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Author Topic: Nearly true odds gambling?  (Read 381 times)
f3tus
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May 04, 2014, 11:09:37 PM
 #1

I'm curious, is the reason why there aren't many gambling websites that offer a house edge of just 0.1-0.9% because it's not profitable due to the transaction fees that would actually cause them to lose money? So 1% is actually the threshold?

If so, does this mean that peerbet.org's raffles with 0% house edge are actually "sponsored" by peerbet.org free of charge? I.e., they pay for the transactions out of their own wallet and don't get any profit whatsoever? Similar with peerdice.org that has a 0.3% house edge?
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monbux
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May 05, 2014, 12:56:16 AM
 #2

I've asked peerbet admin this before, and he states that bit777 gambling site funds (he owns both sites) help completely fund peerbet and bit777.

Also, the BTC lost by gamblers obviously is also their money. Smiley
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May 05, 2014, 04:03:20 AM
 #3

I've asked peerbet admin this before, and he states that bit777 gambling site funds (he owns both sites) help completely fund peerbet and bit777.

Also, the BTC lost by gamblers obviously is also their money. Smiley
Casinobitco.in owns both sites now.

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May 05, 2014, 04:16:54 AM
 #4

On suitable volume, it should be possible to offer a 0.1% edge and be profitable (over the long term - as variance can cause even a site with a 10% edge to lose money in the short term).

My impression is that the gambling websites with a 1% edge are making large profits.

In the US, each time you buy coffee with bitcoins you need to declare capital gains/losses.
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May 05, 2014, 04:21:59 AM
 #5

On suitable volume, it should be possible to offer a 0.1% edge and be profitable (over the long term - as variance can cause even a site with a 10% edge to lose money in the short term).

My impression is that the gambling websites with a 1% edge are making large profits.

Just-Dice.com has a 1% house edge, but after more than 1.1 billion bets has only kept 0.32% of the amount wagered.  The reason not many sites offer much less than 1% edge games is that the smaller the house edge, the greater the effect of variance, and the more likely the site is to go bust.  In other words, the smaller the edge, the bigger the bankroll the house requires to be safe from going bust.

Sites which offer player-vs-player games can obviously afford to take a much smaller cut, since they are guaranteed to win a little from every bet.

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   1% House Edge
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May 05, 2014, 04:25:28 AM
 #6

Seems Legit to me but I pass.
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