What is definition of 'Wagered'?

[Dogedigital]

Hello Bitcointalk.

Please help me distinguish what exactly 'Wagered' is?

Here is the example:

User X bets 1 BTC one-hundred times at 50%.

(A)
Has User X wagered 100 Bitcoin (100 * 1 BTC)

or

(B)
Has User X wagered 50 Bitcoin (100 * 1 BTC * .5)

[jagrapolite5]

100 BTC.

He bet 1BTC 100 times. The wager doesn't have anything to do with the chance of winning/losing although some casino bonuses do.

[RHavar]

Yeah, it's just the sum of what was bet. So in this case 100 BTC. I don't believe I've ever heard a different definition.



A more blurry case is if someone bets 1 BTC in a game like plinko, but the worst possible outcome is 0.2x. i.e. they can never lose more than 0.8 BTC in that bet.


So have they wagered 1 BTC, or have they wagered 0.8 BTC?  When you work with it from a maths perspective it makes more sense to normalize it, and treat it as a 0.8 BTC wager, but colloquial most people would call it a 1 BTC bet.

[Dogedigital]

Yeah, it's just the sum of what was bet. So in this case 100 BTC. I don't believe I've ever heard a different definition.

Interesting.  Thanks for commenting.

[BoXXoB]

Yeah, it's just the sum of what was bet. So in this case 100 BTC. I don't believe I've ever heard a different definition.



A more blurry case is if someone bets 1 BTC in a game like plinko, but the worst possible outcome is 0.2x. i.e. they can never lose more than 0.8 BTC in that bet.


So have they wagered 1 BTC, or have they wagered 0.8 BTC?  When you work with it from a maths perspective it makes more sense to normalize it, and treat it as a 0.8 BTC wager, but colloquial most people would call it a 1 BTC bet.

I'd definitely just simply say it's 100 wagered even if it's on a game like plinko. That's literally pretty much how everybody understands it.

[Betwrong]

Hello Bitcointalk.

Please help me distinguish what exactly 'Wagered' is?

Here is the example:

User X bets 1 BTC one-hundred times at 50%.

(A)
Has User X wagered 100 Bitcoin (100 * 1 BTC)

or

(B)
Has User X wagered 50 Bitcoin (100 * 1 BTC * .5)

The right answer is (A). I have never heard about another definition of the word "Wagered". You can bet 1 BTC with 98% wininning chance 100 times and still you'll have 100 BTC wagered.

Btw your formula for (B) is wrong if you mean the more you are risking the more the amount of "wagered" should be.

[debuni]

I guess you are asking because of your trial with DuckDice.io

Bookmakers and Casinos often are using another definition. Like for example Nitrogen and almost all other affiliate programs:

"Every time someone you referred to Nitrogen places a bet you’re paid 0.3% of their total wager. A wager is calculated as the lesser of the amount bet or the amount that can be won on a bet. Whether your referral players win or lose, you get paid! "

This mean if user bet 100BTC on 1.1 at Nitros, you will get commission on 10BTC wagered, not 100BTC. There is longer explanation, but risk amount is what is counter in general.

[RHavar]

I guess you are asking because of your trial with DuckDice.io

Bookmakers and Casinos often are using another definition. Like for example Nitrogen and almost all other affiliate programs:

"Every time someone you referred to Nitrogen places a bet you’re paid 0.3% of their total wager. A wager is calculated as the lesser of the amount bet or the amount that can be won on a bet. Whether your referral players win or lose, you get paid! "

This mean if user bet 100BTC on 1.1 at Nitros, you will get commission on 10BTC wagered, not 100BTC. There is longer explanation, but risk amount is what is counter in general.

Interesting, I wasn't aware of anyone that did this.

Is it because their house edge is variable?  (i.e. if i bet 1 bitcoin @ 2x,  or 1 bitcoin @ 1.1x  does the house have a higher expected earnings on the 2x bet?)  Or is it just an easy way to pay less money to affiliates?


Because for instance, on casinos with flat house edges (e.g. dice sites) it's a lot better for the casino if there's low-risk bets

[susila_bai]

I guess you are asking because of your trial with DuckDice.io

Bookmakers and Casinos often are using another definition. Like for example Nitrogen and almost all other affiliate programs:

"Every time someone you referred to Nitrogen places a bet you’re paid 0.3% of their total wager. A wager is calculated as the lesser of the amount bet or the amount that can be won on a bet. Whether your referral players win or lose, you get paid! "

This mean if user bet 100BTC on 1.1 at Nitros, you will get commission on 10BTC wagered, not 100BTC. There is longer explanation, but risk amount is what is counter in general.

