Example (PrimeDice): At default 2x roll, out of 10,000 possible outcomes the house DOES NOT DOES TOO reserve 100 of those possibilities for themselves (49.50 < house < 50.49). Because, player CAN NOT roll both over 50.49 and under 49.50 at a time. Player can bet either over or under at one roll. Hence, at any certain roll, house reserves 5100 possibilities for themselves. (reserve means nobody else but "reserver" can have the reserved places.)
Yes. I am talking about none other than the reservoir, i.e. house, holding here. Out of 10000 possibilities, house holds 5100 possibilities
at any certain roll (over or under). Your mistake is, you are considering
over or under as
over and under, which is giving you a false depiction of only 100 possibilities for house. That is untrue. House holding is 5100 possibilities, whereas players holding is 4900 possibilities
at any certain roll (over or under).
Please go through my logic carefully, before arriving at a conclusion.(PrimeDice: have 50.49% chance to win) - (Players: have 49.51% chance to win) = (EDGE is 01%)
(5049/10000) - (4951/10000) =(0.5049) -(0.4951) = .01 0.0098 = 01% 0.98% EDGE <--important concept->"edge"
FTFY. Now, you have come up with a new formula to explain
EDGE, which is different than the previous.
To convert the expected value to the house edge multiply the expected value by 100. So, as in the above expected value of -0.50, HE = (-0.5) * 100 = 50% house edge. (note: negation of the negative sign in the identity is accomplished thru the words "house edge" in the translation)
According to your previous formula, the corrected value of house edge for PrimeDice was 51%. Still, I would like to see how you apply your new formula to Bitcoin Betting Website, as the operating mechanism appears different for this game than an average dice site.
No....you changed the formula....the house edge is 01% not the 51% that you claim. --CJMOLES--There is no new formula....I've done everything but draw you pictures. The "edge" is how much greater a percentage one has over the other. In the case of PrimeDice, the house probability is 50.5% and the player probability is 49.5%, so the difference is 01%
<- that is the "edge." And, the house DOES only reserves 100 numbers, the 9900 other possibilities are distributed equally 4950 for the house and 4950 to the player....
Advice: If these very fundamental concepts are confusing....then gambling is going to be unhealthy for you....I am being sincere....Try Bingo....it's fun too.
EDIT:
To put it into words: If you play at Bitcoin Betting Website and you place one wager, then you could "expect" to win one time out of sixteen attempts in which case you would "expect" eight times your initial bet in return but you would also "expect" to lose sixteen times that same wager. So, you'd "expect" to lose sixteen to win eight for a loss of half your money over the long term. Thus, the -0.50 expected value....
Learn the math....it could be very profitable when implemented in the right situation....the quicker one is at running the figures, the "sharper" gambler they will be. The "Expected Value" calculation is a tool that helps simplify the process; however, there's more to it than just that....bankroll management is also crucial.
