whats meaning of house edge

[goldman]

this faq of just dice i dont quite understand about the house edge part...
why receive 2 times your stake if there was no house edge???

What does 1% house edge mean?

Some people have been confused by this. They ask when we take the 1% off, is it after each win, or when they try to withdraw. It is neither of these. The house edge is built in to the payouts. When you play the 50% game and win, you receive 1.98 times your stake as your payout. If there was no house edge, you would receive 2 times your stake. 1.98 is 1% less than 2. That is the house edge.

[1714718156]

1714718156

[1714718156]

1714718156

[1714718156]

1714718156

[elliwilli]

I think it means that the house has a 51% chance of wining and you have 49%
Therefor if you bet 100 times the house will win 51 times and you 49

[HollowIP]

I think it means that the house has a 51% chance of wining and you have 49%
Therefor if you bet 100 times the house will win 51 times and you 49

Exactly what OP is saying. You lose 1% more than normal.

[marcovaldo]

Yes, it means that on average, the website (=house) win 1 % of all bets. But there is variance

[01BTC10]

this faq of just dice i dont quite understand about the house edge part...
why receive 2 times your stake if there was no house edge???

What does 1% house edge mean?

Some people have been confused by this. They ask when we take the 1% off, is it after each win, or when they try to withdraw. It is neither of these. The house edge is built in to the payouts. When you play the 50% game and win, you receive 1.98 times your stake as your payout. If there was no house edge, you would receive 2 times your stake. 1.98 is 1% less than 2. That is the house edge.

You are right. Some interesting reading:

http://en.wikipedia.org/wiki/Expected_value

[C10H15N]

This was not build by the money gamblers won. 

[fildza]

This was not build by the money gamblers won. 

There are billion money there

[b!z]

This was not build by the money gamblers won. 

There are billion money there

billions owned by the casinos, not the players

[goldman]

nice place !!!!