Of course they can. If they get super unlucky, get hacked, steal from the site, or any number of reasons.
It will be tough because they should have a lot less expenses than live casinos.
Casinos make money by putting the odds in their favor, they could get super unlucky, but it probably won't happen.
Topic: Can bitcoin casino go bankrupt? - page 4. (Read 2683 times)
so your claim is not accurate.
Well , he is not claiming though much of like verifying
so yes, I would say that many bitcoin casinos could bust out pretty quick, as they don't have any institutional investors that are providing huge amounts of bankroll to bet against.
Huge amount of bankroll isnt the factor that decides if the BTC casinos could bankrupt or not because each a "proper" BTC casino follow the kelly criterion rules (mostly) . Even if a site has only 25 BTC as a bankroll, it doesnt matter unless the site put in a low kelly criterion like 0.5x or 1x of the edge .
This is to ensure that someone dont bust the house in an instance and without it, someone could bust the house in an instance even if the house got a huge bankroll ( assuming that guy is pretty lucky )
References of a dice sites that has 100BTC bankroll but allowed 20BTC max payout in one game
https://bitcointalksearch.org/topic/m.11606288
Turns out the the bankroll decreased by 30 % in less than 2 weeks
https://blockchain.info/address/1DUTgipJHFctU3UyWFavWmddRea7cAR5YK
I think they have thought about possibilities to go bankrupt before they make bitcoin casino, so they can avoid that. They have calculated how much they will get and lost. So, the possibility is pretty low.
i dont think its possible that an online casino can go bankrupt
you cant see the dealer in an online casino so what is your guarantee that site is just stealing from your wallet
well there is a provably fair system on most of the casinos that as far as i know cant be rigged, that means that casino owners do not steal money from players to keep it running and people loose money fairly you cant see the dealer in an online casino so what is your guarantee that site is just stealing from your wallet
i dont think its possible that an online casino can go bankrupt
you cant see the dealer in an online casino so what is your guarantee that site is just stealing from your wallet
you cant see the dealer in an online casino so what is your guarantee that site is just stealing from your wallet
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.
In legit casinos, the games are not rigged, the rules of games are designed for house, so houses don't need to cheat actually, from math aspect, casinos can profit in long term, so your claim is not accurate. But of course there are casinos cheat people, they are scam casinos.
To add to the above. You never really know how much bankroll the casino has (bitcoin casino that is). This is because, you probably never know who the actual owners are, and they could literally tell you anything. Just about anyone with programming knowledge could set up a little gambling game on a site fairly easily, so you get in the realm of people with a few thousand or even hundred who just wanted to try it out, thinking they would make a lot of money.
Well, in the short term, the casino can lose, and a few thousand can actually go pretty quickly, so yes, I would say that many bitcoin casinos could bust out pretty quick, as they don't have any institutional investors that are providing huge amounts of bankroll to bet against.
Well, in the short term, the casino can lose, and a few thousand can actually go pretty quickly, so yes, I would say that many bitcoin casinos could bust out pretty quick, as they don't have any institutional investors that are providing huge amounts of bankroll to bet against.
I was always told that regular casino games are rigged so that the casino never loses money
If you mean the land casinos then it is most likely no since they need license to operate and the chances are pretty slim for them to rig their games because there will be always an inspection
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 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
Not a bitcoin casinos but just an example of the house that is losing right now
http://dicesites.com/bitdiceme/clam
http://dicesites.com/peerbet/ppc
Both sites is "losing" currently but if you see the chart and compare you will see that the house is recouping its loses little by little so the probability to "bankrupt" will be close to nil ( hint : check the total profit chart )
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.
Jump to: