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the house edge can not be 12% because it means nobody will ever play at that casino!
the 12% OP is talking about is the amount he has lost in that dice site. and that place is a bit strange to me, i don't see any wrong doing in it but they have a big house edge (which is bigger than the regular 1%) so obviously players should lose more but also the investors are losing money! how can these two happen at the same time?
Seems like they're not able to handle managing their investor's funds properly.
With a 1.9% house edge,(that's way higher than the normal .8 - 1%) the investors are still taking a hit.
Or it's just the usual bad luck? Even the house can suffer losses after all.
@OP, I wonder, for how long exactly did that 12% loss take? Was it -12% for a month, a quarter, semi-annual, or what?
Also, what's their max bet?