis with 50% chance I'd lose in two or three bets. It's an illusion.
Title: Re: Explain the odds of a hi lo game Post by: Phildo on December 19, 2016, 06:36:19 AM No matter what side you pick, high or low, there are 4750 possible outcomes in which you win, and 5250 outcomes in which you lose.
House edge can be calculated by doing math, which obviously isn't the strong suit of many people in this thread. To calculate the house edge, you need to multiply the expected value by -1. to calculate the expected value you need to add up payout times odds of that payout happening for all possible outcomes. whether you pick high or low, the odds of you winning your bet are 47.5%, the odds of you losing your bet are 52.5%. It says 2x, but when you win you only win 1x because they also give you your bet back. so the house edge if you bet x is -1[(.525)(x) + (.475)(-x)] = .05 = 5% Title: Re: Explain the odds of a hi lo game Post by: asuryan180 on December 19, 2016, 06:39:56 AM No matter what side you pick, high or low, there are 4750 possible outcomes in which you win, and 5250 outcomes in which you lose. Gret explanation,I think it's good to remind that the results from your last bets don't matter in the way you think they do-if you have won 3 times the result of the 4th time isn't being influenced by your previous wins.That's good to be aware of because I have sometimes fallen for this idea that this is how the game works but in fact it's completely the opposite and you can make a wrong choice.House edge can be calculated by doing math, which obviously isn't the strong suit of many people in this thread. To calculate the house edge, you need to multiply the expected value by -1. to calculate the expected value you need to add up payout times odds of that payout happening for all possible outcomes. whether you pick high or low, the odds of you winning your bet are 47.5%, the odds of you losing your bet are 52.5%. It says 2x, but when you win you only win 1x because they also give you your bet back. so the house edge if you bet x is -1[(.525)(x) + (.475)(-x)] = .05 = 5% Title: Re: Explain the odds of a hi lo game Post by: Finestream on December 19, 2016, 06:46:46 AM If I remember correctly that's a 2.5% house edge, meaning that the casino gets a slight advantage with their odds so that you're basically playing to lose. I don't think that's slight advantage of the casino, some casinos I have played have the lowest of 0.50% and yet they are still profitable. For sure that casino OP is playing is not popular as who would ever play that huge house edge, it's not competitive anymore and it will not attract more players and investors at the same time.If it was 50/50, it would be possible for a lot of people to walk away with more money than they started with. With a house edge, it limits that for a lot of people. Title: Re: Explain the odds of a hi lo game Post by: ralle14 on December 19, 2016, 07:19:44 AM I don't think that's slight advantage of the casino, some casinos I have played have the lowest of 0.50% and yet they are still profitable. For sure that casino OP is playing is not popular as who would ever play that huge house edge, it's not competitive anymore and it will not attract more players and investors at the same time. That unpopular casino you're saying is freebitco.in they are the only site that have a 5% house edge on their dice game. No, the numbers between 45 to 50 will come up. Because you haven't seen it yet, does not mean they do not exist. If the game has a House Edge, it will do as I have described. Your 50%/50% chance of winning is actually something like 49%/2%/49%. If the House Edge number pops up, neither HIGH or LOW is the correct guess. I think that site is wrongly displaying house edge numbers as hi or lo ,technically to be called hi it has to go above 50 as per my example above,so if chose lo and rolled say 47 ,it must be displaying it as hi making me believe they never use house edge numbers in game Title: Re: Explain the odds of a hi lo game Post by: piloder on December 19, 2016, 12:12:55 PM I dont understand how they arrived at 47.5% Freebitco.in have really high house edge of 5% so not a best place to gamble, there are many other dice sites which have as low as 1% house edge.I think it's a 50:50 chance of win:loss Its gonna be either hi or lo ,right ? Please help to make up my mind House edge = % of total wagered amount any casino will make on long run. That mean if total wagered amount of bitcoin is 100 bitcoin than freebitco.in will earn 5BTC. Better you try to play on other dice sites which have really low house edge that mean more winning chance. Title: Re: Explain the odds of a hi lo game Post by: Phildo on December 19, 2016, 03:02:49 PM If I remember correctly that's a 2.5% house edge, meaning that the casino gets a slight advantage with their odds so that you're basically playing to lose. If it was 50/50, it would be possible for a lot of people to walk away with more money than they started with. With a house edge, it limits that for a lot of people. Im puzzling over how they secure the 2.5% house edge, because it will be either hi or lo Before i choose hi or lo for next roll i have 50% chance at that moment After i choose say hi, how does my chance of winning increase or decrease 0 to 4750 = LOW 4751 to 5249 = HOUSE EDGE 5250 to 10000 = HIGH There are three choices, but you can only choose two of the three. The winning number displayed will be either low or in hi range Example Numbers used are 1 to 100 House edge 5% Hi above 50 and lo below 45 The rolled number will never come in 45-50 range, it will be either of hi or low range, the numbers 45,46,47,48,49,50 are not even used ingame No, the numbers between 45 to 50 will come up. Because you haven't seen it yet, does not mean they do not exist. If the game has a House Edge, it will do as I have described. Your 50%/50% chance of winning is actually something like 49%/2%/49%. If the House Edge number pops up, neither HIGH or LOW is the correct guess. Thank you, i think you are right ,may be i haven't seen a house edge number yet, I think that site is wrongly displaying house edge numbers as hi or lo ,technically to be called hi it has to go above 50 as per my example above,so if chose lo and rolled say 47 ,it must be displaying it as hi making me believe they never use house edge numbers in game this is completely wrong, just so you know. If you pick high, if it is 5250 or higher, you win. If you pick low, if it is 4750 or lower you win. They are 2 completely separate scenarios since you can't do both at the same time. 5% of the time it will be between those 2 numbers, and your result will depend on what you picked. |