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RealBitcoin (OP)
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November 14, 2015, 08:28:43 PM |
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Nope, that's not how roulette works. Every player at the table is betting against the house. For example, if every player bets on red and wins, the house pays.
Poker is where the players are playing against each other and the house takes a "rake" as a fee for hosting the game and there is no house edge.
I understand that, but the money comes from other gamblers. So the house only acts as a mediator, always. While the money is being changed from 1 gambler to the other. Now in roulette you interact with the house not the player, but that doesnt mean that the money doesnt come from the other player. So there is a difference between interaction source, and money source. |
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DonFintoni
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November 14, 2015, 08:31:41 PM |
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So there is a difference between interaction source, and money source.
That I agree with, except in the situation of a new casino, where they will have to put together a house bankroll to manage the variance of wins and losses until the player pool grows to a suitable size. |
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RealBitcoin (OP)
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November 14, 2015, 08:34:44 PM |
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So there is a difference between interaction source, and money source.
That I agree with, except in the situation of a new casino, where they will have to put together a house bankroll to manage the variance of wins and losses until the player pool grows to a suitable size. I`m not sure how physical casinos are born, they can raise money by stock market, fundraiser, or bank loan to have the initial capital for house->player games. However in bitcoin it's easier, many bitcoin casinos like Satoshidice.com, offer investments in their bankroll, so investors can invest directly in them, and gain a % share from the house profit. |
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vendetahome
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November 14, 2015, 09:49:33 PM |
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thats some interesting readings i hope you are right as i am playing gambling games a lot and it would be cool to make a casino go bancrupt
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FrostStick
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November 14, 2015, 09:50:36 PM |
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It is possible that your winning streak will continue infinitely but the chances are very, very, very slim.
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98problems
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November 14, 2015, 10:05:38 PM |
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i highly doubt it the casinos are made to have the house edge which would lead people into loosing all their money
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RealBitcoin (OP)
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November 14, 2015, 10:50:27 PM |
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thats some interesting readings i hope you are right as i am playing gambling games a lot and it would be cool to make a casino go bancrupt
Man it doesnt depend on me, It depends on your luck and the casinos luck. It is possible that your winning streak will continue infinitely but the chances are very, very, very slim.
Again, infinite is an exxageration. People gamble a finite amount of times. i highly doubt it the casinos are made to have the house edge which would lead people into loosing all their money
It's not the casino losing the money, but 1 group of gamblers losing to another group. The casino only takes his comission. |
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TriggerX
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November 14, 2015, 10:58:10 PM |
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It's really dependent on the time you're talking about. Sure, you could profit if you gamble for a year. It's unlikely, BUT it is possible. It's just that the house edge has a slightly higher chance of winning than the average gambler and that's how they make money. It is possible for a gambler to profit, in the long run, but you also have to remember it's more likely for a gambler to lose in the long run.
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Hi!
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AquaPanda
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November 14, 2015, 11:20:18 PM |
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Wow man. Wow. That is a very in depth analysis of what all us gamblers want to be the case. But reality is you gamble, you lose money. you gamble some more, you lose more money. Then you gamble again and win big enough for it to matter. then you gamble some more and lose all that money.
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Pab
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November 14, 2015, 11:51:34 PM |
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Gambling i dont think so,Poker,Black Jack isa kind ofsport,it is like cheese,you are good yo earn
You can bet on sports but it is more like investing than gamble,.Before you need to learn how to do that
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Junko
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November 15, 2015, 02:13:11 AM |
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Yes, with proper bankroll management, knowledge of the game you are playing, including the optimum winning strategy for the game you are playing, as well as being emotionally disciplined, you can increase your chances of making a long term profit in gambling. It is possible that your winning streak will continue infinitely but the chances are very, very, very slim.
It isn't necessary to have an infinite winning streak to be profitable in gambling. Profitable long term gamblers experience downswings all the time. They have periods where they experience multiple extended losing streaks. Yet they are still profit in the long run. Why? Mostly because of, wait for it... proper bankroll management. This is what allows them to survive the bad times of not winning and allows them to have the funds available to be able to take advantage when their luck is in their favor. |
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katerniko1
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November 15, 2015, 02:19:04 AM |
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well this is a nice thread with everything explained  but i still dont think that some sites can go bankrupt (some like pd) regards. -Katerniko1 |
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cluit
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November 15, 2015, 02:24:43 PM |
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I need to agree with OP as I too believe that gambling would be profitable in long-term if we are concentrating learning skills along with our gambling. Only gambling for long time would not make any changes in our gambling results. We need to concentrate on developing our skills side-by-side.
