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Author Topic: How does provably fair environment ensure the survival of gambling houses.  (Read 155 times)
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November 25, 2019, 01:00:44 PM
Last edit: November 25, 2019, 06:44:27 PM by bearexin
Merited by tbterryboy (3)
 #1

I mean it is a fair environment for both a gambler and a gambling house so either anyone may lose all their money. How gambling houses are avoiding big loses to their customers because they are only having provably fair games and anyone could be the winner at the end of day.

I know the gambling business is a saturated one nowadays and there is a heavy competition among houses. But, basically with provably fair thing, I am afraid that houses cannot be sure about being profitable within existing customers base and their spending money.

In some sense, when a gambling house grows bigger in terms of customer base, the chances to be defeated in the provably-fair-environment is more. Does it mean there is only 50% chances to be successful as a gambling business owner?

What am I missing and how we do have lots of gambling houses when provably fair is a neutral to them?


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November 25, 2019, 01:04:34 PM
Merited by tbterryboy (2)
 #2

House edge. One simple answer for all your questions.

House edge is the open thing that is being collected from every gambler for the survival of a house. Unlike you mentioned, there is more than 50% chances for the houses to be successful against its customers in any game. Yes, a gambler gets only (50-house edge)% chances to be a winner.

Moreover, martingale kind of strategies are emphasizing about increasing your base bet on the event of losing bet. But, we need to remember like losing streak there are chances for continuous winning streak which is being missed by all the gamblers due to house-favorable strategies. I mean house-edge and flawed gambling strategies are few things (I could recall right away) which ensure survival of gambling houses.

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November 25, 2019, 01:23:09 PM
 #3

I guess the opposite of provable fair  gambling system is rigged gambling system. Or even a gambling system that can be potentially rigged. So are you suggesting that it's OK to rig the system to become very profitable (the serious provable fair ones are profitable atleast) or have a system that can be potentially rigged? I think the provable fair is ethical/moral and good for both parties (the gambler and house)



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November 25, 2019, 02:36:02 PM
 #4

I never thought that bookies could lose. as I know my own experience when playing both gambling online gambling and offline gambling, I more often lose than win. and I don't think it just happened to me, even though there are people who win a lot from gambling on the other hand there are definitely people who lose a lot too. I think the bookies of the possibility of losing globally is very small.
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November 25, 2019, 03:52:38 PM
 #5

We are all saying that gambling is risky but why there are still many people playing it the probable fair here seems just a percentage of the risk so, in my opinion, many people are surely aware of this, a percentage would not gonna sure the possibility that you can always win, the house is a fixer of that percentage to be random to bettors,

The gambling site didn't say it is 100% not risky there is the percentage to that and the fair thing that is talking about the site is the fairness that the gambling site would always sure to consider the percentage to be always there.

 
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November 25, 2019, 04:08:57 PM
 #6

As it is already said, the house edge guarantees that the gambling website is profitable. The house guarantees that the house beats gamblers in the long term. Besides, Gambling websites consider a maximum amount for the profit a gambler can earn in a single bet. As every single bet is independent form other bets, a gambler might bet a huge amount which is more than the amount the house can afford to pay.

 
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November 25, 2019, 04:16:02 PM
 #7

Casinos always win. I don't know how you can measure the provability of it but BTC casinos always claim to have fair provability. The Casino I promote claim to have fair provably, I'm just not sure about its reality since I lose most of the time there. Saying they are fair however makes the gambler think they can win. I guess it can establish trust to people when they mention provably fair on the website.

 
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November 25, 2019, 04:42:14 PM
 #8

First of all provably fair does not mean that they have no house edge. Is just that the rolls are random, but they do have an edge over you. If you have noticed on most dice websites when you bet on OVER,UNDER 50 you get a 1.98x odds or something like that. That's their edge and that will ensure they win over the long term if the clients keep playing at their tables. Wink

Of course respectable casinos also employ risk management strategies, such as that you can only bet a certain amount per game, etc.