What you said is correct because i was also getting doubt when i saw the reply from starting post of telling that the wager will be 100btc,

but what calculation of nitros you game same way i was also getting from fortunejack when they were giving poker wager revenue and i have deposited 1 btc and have played for more then 100 btc but still i was having only 0.006btc as wagering what was their calculation still i was not able to understand. but your calculation is giving me some nearby calculation of wagering of sites.

So it means they are giving only the houseedge or commission what they are earning from the bet as wagering from it. So no more it is like if you are betting for 100 btc means you wont get wagering for 100 btc.

[RHavar]

On a related note, because bustabit has a variable house edge of 0-1%, I don't rank or show people by "wagered" because it would be very unfair and easy to game (just bet lots at a low edge). So instead, I use "gross profit" to rank players which is a proxy for the multiple of the win probability and the amount of money the person has attempted to win. (The reason I can't use it directly is because bustabit is real time, so if the game busts I will never know what they "would've" cashed out).


I guess my point is (other than to shill) is sometimes using "wagered" is not a very good metric (for casinos with variable edges) but instead of redefining the word it's probably best to just come up with a new term

[xinzark]

I guess you are asking because of your trial with DuckDice.io

Bookmakers and Casinos often are using another definition. Like for example Nitrogen and almost all other affiliate programs:

"Every time someone you referred to Nitrogen places a bet you’re paid 0.3% of their total wager. A wager is calculated as the lesser of the amount bet or the amount that can be won on a bet. Whether your referral players win or lose, you get paid! "

This mean if user bet 100BTC on 1.1 at Nitros, you will get commission on 10BTC wagered, not 100BTC. There is longer explanation, but risk amount is what is counter in general.

Interesting, I wasn't aware of anyone that did this.

Is it because their house edge is variable?  (i.e. if i bet 1 bitcoin @ 2x,  or 1 bitcoin @ 1.1x  does the house have a higher expected earnings on the 2x bet?)  Or is it just an easy way to pay less money to affiliates?


Because for instance, on casinos with flat house edges (e.g. dice sites) it's a lot better for the casino if there's low-risk bets

It is just an easy way to pay less money to affiliates. These are just Promotional thing which attracts at the beginning but pushes against when we get to know about terms
Same goes for some other popular sportsbook like CloudBet
While wagering rules in CloudBet is even worse. Wagered amount = stake (in mBTC) x price score (up to 1)
The price score is the square root of the odds, minus one (decimal odds). The maximum price score is 1.

Edit : But they all are clearly explained and not kept hidden

[btcdevil]

As i am seeing that their are lot of different ways of wagering is calculated in different sites according to their profit ratio and house edge but still i think if a users is mostly playing on the basis of wagering then wont be getting much profit.

But it is nice that i have got lot of idea from your comments of how the wagering is working , Thank you all of you.

[eternalgloom]

I also only ever heard of definition A and I don't see how definition B could even be considered to mean wagered.
But interesting discussion though, I had no idea that some sites calculated this differently, it's a bit unfair imo

[ndnh]

Wagered means the total money risked. 100BTC.

What a casino takes as 'wagered' is not necessarily the same as what 'wagered' really is. It looks simpler (and probably makes players feel like they are getting a good deal )

[zinobiq]

I also only ever heard of definition A and I don't see how definition B could even be considered to mean wagered.
But interesting discussion though, I had no idea that some sites calculated this differently, it's a bit unfair imo

what sites calculate it different ? i think its a simple thing

[hopenotlate]

Hello Bitcointalk.

Please help me distinguish what exactly 'Wagered' is?

Here is the example:

User X bets 1 BTC one-hundred times at 50%.

(A)
Has User X wagered 100 Bitcoin (100 * 1 BTC)

or

(B)
Has User X wagered 50 Bitcoin (100 * 1 BTC * .5)

I have always known a definition of wagering thet fits example (A) =>  n. 100 bets of 1 BTC each make a wagered of 100 BTC

[maku]

Interesting. I know why you created this thread Dogedigital. It is because strange rules of Duckdice.io?
They use some kind of formula to determine wagering requirement for their bonuses, which is very misleading.
I support your case because I hate any kind of nontransparent rules and promos.
And honestly - Wagered Definition as Bitcoin risked divided by chance is really BS, nothing more.

[thebatletbet]

Wagered is total accumulation your bet
sample gamble site open program must Wagered 200 bitcoin

if you capital money in gambling site 1 bitcoin, you only need accumulation bet in 200 bitcoin, is price every bet small or big is no problem

if you every bet 1 bitcoin your need 200x bet , 200*1bitcoin = 200 bitcoin
every bet 0.1bitcoin you need 2000x bet , 2000 *0.1bitcoin = 200bitcoin