It's not backed by data of course but I've always felt like in hindsight, only a small percentage ends up bagging big profits while most will lose it hence more likely to profit in the long run.
Reminds me of the recent interview I've read about bch.games. Someone nearly depleted their bankroll at first couple of days but they were able to make a comback after as well and the business continued to flourish from there. If you wanna read it, see: https://bitcasinosrank.com/bch-games-team-interview/
Topic: Between the gambler and the casino who lose more - page 6. (Read 899 times)
I’ve never worked in a casino before so my answer is purely based on what I’ve read here in Bitcointalk and also my observation as a gambler. To me I feel the casino is always at the upper hand when it comes to profits - even if a gambler manage to log out with some profit during that session the casino will still be in profit when the whole history of that player is calculated.
This is not about what was or is posted on Bitcointalk but the truth. See gambling sites as hoteliers while you see gamblers as people that come for the hotel products and services. The gambling sites are making money while the gamblers are losing money. I do not think it should be called losing money because the gamblers are enjoying the games while gambling.Meanwhile, when it comes to who are in huge profits, it's certainly the casinos or the gambling sites. Otherwise, they won't be here for long if they aren't having an edge over its players.
There is one quote I learnt about doing my early gambling days on the forum and it's "The house always wins". That quote has stuck me with over the years and after gambling for the past 5-6 years, I can say for a fact that like trading, Gambling is a zero-sum game. And after winnings, the house (casino) will still have enough bankroll to go on. But if the gambler is lucky enough to win more than they lose then in such a scenario, the house loses. But if we're talking about cumulative PnL of all gamblers, I think the amount won is no where close to the amount lost.
This isn't backed by any data btw. Just personal observations.
This isn't backed by any data btw. Just personal observations.
This has to be the main issue. Those gamblers that place huge bets will end up winning phenomenal amounts of money from to time. Even those that are not high rollers also win too but when you accumulate the total amount from the wins against the total amount from the losses then overall the balance of power will always fall towards the casino (whether online or a physical building).
If it were possible to see a balance sheet from a casino, I am sure the income from customers losing would exceed the payout for winners virtually every day.
If it were possible to see a balance sheet from a casino, I am sure the income from customers losing would exceed the payout for winners virtually every day.
Although high rollers win big amounts in some cases, that doesn’t happen all the time. In conclusion, I always see the casino as the one with the upper hand when it comes to winning against gamblers.
Online casinos that end without money is really a rare event.
Sometimes I had the impression that it was a simple way to hide a scam...
For the other times, its related to bad management and wrong choice... likewise small Bankroll or simply having attracted a lucky whale on the site.
Other reason could be related to bug or in general test of the site not sufficient or just issues not immediately identified.
However in these case there are 2 scenarios. Scam or bankrupt...
Sometimes I had the impression that it was a simple way to hide a scam...
For the other times, its related to bad management and wrong choice... likewise small Bankroll or simply having attracted a lucky whale on the site.
Other reason could be related to bug or in general test of the site not sufficient or just issues not immediately identified.
However in these case there are 2 scenarios. Scam or bankrupt...
If the bookie or the casino has small bankroll to begin with, then, they should put some constraints in their features such as -
- setting their bet limits, so they know how much will be the max payout in case the bettor won
- they can have withdrawal limit per day also, so they know how much is allocated per player, at least rough estimate and see where they are at in terms of their financials
I have used an online casino where I staked a bet with a kind of amount that the reward was supposed to be very huge but I was restricted because the potential win is too huge, so for new casinos in the business they literally do not allow some kind of bet in the main time of opening untill they become very strong to handle such wins.
Perhaps with the experience I believe they can't lose to gamblers more than they can afford.
Perhaps with the experience I believe they can't lose to gamblers more than they can afford.
Online casinos that end without money is really a rare event.
Sometimes I had the impression that it was a simple way to hide a scam...
For the other times, its related to bad management and wrong choice... likewise small Bankroll or simply having attracted a lucky whale on the site.
Other reason could be related to bug or in general test of the site not sufficient or just issues not immediately identified.
However in these case there are 2 scenarios. Scam or bankrupt...
On the contrary, what I focused on is not in the direction you are pointing from and at, I know exit scam, insider's job and also bug aware among the ways that the casino risk losing money, we have seen alot of crypto casino's falling victim of that befor and it won't end there, but my focus is on the risk of winning and losing bet on the casino and what the risk level is for both casinos and the gambler, we have all hard the phrase house edge and the rest, and also jackpot winning which are what the discussions in focused on right now.Sometimes I had the impression that it was a simple way to hide a scam...
For the other times, its related to bad management and wrong choice... likewise small Bankroll or simply having attracted a lucky whale on the site.
Other reason could be related to bug or in general test of the site not sufficient or just issues not immediately identified.
However in these case there are 2 scenarios. Scam or bankrupt...
Your comment above open up another different thought in me which I never considered while creating this thread, may be that was because, I already narrowed my view to that of risk as regards to winning and losing a bet and not some sort of possible attack risks.
Casinos that are semi new and have a smallish bankroll have been implementing the max cashout per week rule to their customers so they don't go bankrupt in the 1st week and partially to hope that some of those players lose a little back to them while waiting to do their cashouts.
Most times the casinos are going to come out on top because smaller casinos also have higher house edges set on most games, but there is the rare occasion where someone makes a deposit and goes on a run.
Back in the old days casinos used kelly criterion and made the max win 1/100th of the casinos bankroll virtually making it impossible for them to go broke. Not possible when a site offers 3rd party slots I don't think, but I could be wrong. Not sure if they can set a max bet on 3rd party slots.
