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Topic: Satoshidice Odds (Read 486 times)
btcXem
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Satoshidice Odds
May 08, 2013, 04:30:40 PM
#1
Can someone who understands odds calculations better explain how SD odds work?
Lets look at only one bet, under 32768, there is a 50% chance of winning.
The fair payout on a 50% bet is 2 times your bet amount.
SD pays 1.957 times your bet amount, and advertises that as a return of 98.1% / house edge 1.9%
But, 1.957x on a 50% bet looks like a house edge of 2.15% to me.
98.1% of 2 is 1.962 not 1.957.
Where am I going wrong?
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Foxpup
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Re: Satoshidice Odds
May 09, 2013, 02:47:35 AM
#2
You're forgetting that if you lose, you get back 0.005x your original bet (minus transaction fees). This is so that you can easily tell the difference between a loss and a failure to pay out a win due to technical problems - win or lose, you will always get
something
back from SatoshiDice; if you don't, that means something went wrong.
1.957 x 50% = 97.85%
0.005 x 50% = 0.25%
97.85% + 0.25% = 98.1%
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Re: Satoshidice Odds
May 09, 2013, 03:00:35 AM
#3
Quote
win or lose, you will always get something back from SatoshiDice
Note: While it says "immediately" it can take a little bit of time.
theskillzdatklls
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Re: Satoshidice Odds
May 09, 2013, 03:06:21 AM
#4
if you have a lucky rabbits foot near your computer your odds increase by 4% though which brings the odds in your favor
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btcXem
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Re: Satoshidice Odds
May 09, 2013, 10:18:08 PM
#5
Quote from: Foxpup on May 09, 2013, 02:47:35 AM
You're forgetting that if you lose, you get back 0.005x your original bet (minus transaction fees)...
Thank you very much! I thought I must be missing something easy, that was it.
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