Bitcoin Forum

I am looking for some feedback on the following Gambling proposal.

ODDS - 1 in 15 chance, single winner-take all (only 15 'spots' available per 'round')
PAYOUT - 10x Wager for single winner.
ROUND DURATION - 1 week or less. Blockchain to pick winner (although no time limit set - guaranteed winner)
TRANSPARENCY - 100% transparent with up to the minute view-able web stats.

Would something like this interest anyone ?

Please comment on the Payout Rate vs Odds.

thanks in advance,
bitlane.

Interesting concept bitlane....

Some knee-jerk thoughts (keep in mind I have not run the numbers yet):

How do we prevent someone from taking more than one spot?

I think we would have to have a fixed bet amount for each slot, ie. 1 BTC a 'ticket' pays out 10 BTC = 5 BTC profit for operator.

I like the idea on the surface.  The reason I don't like bitlotto is because the cycles are sooo long.

People are welcome to take as many slots as they like, but in the end, there is still only 1 winner but at what point does the wager vs payout become pointless ?

This sounds similiar to BTCBlink, except I'm doing 1 in 10 odds.

I actually found BTCBlink after I posted in this thread... and yes they are very similar.

How have the results on BTCBlink been?

It's still just starting. I think since I'm kind of new people are not sure whether to trust it yet. Overtime as people experiment with it and they get their payouts people will be willing to try it.

It's just a matter of getting the first legitimate users.

Sweet, I think I was #1

Now 9 other people need to go find it so I can make some BTC!

I haven't been to the site, so I will just ask here...

At what payout rate ? 10x wager as well ?

Yes

8.33x payout.

That sounds like you're returning less than 67% to the players.

Why would anyone play, when they can get around 99% at satoshidice, or 95% on a roulette table?

Because it 'looks' like you have a better chance of making more money with less risk.  Only 15 people can bet and if I bet 1 BTC I can get 10!

I struggled to sell people on 94% payout in a EURO2012 sweepstakes, I'd be surprised if you can sell anyone on 67%.

If I bet on a row of 3 numbers on a roulette table, I have a 3 in 38 (or 3 in 37, depending whether it's American or European roulette) chance of winning 12 times my money.  That's a 1-in-12.33333 or 1-in-12.66666 chance of winning 12x.

This is offering a 1-in-15 chance of winning 10x.

How does that "look" better in any way?

I just tried and failed (https://bitcointalk.org/index.php?topic=83239.msg960519#msg960519) to sell people on a 216.66% payout.  What can you do?  :)

Not much when everybody's coins are tied up in Bitcoinica or rolling on satoshidice.

@Bitlane - you wouldn't take the bet you proposed here in a million years  :)

OK then.  I have an even better deal for you:

There's an over 9999.99% payout in the Strike Sapphire (https://strikesapphire.com/?afc=NG3Vhagxta) poker freeroll at 3pm PST (11pm in the UK).  That's right - a $2 prize pool for a $0 stake.  You do the math.  Just beware the divide by zero.  (For legal reasons there are no French or USAians allowed.  And definitely no Italians.  There are usually too many Portuguese however, but three out of four ain't bad).

hehe. Bitlane's one of our all-time great players ...33k+ player points and one of the first to win a silver star. And has beat the house over the long haul. Never saw him take a bet with a 66% RTP, though ;)

Sounds like he's been exploiting loopholes to me!  ;)

Matter of fact, he found some huge flaws in our business model when we first opened. Possibly because he was the only person paying close attention. And he was a gentleman in warning us about them, leading to some much-needed changes.

Do you know that your signature is showing up as "*Image Removed*" only now?

I don't know if you see it the same as everyone else does.