Most times the casinos are going to come out on top because smaller casinos also have higher house edges set on most games, but there is the rare occasion where someone makes a deposit and goes on a run.
Back in the old days casinos used kelly criterion and made the max win 1/100th of the casinos bankroll virtually making it impossible for them to go broke. Not possible when a site offers 3rd party slots I don't think, but I could be wrong. Not sure if they can set a max bet on 3rd party slots.
I’ve never worked in a casino before so my answer is purely based on what I’ve read here in Bitcointalk and also my observation as a gambler. To me I feel the casino is always at the upper hand when it comes to profits - even if a gambler manage to log out with some profit during that session the casino will still be in profit when the whole history of that player is calculated.
This is not about what was or is posted on Bitcointalk but the truth. See gambling sites as hoteliers while you see gamblers as people that come for the hotel products and services. The gambling sites are making money while the gamblers are losing money. I do not think it should be called losing money because the gamblers are enjoying the games while gambling. 
Online casinos that end without money is really a rare event.
Sometimes I had the impression that it was a simple way to hide a scam...
For the other times, its related to bad management and wrong choice... likewise small Bankroll or simply having attracted a lucky whale on the site.
Other reason could be related to bug or in general test of the site not sufficient or just issues not immediately identified.
However in these case there are 2 scenarios. Scam or bankrupt...
Sometimes I had the impression that it was a simple way to hide a scam...
For the other times, its related to bad management and wrong choice... likewise small Bankroll or simply having attracted a lucky whale on the site.
Other reason could be related to bug or in general test of the site not sufficient or just issues not immediately identified.
However in these case there are 2 scenarios. Scam or bankrupt...
I’ve never worked in a casino before so my answer is purely based on what I’ve read here in Bitcointalk and also my observation as a gambler. To me I feel the casino is always at the upper hand when it comes to profits - even if a gambler manage to log out with some profit during that session the casino will still be in profit when the whole history of that player is calculated.
Only a few casino that fail to make proper calculations before going public with some of their promotions that’s when they hit some losses - but if we consider just the betting aspect (excluding any form of promotion) of the business then the casino will be in profit.
Only a few casino that fail to make proper calculations before going public with some of their promotions that’s when they hit some losses - but if we consider just the betting aspect (excluding any form of promotion) of the business then the casino will be in profit.
An intriguing subject is comparing the risk between casino operators and gamblers. While, on an individual basis, gamblers may risk losing their money with every game they play, the casino has the whole system working for them over the long run through house odds. For newly established casinos, especially in the world of crypto, these can be very large risks. They have to consider that some gamblers are extremely lucky and can win huge sums, which would make a dent in their resources, particularly at such an infant stage.
While the risk is for casinos, statistically speaking, they are still safer because of their advantages and the volume of the game. As for the gamblers, they are always at greater risk because they wager with odds that are meant to favor casinos. Therefore, even though there can be situations where casinos can lose big, typically it is gamblers who stand a greater risk in the long run.
While the risk is for casinos, statistically speaking, they are still safer because of their advantages and the volume of the game. As for the gamblers, they are always at greater risk because they wager with odds that are meant to favor casinos. Therefore, even though there can be situations where casinos can lose big, typically it is gamblers who stand a greater risk in the long run.
If you're talking about these new casinos losing money on its first few days of opening, then its possible only if they don't have huge or enough bankroll to start the business. But its only rare, once the operation starts casino business will be in total of profits in the long run. But once this new casino have different marketing approach from different platforms, it's good to say that they have enough balances to operate.
For startup, unless the casino is hit with bad luck and they don’t start up with enough funds that will keep the business going, I don’t see any amount of winning that will be able to surpass the losing percentage. You can start up a casino with $100,000 for paying winnings and expect it not to get exhausted in most cases before you can even start making profit.
Gambling winning is a game of probability in most cases, which means the chance of the player winning against the casino is very minimal, and I always believe that in every 1-100 bets placed by gamblers, more than 70% of those bets always end up losing, and the little percentage that wins in most cases can’t be compared to the amount the casino can make from the loss.
Although high rollers win big amounts in some cases, that doesn’t happen all the time. In conclusion, I always see the casino as the one with the upper hand when it comes to winning against gamblers.
Gambling winning is a game of probability in most cases, which means the chance of the player winning against the casino is very minimal, and I always believe that in every 1-100 bets placed by gamblers, more than 70% of those bets always end up losing, and the little percentage that wins in most cases can’t be compared to the amount the casino can make from the loss.
Although high rollers win big amounts in some cases, that doesn’t happen all the time. In conclusion, I always see the casino as the one with the upper hand when it comes to winning against gamblers.
I don't know if this have been discussed before, but this question was born out of the discussions that we hard today on one of the threads in the forum about, the risk of casino's losing money as a start up, what it means is that, most cryptocurrency casino that are New start up have been faced with the challenges of gambler's winning big amount even on the first day of their lunch, so for that we have to make out time to discuss this topics as for who lose more between the casino operator or the gamblers and how can you compare the risk of casino Dev and against the gambler himself?
Offcourse we are aware of the some features that could put the casino at advantage such as the house Edge, but even for that some gambler's are lucky win big despite the house edge that put the casino t advantage, so between the two who risk more.
Offcourse we are aware of the some features that could put the casino at advantage such as the house Edge, but even for that some gambler's are lucky win big despite the house edge that put the casino t advantage, so between the two who risk more.
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