The owner will go bankrupt

[byt411]

If you gamble $1 you won't get $2 back even if you win. If the house edge is 1% for example, you get $1.99 back.

$1.98, not $1.99.  $1.98 is 99% of $2.

If you got $1.99 back, that would be a 0.5% house edge.

Consider two bets, where you win one and lose one.

In total you risk $2 and end up with $1.99

You have lost 0.5% of everything you risked.

That's a 0.5% edge.

I'm not quite sure about that, but I assume you're correct. I thought the house edge was based on the number you gambled.

[KaChingCoinDev]

Original Post is so lame

Troll IMO

[ranochigo]

The owner will never go bankrupt if the house edge exist. House edge prevents the owner from falling into the negative range most of the time.

In that case  you will need a big bankroll to prevent that .

Correct, most/all of the casinos have a very big bankroll.

[jjc326]

I don't think OP knows what probably fair means. I think he thinks it means a 0 percent house edge. OP research what it means. All bitcoin casinos have a house edge so they are fine.

[dooglus]

I'm not quite sure about that, but I assume you're correct. I thought the house edge was based on the number you gambled.

1% house edge means that in the long run you will lose 1% of everything you gamble.

Your example of the $1.99 payout doesn't do that.

Correct, most/all of the casinos have a very big bankroll.

You need your bankroll to be significantly bigger than your maximum payout.  If you have a small bankroll you can avoid the risk of going bust by reducing your maximum bet.

Research the "Kelly Criterion" for the gory details.

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

[ChiliPowder]

If you gamble $1 you won't get $2 back even if you win. If the house edge is 1% for example, you get $1.99 back.

$1.98, not $1.99.  $1.98 is 99% of $2.

If you got $1.99 back, that would be a 0.5% house edge.

Consider two bets, where you win one and lose one.

In total you risk $2 and end up with $1.99

You have lost 0.5% of everything you risked.

That's a 0.5% edge.

I'm not quite sure about that, but I assume you're correct. I thought the house edge was based on the number you gambled.

He is sayin 1% of $2.00 you get back is .02 = $1.98 not $1.99

Either way real world casinos are Provably Fair, doesnt mean you should win or the odds are in your favor just that they arent cheating.

[Domino]

if all the btc games provably fair.

So which casino do you mean thats not provably fair ?

I knew one, i didn't know it's a bug or not,  i told the owner a week ago, but it happened again.
I lost some coin by the same way.

This discussion is  worthless till you dont mention site name, without that how we will say anything.

Not now maybe, i keep playing there, if it's a bug they should fix it, i told them twice.

Why are you still playing on that site, when you believe it is not provably fair or has a bug?

[CryptoKilla]

It's called the law of averages..

[ajareselde]

if all the btc games provably fair.

two things proove you wrong; one is that a hause allways has house edge, and second, and more important is human greed.
Those of you who gamble will know how hard it is to resist sometimes.

[ranochigo]

if all the btc games provably fair.

two things proove you wrong; one is that a hause allways has house edge, and second, and more important is human greed.
Those of you who gamble will know how hard it is to resist sometimes.

And variance, you cannot always have one win every two bets on 2x.

[allforbtc]

Did you try playing gamble such as: satoshicircle, reel, coin flipping, coin wheeling, lucky coin dropping, coin dice rolling ...etc.... If YES you should read this

First, we know these gambles allow us to set personal SEED (seek) for fair playing (some other sites dont allow this).
What is SEED (seek) ?
as peerbet.com explain https://www.peerdice.org/default.aspx

The Provably Fair process we use:
1. Each player ads a client seed for every bet that he places.
2. We combine the number of games made with the client seed.
3. We combine all the clients seeds of all players and bets into 1, and we create a SHA256 hash from it, who determines the winning number.

as betcoin.tm explain http://www.betcoin.tm/circle/howtoplay

The client seed allows you to directly affect the outcome of each bet by inserting the text you enter into the hash function which generates the outcome of each game.

So now I trying input some special character into SEED (seek) field such as: ∞ ⅍ ₮ ₱ ₳ ℅ □ ₴ ⁿ ∏ √ ‰ ≈ ≡
And I play to get the result. Extremely I found that the result array now is not the same.

Here is some screnshot from betcoin.tm





You can try to set a special personal seed (seek) to know this is true.
Especially DICE gamble. The server result give out the number result quite differently with our number result (in spite of our personal SEED)

At last so what is the exactly fair playing? The generate results are not the same. Is this not fair OR am I so stupid to understand about this? The answer is yours.