As a bettor.. you have to trust because even if the hashes work out of each single bet you cannot check the house edge. Is it only X%? Or is it much more?
A casino can easily have a much bigger house edge and siphon out the gains through dummy players that take the earnings out into their own pocket.
No, as Andu tried to explain you are wrong here.
As a bettor if you know the chance of winning and the payout multiplier you can easily determine the house edge:
Multiply the percentage chance of winning by the payout multiplier and subtract the result from 100.
So if the chance of winning is 49.5% and the payout multiplier is 2 you get a house edge of 100-(49.5*2) = 100-99 = 1%.
If doesn't matter (to the bettor) whether the house has dummy players siphoning profits from the investors. That matters to the investors, but the players shouldn't care.
Understand it now?
Dooglus, yes... I understand what you are saying. But... I say... and I am not sure if I'm right. As a player, or bankroll, one cannot "check" the house edge. One does not know if the algorithm, if you would check large numbers really favors 1% for the bank. When you play the site might show 49.5% with a multiplyer of 2. But .. if you would play 10.000 times you would really only win 4.950 times on average... and not 4.300 times...or 4.200..or whatever..
So the provably fair thing is really only for the elementary bet... but the sites real winning chance, determined by the house edge.. is not visible unless you have the numbers.
Am I right or am I right? Haha... I know you run primedice and you might explain me...how anyone can check the statistics of an online casino...
thanks maiden
Sorry.. I slept over it and now I got it. IF the single bet is determined in its outcome before (controlable by getting the hash before you place your bet) then the casino must be fair since the outcome is boolean (true or false, win or loose) it is really only the payout rate which decides the house edge. If for a 2 times payout you only get 49,5% winning chance the house edge is 1%.
FAIR.. there are still other ways to cheat.. but not the single player... only the investors.