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anonymousx
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November 15, 2015, 02:29:42 PM |
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No gambling for me, tried it for fun and left ^^ best of luck to you with that!
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Sourgummies
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November 15, 2015, 03:24:08 PM |
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Your argument is based on the variance with gamblers, and that you can profit off gambling. Plus, all that's stated is that you need to be lucky to be profiting from gambling.  This is true, and we know that. However, it is, (as said time and time again) unlikely for you to do so. Especially with your 1-year period, you have to understand human psychology and how they act with gambling. Addicts typically do not stop at a certain point. Maybe instead of 400 gamblers winning consistently, it's down to 20? Sure, it can be profitable in a year... but the in the "long run" it leads to the house taking everything. |
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XinXan
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November 15, 2015, 04:02:21 PM |
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Mathematically, of course, it's possible. But if we use that logic, pretty much anything that seems impossible can be possible. Someone could win the lottery 100 times in a row, yes mathematically it's possible but let's be honest, it wont happen. If you are so sure that it's possible, give us an example of a gambler that played roulette (or any other gambling game with house edge) that has won in the long term (5-10 years)
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RealBitcoin (OP)
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November 15, 2015, 04:15:23 PM |
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Mathematically, of course, it's possible. But if we use that logic, pretty much anything that seems impossible can be possible. Someone could win the lottery 100 times in a row, yes mathematically it's possible but let's be honest, it wont happen. If you are so sure that it's possible, give us an example of a gambler that played roulette (or any other gambling game with house edge) that has won in the long term (5-10 years)
Of course it depends on your luck. However winning a lottery 100 times in a row is highly unlikely, my scenario is much more probable, to the point that I believe it actually happened already or it can happen already anytime. There could be a group of gamblers that have fortune on their side, and win for 1 year straight. Its not that improbable. |
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XinXan
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November 15, 2015, 04:56:13 PM |
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Mathematically, of course, it's possible. But if we use that logic, pretty much anything that seems impossible can be possible. Someone could win the lottery 100 times in a row, yes mathematically it's possible but let's be honest, it wont happen. If you are so sure that it's possible, give us an example of a gambler that played roulette (or any other gambling game with house edge) that has won in the long term (5-10 years)
Of course it depends on your luck. However winning a lottery 100 times in a row is highly unlikely, my scenario is much more probable, to the point that I believe it actually happened already or it can happen already anytime. There could be a group of gamblers that have fortune on their side, and win for 1 year straight. Its not that improbable. How do you know how much more probable your scenario is? Your calculations are not exactly right, first of all what are the gamblers using, martingale? What happens when they lose all their money? Do you know how hard it is just to recover that money? Your scenario it's not that probable and I have never seen anyone profiting from roulette or dice without cheating. As I said, give us 1 real example of someone doing it and I will believe you. |
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Phildo
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November 15, 2015, 05:32:49 PM |
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it's impossible , when we talk about long term we aren't talking about one year where are talking about mathematical concepts
the house will keep making money and the players at the end will run out of funds , it's impossible to beat -EV games unless there is a +EV bounty or Jackpot
even Einstein said about roulette that No One Can Win at Roulette Unless He Steals Money from the Table While the Croupier Isn’t Looking
Yes we are talking about 5-10 years because nobody gambles infinitely many times. It is possible to beat negative expectancy if you have a favorable probability distribution. If you bet on Red chip in roulette and the distribution is this: R , R , R ,B , R , R , R , R , R , R , R , R , R , R , R , R ,B ... You just ended up a net winner. That is nowhere near the long term. It is certainly possible to win money by making -ev bets. That does not mean it is profitable long term. |
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RealBitcoin (OP)
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November 15, 2015, 06:36:25 PM |
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How do you know how much more probable your scenario is? Your calculations are not exactly right, first of all what are the gamblers using, martingale? What happens when they lose all their money? Do you know how hard it is just to recover that money? Your scenario it's not that probable and I have never seen anyone profiting from roulette or dice without cheating. As I said, give us 1 real example of someone doing it and I will believe you.
I dont know, but it can be calculated with a simple Z test if you know the parameters. I dont have time to do it. With martingale its virtually impossilble since martingale doesnt add any expectancy bonus to you, it only adds exponential risk. I mostly described my scenario with flat betting only. No systems, no strategies. Just betting on 1 scenario with constant bet size.
Example? Why? Thats like saying I dont believe in gravity because I havent jumped out from the 4th floor yet. We know my scenario is possible, you dont need real world examples to prove it. Plus I dont have records of every single bet that has ever taken place to prove it to you. |
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