Satoshidice Odds

[btcXem]

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]

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%

[MiningUnited]

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]

if you have a lucky rabbits foot near your computer your odds increase by 4% though which brings the odds in your favor

[btcXem]

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.