Old topic a month old, but probably worth answering.
It's actually just a simple probability formula, after which you apply the player edge. Payout = 100/xy, where x=win percentage and y=edge.
y (edge) = ((100-z)/100), where z=house edge.
So for a 1% house edge, y =((100-1)/100)=99/100=0.99
So in op's example if you want a 51% chance of winning, and house edge is 1%, then your edge is 0.99:
Then the payout is 100/xy=100/51*0.99=1.9411
Topic: Frustration of calculating house edge on dice sites (Read 219 times)
So dice sites like prime dice and bitvest have a house edge of 1%.
When the probability (win chance) is set to 50% everything seems to make sense with the house edge. With a 50% chance the win payout without a house edge is 2. When you apply the 1% house edge (2 * .99) you get your payout of 1.98 just like how it shows on all dice sites. But I can’t wrap my mind about what I am doing wrong when calculating the win payout for probabilities above 50%. For example when I set the probability to 51% on bitvest the win payout is 1.9411. How did they get this result. If I take the true payout without house edge of 1.98 and multiply it by .99 I get 1.9602.
I know I am doing something wrong because these payouts are on all dice sites so their math must be right. Can someone point me in the right direction, maybe explain with a proper equation?
I really don't have any idea about how this math work on dice gambling sites,but just wait some one who is expert in calculation will give the answer what you are looking for.When the probability (win chance) is set to 50% everything seems to make sense with the house edge. With a 50% chance the win payout without a house edge is 2. When you apply the 1% house edge (2 * .99) you get your payout of 1.98 just like how it shows on all dice sites. But I can’t wrap my mind about what I am doing wrong when calculating the win payout for probabilities above 50%. For example when I set the probability to 51% on bitvest the win payout is 1.9411. How did they get this result. If I take the true payout without house edge of 1.98 and multiply it by .99 I get 1.9602.
I know I am doing something wrong because these payouts are on all dice sites so their math must be right. Can someone point me in the right direction, maybe explain with a proper equation?
Did you try that in bustadice where most of the things were absolutely right.
hmm, interesting. I never checked that. is this the case for every dice site or only bitvest?
So dice sites like prime dice and bitvest have a house edge of 1%.
When the probability (win chance) is set to 50% everything seems to make sense with the house edge. With a 50% chance the win payout without a house edge is 2. When you apply the 1% house edge (2 * .99) you get your payout of 1.98 just like how it shows on all dice sites. But I can’t wrap my mind about what I am doing wrong when calculating the win payout for probabilities above 50%. For example when I set the probability to 51% on bitvest the win payout is 1.9411. How did they get this result. If I take the true payout without house edge of 1.98 and multiply it by .99 I get 1.9602.
I know I am doing something wrong because these payouts are on all dice sites so their math must be right. Can someone point me in the right direction, maybe explain with a proper equation?
When the probability (win chance) is set to 50% everything seems to make sense with the house edge. With a 50% chance the win payout without a house edge is 2. When you apply the 1% house edge (2 * .99) you get your payout of 1.98 just like how it shows on all dice sites. But I can’t wrap my mind about what I am doing wrong when calculating the win payout for probabilities above 50%. For example when I set the probability to 51% on bitvest the win payout is 1.9411. How did they get this result. If I take the true payout without house edge of 1.98 and multiply it by .99 I get 1.9602.
I know I am doing something wrong because these payouts are on all dice sites so their math must be right. Can someone point me in the right direction, maybe explain with a proper equation?
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