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November 25, 2019, 04:48:10 PM
Last edit: November 25, 2019, 05:03:47 PM by shoreno
 #9

I mean it is a fair environment for both a gambler and a gambling house so anyone may lose all their money.
what do you mean when you say anyone ? every gambling platform can claim that they are provably fair but we wont know if they are really fair because i think its possible to manipulate since they are the owner  . not saying all of them but some maybe ,,,

How gambling houses are avoiding big loses to their customers because they are only having provably fair games and anyone could be the winner at the end of day.
a gambling platform can limit bets ( how many max bet or max win ) and what does the house edges  mean's ? i think they already earn or cut thier loss depending on the percent of thier edges  .

In some sense, when a gambling house grows bigger in terms of customer base, the chances to be defeated in the provably-fair-environment is more. Does it mean there is only 50% chances to be successful as a gambling business owner?
What am I missing and how we do have lots of gambling houses when provably fair is a neutral to them?
gambling is stil a  business and for sure that every business have pros and cons  . not all business can be sucesfull

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November 25, 2019, 04:59:27 PM
 #10

First of all provably fair does not mean that they have no house edge. Is just that the rolls are random, but they do have an edge over you. If you have noticed on most dice websites when you bet on OVER,UNDER 50 you get a 1.98x odds or something like that. That's their edge and that will ensure they win over the long term if the clients keep playing at their tables. Wink

Of course respectable casinos also employ risk management strategies, such as that you can only bet a certain amount per game, etc.

When you are in playing the gambling, you are taking the risk all of your money and your self too because when you are playing even your intention is just for fun. Still, there is money involved. You don't want to lose all of your money in just a game as a gambler. We want to earn a profit. There are only two types of players, the winner and the loser, but we don't want to go home just giving or wasting your money.
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November 25, 2019, 05:03:32 PM
 #11

House edge and withdrawal fees make gambling platorm survive. Even in real casino it's always the house win and that's how it goes, it os a business and it would not be built if it is not designed to be profitable. It may say provalbly fair, but at some point gambling is always about winning that is why the odds of winning is always smaller.

 
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November 25, 2019, 05:06:30 PM
Last edit: November 26, 2019, 04:18:25 PM by seoincorporation
 #12

I mean it is a fair environment for both a gambler and a gambling house so anyone may lose all their money. How gambling houses are avoiding big loses to their customers because they are only having provably fair games and anyone could be the winner at the end of day.

I know the gambling business is a saturated one nowadays and there is a heavy competition among houses. But, basically with provably fair thing, I am afraid that houses cannot be sure about being profitable within existing customers base and their spending money.

In some sense, when a gambling house grows bigger in terms of customer base, the chances to be defeated in the provably-fair-environment is more. Does it mean there is only 50% chances to be successful as a gambling business owner?

What am I missing and how we do have lots of gambling houses when provably fair is a neutral to them?



Casinos have a house edge, and that's the way they ensure the success of the project. The house edge is a small % that the house has of advantage, let's say you are playing 1 dollar bets against the house with just flipping a coin. If you lose you will lose the dollar, but if you win you will get 0.95 dollar. This way is how the house wins in the long run.

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November 25, 2019, 07:16:46 PM
 #13

let's say you are playing 1 dollar bets against the house with just flipping a coin. If you lose you will lose the dollar, but if you win you will get 0.95 cents. This way is how the house wins in the long run.
2 corrections:
You will get $0.95+1 dollar (you get back your bet amount).
0.95 cents is less than one cent. It could be 95 cents or 0.95 dollar in your example.

how we do have lots of gambling houses when provably fair is a neutral to them?
If you observe keenly, lots of gambling business are getting closed regularly. It makes us assume that provably fair is neutral to both the parties. For a failed business, there could be hundreds of reasons like poor management or hacking or anything but when not considerably profitable due to provably fair environment also one of probable reason.

