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Author Topic: Can bitcoin casino go bankrupt?  (Read 2336 times)
Aleator
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August 03, 2015, 09:11:52 AM
 #41


 Primedice almost did Cheesy Depends on how bankrupt goes that is a way of going bankrupt. Otherwise it is very difficult to get a casino bankrupt. Slightest chance of betting big and getting it all but usually there is a max win and you can not just hope to get lucky at that level.

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futureofbitcoin
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August 03, 2015, 09:15:15 AM
 #42

It's not that "real casinos" are rigged; they most likely are not rigged unless you go to a shady underworld casino. The problem is, the bankroll of the casinos are far greater than any individual gambler, and furthermore there are steps taken to insure that a high roller doesn't somehow bankrupt the casino by having a max bet put in place. Added to that the inherent house advantage, and it is very unlikely that casinos will lose money.


That said, because the bankrolls of bitcoin casinos are likely much smaller than a real, full fledged casino in Las Vegas, it is much more likely to go bankrupt. Other issues are security. Will their coins get stolen? Will the owner run off with the funds?

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August 03, 2015, 10:23:38 AM
 #43

With wrong bankroll management it can bankrupt.
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August 03, 2015, 10:43:53 AM
 #44

I think bitcoin casino, never can't bankrupt if they Still have High Roller in a day. it's impossible casino can go bankrupt And i never hear most casino can go bankrupt
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August 03, 2015, 11:01:49 AM
 #45

If they are really out of luck then casino's can go bankrupt and if their calculations are flawed. Otherwise chances are too slim for that to happen.

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August 03, 2015, 11:05:25 AM
 #46

well, its all depend on the result of the game..

even with 1% edge they still bankrupt,,why? because no one can predict what the result of the gambling..but exclusion for rigged site..heheh

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August 03, 2015, 11:17:41 AM
 #47

Probably "no" if the casino have large amounts of money and small max betting value.

Still if the player gets incredibly lucky (like if he wins 50times in a row) yes casino may go bankrupt.

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August 03, 2015, 11:20:28 AM
 #48

With wrong bankroll management it can bankrupt.

it can always go bankrupt regardless of brm, brm just ensures that the casino is extremely unlikely to lose in the long run.

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August 03, 2015, 11:21:24 AM
 #49

I had not noticed this house edge Shocked

Just checked on coinroyale's dice game

chance 6.5236%
payout 15.1758
bet 10

I rolled high, won and got 141.76, so 9.99 free credit are missing.

Does it mean that the house edge is (151.758-141.78)/(151.758/100) = 6.57% ?

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August 03, 2015, 11:24:50 AM
 #50

When there are a large number of players, there is a positive house edge and maximum bet limit is enforced. Casinos have different types of games, some games like slots bring in a lot of money and don't pay out that often. With a good mix of games, I believe it is very difficult for a casino to go bankrupt.
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August 03, 2015, 11:27:41 AM
 #51

I had not noticed this house edge Shocked

Just checked on coinroyale's dice game

chance 6.5236%
payout 15.1758
bet 10

I rolled high, won and got 141.76, so 9.99 free credit are missing.

Does it mean that the house edge is (151.758-141.78)/(151.758/100) = 6.57% ?



Just check the site and the number 141.76 is your profit of that bet.
Since you have 6.5236% to get 151.76 back, the EV is 99% (=6.5236%*151.76/10) and the house edge is 1%.

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August 03, 2015, 11:43:07 AM
 #52

damn I did not notice that it was the profit and not the payout.

So for each game they calculate a EV of 99%
Which means that the multiplier il calculated by (100%-house edge)/chance

Here for example for a chance of 6.6% you'll get 99%/6.6% = 15x payout
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August 03, 2015, 11:47:39 AM
 #53

damn I did not notice that it was the profit and not the payout.

So for each game they calculate a EV of 99%
Which means that the multiplier il calculated by (100%-house edge)/chance

Here for example for a chance of 6.6% you'll get 99%/6.6% = 15x payout

Exactly.

Most of the bitcoin dice games have a house edge of 1%, which means the house will have a profit of ~1% of the total wagered in the long run. That's how the legit sites are making their profit.

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August 03, 2015, 12:35:06 PM
 #54

If they are really out of luck then casino's can go bankrupt and if their calculations are flawed. Otherwise chances are too slim for that to happen.

Correct, according to me player got more chances of bankrupt than house can go bankrupt. If they stepup some thing wrong in their calculation then only it can possible otherwise no chance

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August 03, 2015, 01:04:53 PM
 #55

With wrong bankroll management it can bankrupt.

I guess bankroll management doesnt have any effect on bankruptcy, but may be a little bit because their bankroll depends on the wagered, the more wagered the site get the most income they get and with a little development I think they wont be bankrupt
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August 03, 2015, 01:18:41 PM
 #56

well with a house edge theres a extremely low chance a casino would go bankrupt as most make profit in the long run otherwise we wouldent see many dice sites lol

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August 03, 2015, 01:56:51 PM
 #57

BTC casino can bankrupt, for example, if casino use free casino BTC faucet and players make a lot of BTC withdraw  Wink
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August 03, 2015, 01:59:41 PM
 #58

well with a house edge theres a extremely low chance a casino would go bankrupt as most make profit in the long run otherwise we wouldent see many dice sites lol

the house edge only makes it highly likely that the casino would profit in the long run; proper brm to set a max win is also required to make it unlikely the casino would go bankrupt.

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August 03, 2015, 02:03:29 PM
 #59

It can be possible when a whale is lucky and win lots of btc.
When he withdraws almost all the funds from the casino bankroll, the casino has no funds to pay the other players.
The bitcoin casino is considered " bankrupt " he it defaults.

                                                                       
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August 03, 2015, 03:01:44 PM
 #60

Every business can be bankrupted. It's a question of management, solid business plan a luck as well. All can be screw down, even such business like Bitcoin casino. Some time ago I put some of ny BTC to Casino as investment. After a few days it went to red numbers, but in long term it was sucesfull investment.
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