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MarbleBoss
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February 08, 2017, 11:59:42 AM |
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Also, they do have an house edge, since they take BTC from your original bet. Send 0.01BTC? It's a 0.0098BTC bet to them, which adds up to a house edge. The house edge varies based on bet size, but there definitely is a house edge.
You are confusing House Edge with processing fee. As chain-bet.com is a blockchain based game, they deduct BTC 0.0002 to cover their mining fee. This deduction is clearly stated when u generate an address as well as it is mentioned in their FAQ. Especially, now, as the Tx fee pressure is rising, I wonder, how they still cover with such a low fee! On the other hand, House Edge is simply the probabilistic edge house enjoys over gamblers, which has no distant relation with processing fee whatsoever. |
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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casinobonusgiveaway
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February 08, 2017, 12:59:44 PM |
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If you have 0% house edge, how can you profit? Theoretically, casinos earn money from house edge, so I can't find the source of your profit.
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Victor Beckham
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February 08, 2017, 01:45:08 PM |
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If you have 0% house edge, how can you profit? Theoretically, casinos earn money from house edge, so I can't find the source of your profit.
With substantial bankroll, a house can run comfortably and make decent profit with 0% house edge, if they dont allow automated betting by bots. If u exclude bets made by bots, u'll find 1% house edge games make much more profit than 1% of total wagered amount. Hence, though it is theoretically impossible to run a 0% house edge game, games like https://www.chain-bet.com still do exist in practical world. |
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casinobonusgiveaway
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February 08, 2017, 01:54:27 PM |
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If you have 0% house edge, how can you profit? Theoretically, casinos earn money from house edge, so I can't find the source of your profit.
With substantial bankroll, a house can run comfortably and make decent profit with 0% house edge, if they dont allow automated betting by bots. If u exclude bets made by bots, u'll find 1% house edge games make much more profit than 1% of total wagered amount. Hence, though it is theoretically impossible to run a 0% house edge game, games like https://www.chain-bet.com still do exist in practical world. Is it possible to check the stats of house winning/loss here? I am curious about their financial report. It is luck game, because 15/16 bets lost and 1/16 bets win, if players are luckier than the house, they will lose money. |
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Victor Beckham
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February 08, 2017, 05:29:08 PM |
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If you have 0% house edge, how can you profit? Theoretically, casinos earn money from house edge, so I can't find the source of your profit.
With substantial bankroll, a house can run comfortably and make decent profit with 0% house edge, if they dont allow automated betting by bots. If u exclude bets made by bots, u'll find 1% house edge games make much more profit than 1% of total wagered amount. Hence, though it is theoretically impossible to run a 0% house edge game, games like https://www.chain-bet.com still do exist in practical world. Is it possible to check the stats of house winning/loss here? I am curious about their financial report. It is luck game, because 15/16 bets lost and 1/16 bets win, if players are luckier than the house, they will lose money. I'm not aware of any such available stat. In general, gambling sites that do not take investment in bankroll, do not publish such financial reports either. Every gambling site's house takes a little risk. For a 1% house edge site, if players is more than 1% luckier than the house, then house will lose as well. |
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Warren Buffet
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February 23, 2017, 07:27:38 PM |
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Recently, someone seems to have converted BTC 0.005 to BTC 0.08 on www.chain-bet.com. Check Bet ID #1351. |
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fravia
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February 23, 2017, 11:58:55 PM |
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If you have 0% house edge, how can you profit? Theoretically, casinos earn money from house edge, so I can't find the source of your profit.
well a lot of people make mistakes and most probably they will lose money in a longer time because of their greediness, all in all i really like this gambling website and I play here from time to time. |
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hinterlog
Newbie
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Activity: 52
Merit: 0
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February 24, 2017, 12:22:00 AM |
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If you have 0% house edge, how can you profit? Theoretically, casinos earn money from house edge, so I can't find the source of your profit.
With substantial bankroll, a house can run comfortably and make decent profit with 0% house edge, if they dont allow automated betting by bots. If u exclude bets made by bots, u'll find 1% house edge games make much more profit than 1% of total wagered amount. Hence, though it is theoretically impossible to run a 0% house edge game, games like https://www.chain-bet.com still do exist in practical world. How much as a total % of the betting do you think a company with 1%house edge makes? Why do automated bots effect profitability? |
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LuanX3
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February 24, 2017, 12:31:41 AM |
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If you have 0% house edge, how can you profit? Theoretically, casinos earn money from house edge, so I can't find the source of your profit.
