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Author Topic: Can bitcoin casino go bankrupt?  (Read 2338 times)
apriyani420
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August 03, 2015, 03:17:25 PM
 #61

BTC casino can bankrupt, for example, if casino use free casino BTC faucet and players make a lot of BTC withdraw  Wink
well its nearly impossible to do that i guess, either casinos have to give away a lot of money for faucet claims or people have to be really lucky to win that much money to make a casino go bankrupt

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Dennis7777
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August 03, 2015, 03:23:16 PM
 #62

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.

If the gambling site set the max win or max payout using Kelly formula, the limit will get smaller and smaller as the whale wins. The house could lose a significant % of the bankroll but not all.

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August 03, 2015, 03:25:04 PM
 #63

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.

If the gambling site set the max win or max payout using Kelly formula, the limit will get smaller and smaller as the whale wins. The house could lose a significant % of the bankroll but not all.
well it depends on how much bitcoins the casino will decide that they want to keep safe, in my opinion its not the best idea for them to do as people wouldnt be that interested in it

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August 03, 2015, 03:32:41 PM
 #64

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.

If the gambling site set the max win or max payout using Kelly formula, the limit will get smaller and smaller as the whale wins. The house could lose a significant % of the bankroll but not all.
well it depends on how much bitcoins the casino will decide that they want to keep safe, in my opinion its not the best idea for them to do as people wouldnt be that interested in it

They can choose to set their max win to 2x, 5x or even 10x Kelly if they want to take more risk and have a higher max win, but still the same applies.

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August 03, 2015, 03:33:59 PM
 #65

I think it depends solely on the management. Look at what happened with Mt.Gox. The owner embezzled funds and it went bankrupt  Cool

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August 03, 2015, 03:50:23 PM
 #66

If casino can't bankrupt, I will make a casino for the future to ensure my life forever.
We gamble on casino and casino also gamble on us ( the different is casino has something called " house edge " )

Hi,

I was always told that regular casino games are rigged so that the casino never loses money.
If the bitcoin casinos are using real random number generation then it is possible for them to
actually go bankrupt no?

Thanks.

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August 03, 2015, 04:15:42 PM
 #67

I think it depends solely on the management. Look at what happened with Mt.Gox. The owner embezzled funds and it went bankrupt  Cool
well first of all mtgox wasnt a gambling site also it turned to scam so technically it did not go bankrupt, in my opinion casino cant bankrupt if it has enough funds

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August 03, 2015, 04:33:26 PM
 #68

I think it depends solely on the management. Look at what happened with Mt.Gox. The owner embezzled funds and it went bankrupt  Cool
well first of all mtgox wasnt a gambling site also it turned to scam so technically it did not go bankrupt, in my opinion casino cant bankrupt if it has enough funds
even if they don't have enough funds as long as they have a good site security and results that favors more on the site owner, they will not go bankrupt

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arallmuus
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August 03, 2015, 04:34:52 PM
 #69

I guess bankroll management doesnt have any effect on bankruptcy

Wrong, bankroll management is a must. A proper kelly criterion should be followed and this is to ensure a high roller doesnt break the house in few split of bet thus this will be limiting the house's losses as well.

their bankroll depends on the wagered, the more wagered the site get the most income they get

Wrong, although the house has the edge over for the long run but it is not a guarantee that they house will keep on winning with the more people wagering there as there will be always a day or two where the house is completely out of luck so purely depends on the wagered status isnt right at all

and with a little development I think they wont be bankrupt

Wrong again, a site that put in poor development will not attract any player. Just take a look at how many poorly developed gambling site in this board that dont attract any player at all. Basically they just put their site on launch here and hope for the best which wont work here as there are alot more far better sites in almost every aspect

References :

Minidice : https://bitcointalk.org/index.php?topic=1091286.0

Doodledice : https://bitcointalk.org/index.php?topic=1104611.0

PatDice : https://bitcointalk.org/index.php?topic=1109238.0

SawDice : https://bitcointalk.org/index.php?topic=1064019.0

CrimeDice : https://bitcointalk.org/index.php?topic=1083359.0 ( and alot more, just hit the search button )

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