House Edge -- Is It Really Required?

[Renampun]

of course, that Required IMO...
a house edge is a form of our support for a gambling site. without a house edge, the gambling site developer will have difficulty building their businesses and will only make them close their businesses in the future due to the lack of funds to support.

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[suvo05]

Gambling websites used to earn from the house edge. So if there is no house edge then they will go for an alternative income source  like showing ads to the players that will not be that much comfortable for a player.
There are some casinos that used to have lots of giveaways, lotteries using a part of the house edge to make the platform more enjoyable.

[deisik]

but at the same time we are talking about a "guaranteed" over a "probability" and I would pick guaranteed income for my casino over a probable one any day of the week. Considering even with the current house edge system there is abundant amount of costs to run, they really need that guaranteed income for sure

In fact, we are not talking about a "guaranteed" over a "probability" revenue flows

If anything, these two revenue flows are adding up, not canceling each other out. And if we could leave a casino with the income procured by the house edge alone, I think most casinos would quickly starve to bankruptcy. This is just an assumption but a pretty solid one, though. If the casino operators were earning only the house edge, like 1% on the gamblers' balances, there wouldn't be much to run it on, anyway

[o_e_l_e_o]

If we have one casino (more or less provably fair) and 1000 players, all of them using a very safe martingale setup, within a limited time span, say, a year, they will drain the casino bankroll dry, even if some of them are set to bust based on their probabilities. In other words, their combined profits will exceed their combined losses, and it can and most certainly will be enough to drive the casino out of business.

It could, but it absolutely isn't certain. If the house edge is 1% then any Martingale setup, including a "very safe" one (or any setup or strategy for that matter), will average at returns of 99% for the player(s) and 1% profit for the casino. It doesn't matter if there is 1 player or 1000, if some of them bust or none of them do, how "safe" their strategy is. Their expected returns will be 99% of their amount bet.

They could get lucky and drain the casino dry, but they could equally all go bust and give the casino a nice profit.

This is not how the term has been used here.

Regardless of how you use the term, "zero sum game" has a very precise and clear meaning, in which there is no net gain or net loss between all participants. If you mean something else, then you should use a different term.

[robelneo]

of course, that Required IMO...
a house edge is a form of our support for a gambling site. without a house edge, the gambling site developer will have difficulty building their businesses and will only make them close their businesses in the future due to the lack of funds to support.

This what makes online casinos profitable and they can run for a long time because of the house edge I am supporting house edge, no business can sustain without profit, as long as they can process payout and people have no issues with their support people will play on these online casinos.

I don't think gamblers are complaining from the house edge, they are only complaining if they are not processing their payout I have seen a lot of complaints in the scam section some casinos are very slow in processing the payout when the amount is big.

[Debonaire217]

It is likely to favor the House in the long term so to explain, House edge is really required especially to sustain the casino's service as a business and gamblers should understand that but it doesn't mean that they will often lose.

Most of the gambling casinos programmed their advantage in a long term operation, and that means that gamblers will still have a good chance of winning even huge amount of bets.

The House Edge is a term used to describe the mathematical advantage that the gambling game, and therefore the commercial gambling venue, has over you as you play over time. This advantage results in an assured percentage return to the venue over time, and for you an assured percentage loss of what you bet.

- ABOUT THE HOUSE EDGE

[aioc]

Most of the gambling casinos programmed their advantage in a long term operation, and that means that gamblers will still have a good chance of winning even huge amount of bets.

The House Edge is a term used to describe the mathematical advantage that the gambling game, and therefore the commercial gambling venue, has over you as you play over time. This advantage results in an assured percentage return to the venue over time, and for you an assured percentage loss of what you bet.

- ABOUT THE HOUSE EDGE

Yes, I agree house edge is not a mean to scam or cheat us, it has certain parameters before it is implemented, if you are playing in gambling casinos you will notice that you will not feel or will have an idea that you have been cheated it's still fair, you just have to get used to it to fell that house edge is really required.

[deisik]

Exactly.
Noone is running a casino out of the kindness of their heart.
Its a business and that business is here to make the owner money.
Simple as that.

that sounds greedy

As the saying goes, every business serves two masters, its customer and its bottom line

Because gambling is too far from other Business,In gambling there are people that must lose their money without getting product or anything in return while in other business we can at least take what we want to have before going home

I don't think gambling is actually different

What players (consumers) are supposed to get in return is satisfaction from the game, i.e. essentially the same as with any other product sold out there. If you are not satisfied with what you've got, this is understandable and kind of expected. But you can be just as dissatisfied with virtually anything you pay your shekels for