With substantial bankroll, a house can run comfortably and make decent profit with 0% house edge, if they dont allow automated betting by bots. If u exclude bets made by bots, u'll find 1% house edge games make much more profit than 1% of total wagered amount. Hence, though it is theoretically impossible to run a 0% house edge game, games like https://www.chain-bet.com still do exist in practical world. How much as a total % of the betting do you think a company with 1%house edge makes? Why do automated bots effect profitability? 0% or 1% house edge casinos will still win in the end. Not because they have 1% house edge, but due to statistics. In the long run, the casino has more money than any gambler that would come to their doorstep. They will outlast a gambler in the money game, and they will win in the long run. Even if the gambler has a winning streak, it will not still be lesser than the losing streak he has plus all the other player's losing streak. |
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DarkStar_
Legendary
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Activity: 2758
Merit: 3282
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February 24, 2017, 12:37:36 AM |
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If you have 0% house edge, how can you profit? Theoretically, casinos earn money from house edge, so I can't find the source of your profit.
They do not have a 0% house edge. They take a "transaction fee" off of every bet before it's processed of 0.0002 BTC, effectively adding a house edge, that is huge with small bets, and fairly small with larger bets. Let's say I send a 0.001 BTC bet. The site processes it as a bet of 0.0008 BTC, which becomes 0.0128 BTC if I win, with a 1/16 chance. I'm given essentially 80% of the money if it was processed as a 0.001 BTC bet, making a house edge of 20% for 0.001 BTC bets. It's gets even worse as you go down, with a 100% house edge for bets of 0.0002 BTC or below. |
taking a break - expect delayed responses
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actmyname
Copper Member
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Activity: 2562
Merit: 2504
Spear the bees
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February 24, 2017, 12:43:37 AM |
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0% or 1% house edge casinos will still win in the end. Not because they have 1% house edge, but due to statistics.
This is wrong. In the long run, the casino has more money than any gambler that would come to their doorstep. They will outlast a gambler in the money game, and they will win in the long run. Even if the gambler has a winning streak, it will not still be lesser than the losing streak he has plus all the other player's losing streak.
This is wrong too.
Having a game that is 0% house edge means that there is an equal likelihood (using basic 50/50 odds) for the house or for the player to win. Keeping this in mind and extrapolating, this means that for a given bankroll of the house, there is an equal likelihood over a long duration for the house to lose or win x amount. For example, let's say that the bankroll is $10 and a number of players wager within a given time. You can consider this one player in total, and it won't change anything. Let's say that the total wagered amount is $10. Whatever the chances, this is 0 ev. Meaning that the casino can expect to make an average profit of $0 from the wagers. It matters not how much their bankroll is: the profit is independent of that. Keep that in mind. For example, if we flip a coin for $5, does it matter whether I have $5 or $5000? No. My odds of winning and losing $5 are the same. Even if we continue for N times, my odds of winning and losing are still equal.
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freemanjackal
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March 04, 2017, 05:22:23 AM |
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but at the end house always win no matter house edge, that s their bussiness, even if one or two player make profits, most of all will lost their coins
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Angelina Jolie
Member
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Activity: 169
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Global Risk Exchange - gref.io
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March 09, 2017, 08:11:30 PM |
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Lol, Random? 0% HE means they don't earn on it. Doesn't mean you won't lose... 0% HE DOES NOT mean they don't earn on it. House Edge is NOT House Commission. Just like 1% HE sites do not earn exact 1% of the total wagered amount, 0% HE sites does not earn 0 either. Right now, there are 4 wins out of 20, i.e. 20%. Right now, there are 0 wins out of 20, i.e. 0%. How do u justify this? |
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ReckLess.6
Jr. Member
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Activity: 44
Merit: 16
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March 13, 2017, 07:07:45 PM |
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Lol, Random? 0% HE means they don't earn on it. Doesn't mean you won't lose... 0% HE DOES NOT mean they don't earn on it. House Edge is NOT House Commission. Just like 1% HE sites do not earn exact 1% of the total wagered amount, 0% HE sites does not earn 0 either. Right now, there are 4 wins out of 20, i.e. 20%. Right now, there are 0 wins out of 20, i.e. 0%. How do u justify this? Right now, luck is favoring house. Does not mean, it always will. It is pure probability. |
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Warren Buffet
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March 20, 2017, 08:53:14 PM |
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Right now, there are 5 wins out of 20, where all the winners have made 16x of their bet value. This game is pretty interesting  |
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LoveUJack
Member
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Activity: 83
Merit: 17
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March 29, 2017, 10:35:22 AM |
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Jimmy Wales (OP)
Member
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Activity: 140
Merit: 17
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April 20, 2017, 11:24:19 AM |
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Thanks... OP updated with the given info... |
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bruboi
Member
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Activity: 73
Merit: 13
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June 16, 2017, 12:07:31 AM |
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There are several more big wins.. People are taking the house right now  |
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RocketSingh
Legendary
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Activity: 1662
Merit: 1050
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June 19, 2017, 08:49:50 PM |
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There are several more big wins.. People are taking the house right now Looking at the board, that's what it seems like... |
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