Wikipedia has a page for everything:
https://en.wikipedia.org/wiki/Risk_of_ruin
and the original meaning of:
https://en.wikipedia.org/wiki/Gambler%27s_ruin
Topic: Can bitcoin casino go bankrupt? - page 3. (Read 2673 times)
it is possible for them to
actually go bankrupt no?
actually go bankrupt no?
Yes, its possible but chances are very slim... Either you have to be very lucky or the house house edge will never let you make the casino go bankrupt!
Remember Nakowa did the same at Just-dice a few years back ? He won 13k BTC and made JD go bankrupt!
Who? I remember there was a guru won several thousand btc on JD and he bet 7K one bet and lost all of his btc.
it is possible for them to
actually go bankrupt no?
actually go bankrupt no?
Yes, its possible but chances are very slim... Either you have to be very lucky or the house house edge will never let you make the casino go bankrupt!
Remember Nakowa did the same at Just-dice a few years back ? He won 13k BTC and made JD go bankrupt!
i don't think there would be a fool person who made the casino site to aim bankrupt.. lmao
Hi,
I was always told that regular casino games are rigged so that the casino never loses money.
If the bitcoin casinos are using real random number generation then it is possible for them to
actually go bankrupt no?
Thanks.
I was always told that regular casino games are rigged so that the casino never loses money.
If the bitcoin casinos are using real random number generation then it is possible for them to
actually go bankrupt no?
Thanks.
i can say yes but chance for casino bankrupt is only 10% because they have prefer with max bet amount for player win.
they design the rules in a way that you always lose so they won't go bankrupt any time
Can bitcoin casino go bankrupt?
there's a very slim chance that a casino go bankrupt, specially bitcoin casino is online, no face to face transaction where you can see if they are stealing money from you already. but who knows, rigged or not just enjoy your winnings and loose only what you can afford
there's a very slim chance that a casino go bankrupt, specially bitcoin casino is online, no face to face transaction where you can see if they are stealing money from you already. but who knows, rigged or not just enjoy your winnings and loose only what you can afford
IMO it all comes down to the bankroll vs the size of wagers. If the bankroll is large enough to cover any short term anomalies, and assuming that the casino's games are not being exploited, then it should be fine. Casinos are in it for the long term game, over time they are guaranteed to win. This is why they advertise big wins, in stead of hiding them. If someone wins big it is a short term loss for the casino, but if it brings more action then it is a long term gain
It's possible but that is the entire point of casino house edge. Over the long term even if people play the games perfectly (which they often don't) the casino will win their money back. Some of these Bitcoin dice sites might not have enough coin in reserve to survive a lucky gambler and could go bankrupt in the short term.
Yes, if all players are actually end up always winning and less losing then yes, they are going to lose their biz.
Hi,
I was always told that regular casino games are rigged so that the casino never loses money.
If the bitcoin casinos are using real random number generation then it is possible for them to
actually go bankrupt no?
Thanks.
I was always told that regular casino games are rigged so that the casino never loses money.
If the bitcoin casinos are using real random number generation then it is possible for them to
actually go bankrupt no?
Thanks.
Its possible if a very higher roller bets big and the casino gets very unlucky they could go broke. Most casinos limit the maximum bet to make it mathmaticaly very hard for this to happen.
Of course they can go bankrupt. Bankrupt just means unable to pay the winnings or other creditors. That could be as simple as the company hosting their servers. If they are unable to pay either winners or creditors as a company they would have to declare bankruptcy.
With an old gambling website that is likely to have a much larger bankroll, indeed the chances are pretty slim. This isn't the case with a newer gambling website, which is likely to have a much smaller bankroll. It is possible that variance could kill a newer gambling website.
AFAIK there will be only two conditions to not be "killed"
#1. Use a proper kelly criterion ( posted in few post above )
#2. Wagered volume.
Unless the house could secure a good betting volume constantly then the site will live even if is suffering on loss ( some new site has a good volume ). The sad thing is that just most people here tend to not give the new site a "chance" although some newer sites tend to be "better" apart from the trustworthyness ofc
the casino's trick is that they make you feel like you have a 50/50 shot of winning a hand of blackjack, but in reality you don't.
Right on the nail !