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November 25, 2019, 09:02:38 PM
 #14

let's say you are playing 1 dollar bets against the house with just flipping a coin. If you lose you will lose the dollar, but if you win you will get 0.95 cents. This way is how the house wins in the long run.
2 corrections:
You will get $0.95+1 dollar (you get back your bet amount).
0.95 cents is less than one cent. It could be 95 cents or 0.95 dollar in your example.

how we do have lots of gambling houses when provably fair is a neutral to them?
If you observe keenly, lots of gambling business are getting closed regularly. It makes us assume that provably fair is neutral to both the parties. For a failed business, there could be hundreds of reasons like poor management or hacking or anything but when not considerably profitable due to provably fair environment also one of probable reason.
You itself have stated this the provably fair environment will serve to be one among the probable reason for closure of gambling businesses and not a proven reason. Gambling houses will always have their own house edge which gets them with the profit. Going through the gambling discussion section it is possible to find more users who have failed in gambling losing big. Have you come across any thread stating that they are closing their website as there isn't profit. If something happened then it isn't not of profit, it would've happened for other reasons.

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November 25, 2019, 09:47:03 PM
 #15


What am I missing and how we do have lots of gambling houses when provably fair is a neutral to them?


Its never been a neutral thing and the stuff you have missed is the House edge considering that provably fair stuff they wouldnt mind too much as long theres HE this business would becomes profitable no matter what or in the end of the day. Big wins do happen and this is why gambling houses do set maximum wins to prevent their entire bankroll to bust up and its just been a typical part of the management.As more players do hang out on a site and as they wager more money they do earn at the same time.

Heres some explanation about it: https://www.liveabout.com/understanding-the-house-edge-537607

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November 26, 2019, 01:42:43 AM
 #16

There's also other costs associated with running a casino like hosting the website and all of the features on the cloud and advertising through plain web ads on other crypto-related websites or even signature campaigns through Bitcointalk, and some smaller sites also just don't have large bankrolls which means a whale netting a few wins and leaving could leave the site with a temporary loss, though some sites especially like crash set max win limits to prevent events like this from happening. Statistically speaking, the house wins over time, but that doesn't mean losses can't occur in the short term.

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November 26, 2019, 01:58:28 AM
 #17

Gambling houses will get the most win because they are taking all gambler's money from the gambler's lose. We don't know how much money the gambling houses will make, but I am sure that will be huge money as many gamblers still playing in their place. I don't think gambling business is saturated because if you visit on each gambling website or casino, you will find that each casino will have their members who are still playing gambling.

When you can maintain your gambling houses, and you can make your members satisfy while they stay at your casino, I am sure your members will love to spend their money to play the games. And that means you will make more money because every time they gamble, many of them will get lose and only a few of them that will win.

The gamblers will select the gambling houses in which they will play gambling. They will have their favorite gambling houses and stay on those gambling houses for a long time.

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November 26, 2019, 02:50:58 AM
 #18

I mean it is a fair environment for both a gambler and a gambling house so either anyone may lose all their money. How gambling houses are avoiding big loses to their customers because they are only having provably fair games and anyone could be the winner at the end of day.

I know the gambling business is a saturated one nowadays and there is a heavy competition among houses. But, basically with provably fair thing, I am afraid that houses cannot be sure about being profitable within existing customers base and their spending money.

In some sense, when a gambling house grows bigger in terms of customer base, the chances to be defeated in the provably-fair-environment is more. Does it mean there is only 50% chances to be successful as a gambling business owner?

What am I missing and how we do have lots of gambling houses when provably fair is a neutral to them?

A provably fair system may be neutral to the gambling house but it is only neutral as far as the results are concerned. Meaning to say, that the games will give the users random and fair results. This is all about showing to the users that the results of the games are not in any way rigged. That the codes in the system do not favor the house. And because it is provable, all the users can confirm or verify it themselves. Instead of being against the house, this kind of system is actually advantageous to it because gamblers would always prefer a house that is open and can be trusted.

With all its sham, drudgery and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy. - Desiderata, Max Ehrmann, 1948
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November 26, 2019, 03:09:32 AM
 #19

There is fixed house edge, even when player wins there will be small percentage that goes to the house, technically house can never lose in long term.

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November 26, 2019, 05:35:53 AM
 #20

Yep, the answer is the house edge. It ensures the profitability of the house. However, guaranteed "profit margin" doesn't mean that the casino will survive.

The survivability of a casino depends on various factors:
- UI & games offered;
- Promotion;
- Community, etc.

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