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Author Topic: 16x win on Chain-Bet.com with 0% House Edge!  (Read 2995 times)
RocketSingh
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January 22, 2017, 05:26:32 PM
 #81

Are the odds just so bad that the house doesnt need an edge?
The odds are high if u place a single bet. There are 16 options to bet on. If u place bet on multiple options in a single block, u'd eventually decrease your odds.

What is the sites total bankroll, and at what amount if a withdrawal manual?
Generally, sites that do not take investment in bankroll, do not publish their bankroll either. But, as the highest bet amount it 1 BTC, highest withdrawal is 16 BTC. As per OP, the highest win so far is 1.5968 BTC, which was automatically withdrawn.

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February 08, 2017, 11:59:42 AM
 #82

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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February 08, 2017, 12:59:44 PM
 #83

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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February 08, 2017, 01:45:08 PM
 #84

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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February 08, 2017, 01:54:27 PM
 #85

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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February 08, 2017, 05:29:08 PM
 #86

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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February 23, 2017, 07:27:38 PM
 #87

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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February 23, 2017, 11:58:55 PM
 #88

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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February 24, 2017, 12:22:00 AM
 #89

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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February 24, 2017, 12:31:41 AM
 #90

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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February 24, 2017, 12:37:36 AM
 #91

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 0.0002BTC, effectively adding a house edge, that is huge with small bets, and fairly small with larger bets.

Let's say I send a 0.001BTC bet. The site processes it as a bet of 0.0008BTC, which becomes 0.0128BTC if I win, with a 1/16 chance. I'm given essentially 80% of the money if it was processed as a 0.001BTC bet, making a house edge of 20% for 0.001BTC bets. It's gets even worse as you go down, with a 100% house edge for bets of 0.0002BTC or below.

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actmyname
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February 24, 2017, 12:43:37 AM
 #92

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
 #93

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
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March 09, 2017, 08:11:30 PM
 #94

I just check the board of https://www.chain-bet.com.

So, a 0% house edge game has only 2 wins out of 20, i.e 10%! Shocked

HoW?

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?
ReckLess.6
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March 13, 2017, 07:07:45 PM
 #95

I just check the board of https://www.chain-bet.com.

So, a 0% house edge game has only 2 wins out of 20, i.e 10%! Shocked

HoW?

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.
Warren Buffet
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March 20, 2017, 08:53:14 PM
 #96

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 Wink
LoveUJack
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March 29, 2017, 10:35:22 AM
 #97

Another BIG win on www.Chain-Bet.com . . .


BTC 0.0198 to BTC 0.3168
Bet ID: 1772
Choice: 3
Bet Amount: BTC 0.0198
Tx Hash: 3ea39dd5cc79c85b278882ae411143ed6448dcd83b7bab95b3ea0edcce5c64da
Status: won
Confirmation Block Height: 459387
Confirmation Block Hash: 00000000000000000101a9fb427e633052fd6fb38fbb1b19de8ebbae48c85c73
Return Amount: BTC 0.3168
Return Address: 1Ed98QfFV2JeZ9X25aP3Mz9CBgY6BuSVXZ
Return Tx: 056d0d0e6ce06ca7c35ab78c24f09473d67076535dea119b785525bd80b5d0bc
Jimmy Wales
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April 20, 2017, 11:24:19 AM
 #98

Another BIG win on www.Chain-Bet.com . . .


BTC 0.0198 to BTC 0.3168
Bet ID: 1772
Choice: 3
Bet Amount: BTC 0.0198
Tx Hash: 3ea39dd5cc79c85b278882ae411143ed6448dcd83b7bab95b3ea0edcce5c64da
Status: won
Confirmation Block Height: 459387
Confirmation Block Hash: 00000000000000000101a9fb427e633052fd6fb38fbb1b19de8ebbae48c85c73
Return Amount: BTC 0.3168
Return Address: 1Ed98QfFV2JeZ9X25aP3Mz9CBgY6BuSVXZ
Return Tx: 056d0d0e6ce06ca7c35ab78c24f09473d67076535dea119b785525bd80b5d0bc

Thanks... OP updated with the given info...
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