-snip- if -snip-
There isnt any need of the "IF" words there especially with something that highly unlikely going to happen and this will be just derailing the topic
That said there have been investment based casinos which have gone negative in profit, but if they have the bankroll to continue, then they will likely come back. For shorterm it can always happen.
Wrong, if the profit is going negative then the site needs more people to play and "LOSE" to recover which is what happen to most gambler. That is how the site will recover but if the site going negative and there isnt anyone playing and "losing" ofc then things will be on its opposite
They can always go bankcrupt but they have measures like max bet in play which lowers their chance of going negative. Most of the casinos have this max bet set at a percentage of their total bankroll.
So if a gambler keeps winning , then the max win keeps on decreasing. No gambler ever will win by simply flat betting as he will have to get lucky for long to defeat the house edge, They will mostly employ strategies like martingale and in short lucky runs they might profit big. But having the max bet would break into their strategies and gives the casinos another big house edge.
That said there have been investment based casinos which have gone negative in profit, but if they have the bankroll to continue, then they will likely come back. For shorterm it can always happen.
So if a gambler keeps winning , then the max win keeps on decreasing. No gambler ever will win by simply flat betting as he will have to get lucky for long to defeat the house edge, They will mostly employ strategies like martingale and in short lucky runs they might profit big. But having the max bet would break into their strategies and gives the casinos another big house edge.
That said there have been investment based casinos which have gone negative in profit, but if they have the bankroll to continue, then they will likely come back. For shorterm it can always happen.
I have see one bitcoin casino (don't remember a name) with more slot with bonus, total up to 630 bitcoin, and if all player win in the same moment the bonus ?
i doubt that slots offer the jackpot of all funds they have as it would mean the bankrupt, most probably they either dont have those funds or its not all they have 
Also, real casino games are just as "rigged" as bitcoin casinos. The thing about casinos is they tell you exactly how the game is "rigged" before the game starts, and if you feel like it's worth doing, you play the game.
the casino's trick is that they make you feel like you have a 50/50 shot of winning a hand of blackjack, but in reality you don't.
That's exactly the same as when just dice offers you a payout of 2x when you roll under 49.5 instead of under 50.
Harrah's won't put the exact house edge on the table like just dice does, but it's very easy to find that information if you look hard enough (or calculate it if you are bored and/or in a statistics class). And it doesn't take an advanced degree to look at a roulette wheel and see 18 red numbers, 18 black numbers, and 1 or 2 green numbers and figure out that an even money payout on red or black is "rigged."
the casino's trick is that they make you feel like you have a 50/50 shot of winning a hand of blackjack, but in reality you don't.
That's exactly the same as when just dice offers you a payout of 2x when you roll under 49.5 instead of under 50.
Harrah's won't put the exact house edge on the table like just dice does, but it's very easy to find that information if you look hard enough (or calculate it if you are bored and/or in a statistics class). And it doesn't take an advanced degree to look at a roulette wheel and see 18 red numbers, 18 black numbers, and 1 or 2 green numbers and figure out that an even money payout on red or black is "rigged."
I have see one bitcoin casino (don't remember a name) with more slot with bonus, total up to 630 bitcoin, and if all player win in the same moment the bonus ?
If the bitcoin casinos are using real random number generation then it is possible for them to
actually go bankrupt no?
actually go bankrupt no?
Yes. It is quite possible.
Yes but the chances are pretty slim , close to zero unless someone manage to know the server seed ( like hufflepuff did and drained the bankroll ) . Each game is equipped with house edge to ensure the house will always win in the long run and although the house is losing but if there is still people playing then you can be sure the house will recoup its loses
With an old gambling website that is likely to have a much larger bankroll, indeed the chances are pretty slim. This isn't the case with a newer gambling website, which is likely to have a much smaller bankroll. It is possible that variance could kill a newer gambling website.
i think casinos cant go bankrupt as they have such things as maximum bets that are allowed and provably fair systems that reduce the chance of getting hacked the only way to go bankrupt is to give away all money
If you have very good security, a very trustworthy owner and a good maximum payout (see kelly betting) there is a super tiny chance the casino will go bankrupt.
I don't know the exact numbers but in general it's profitable without that much risk, especially when you have an invest option on the site, just collect fees and you don't even have to risk BTC yourself!
i think casinos cant go bankrupt as they have such things as maximum bets that are allowed and provably fair systems that reduce the chance of getting hacked the only way to go bankrupt is to give away all money
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