How House Edge effect on Wining on Bitcoin Gambling ?

jtipt

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Quote from: nawaraj on October 20, 2016, 10:24:10 PM

I am new on bitcoin gambling, what is house edge means and how it affect on gambling ?
If you know please let me know.

In simple language it can said as a fee. For example if the casino has 1% house edge and you bet say 1 BTC on 50% odds so the win payout will be 1.98(or 1.99 not sure with the math but <2) and not 2x so you will get 1.98 BTC in return but if the edge was 0% then you would had got full 2 BTC. So if you see in a dice website usually the 2x payout has a 49.5% win chance not a 50% chance.

Dabs

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Quote from: lorylore on October 20, 2016, 11:43:12 PM

I disagree totally. House edge affect the winnings. It also affect the odds. Higher house edge will means you are more likely to lose and more likely you will lose more given that you are betting with the same amount. When gambling, house edge does not take from the gamblers when they are winning. So that means when i win $100, i get $100 when i cash out. It will be illegal if there is a casino where you win $1000 but you can only take out $950. The online casino with investment choices does take some btc but most of them take mainly from the profit, not from the amount of wages.

Odds are unaffected. Wins are. Losses don't need to be, since you lost your bet.

If the odds are 50%, you win and lose 50%, but when you win, you don't double your money. You make double minus the house edge.

In the case of 1% house edge, if you play 50% chance to win, you will win 50% of the time, but your profit on a 1 BTC bet is less. You get 1.9 something. If you want to get double what you bet, you'd have to factor the house edge and lower your chance to win to 49.5%.

This may be semantics as different casinos have different ways of interpreting the house edge, or call it something else, or apply a different formula.

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Quote from: nawaraj on October 20, 2016, 10:24:10 PM

I am new on bitcoin gambling, what is house edge means and how it affect on gambling ?
If you know please let me know.

Finally a good thread in the section after quite a long time!
If you could use google,the first results are -

Quote

The House Edge is a term used to describe the mathematical advantage that the gambling game, and therefore the commercial gambling venue, has over you as you play over time. This advantage results in an assured percentage return to the venue over time, and for you an assured percentage loss of what you bet.

which I'm sure it's hard for a beginner to understand.To put it in the simplest way as possible,basically,you pay particular amount of money to the gambling center as a service tax (just assume that).In typical casinos or poker games,a particular amount of predefined % is given to the casino per game.So if 5 people are sharing a table and the final game turns out to be a total of $500,according to predefined rate,the money goes to the casino from winners pocket.

raaajlucky

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Quote from: MinerHQ on October 21, 2016, 06:04:37 AM

Quote from: xuan87 on October 21, 2016, 05:52:09 AM

I think house edge has some effect on your winning, it depends on how the house edge is implemented some of them implemented in the winning percentage, so you will have 49 - 51 it's mean the house has the winning chance bigger than you, some of them implemented in the winning profit, example you bet 1BTC when you win, you get less than 1BTC (depend on the house edge percentage) but when you lose you lose all of your 1BTC

Nowadays all sites will say like they have only 0% house edge profit or 1% house edge profit. I think this is not correct numbers, You are right they may have 49 - 51. And This is my personal experience If I play with high bet amount in any slot games always house wins how I don't know.

What experienced you had same I had in Dice game, whenever I raise my betting amount in dice game I will lose that game. Even I am also confused how this is possible. How the house always wins when I bet high amount this will be the big question. So I stopped to play Dice game with a big amount.

MinerHQ

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Quote from: xuan87 on October 21, 2016, 05:52:09 AM

I think house edge has some effect on your winning, it depends on how the house edge is implemented some of them implemented in the winning percentage, so you will have 49 - 51 it's mean the house has the winning chance bigger than you, some of them implemented in the winning profit, example you bet 1BTC when you win, you get less than 1BTC (depend on the house edge percentage) but when you lose you lose all of your 1BTC

Nowadays all sites will say like they have only 0% house edge profit or 1% house edge profit. I think this is not correct numbers, You are right they may have 49 - 51. And This is my personal experience If I play with high bet amount in any slot games always house wins how I don't know.

xuan87

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I think house edge has some effect on your winning, it depends on how the house edge is implemented some of them implemented in the winning percentage, so you will have 49 - 51 it's mean the house has the winning chance bigger than you, some of them implemented in the winning profit, example you bet 1BTC when you win, you get less than 1BTC (depend on the house edge percentage) but when you lose you lose all of your 1BTC

maku

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At this point we have some gambling services with 0% House Edge: bitcoinbetting.website or girlbtc.com these both are block hash betting service.
You can try them and see if you will earn more profits that from traditional casino games with HE.

trafficolaa

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Actually house edge is to make some money for the owner of the casino on which you are playing, dice has low percentage around 1% is standard which is helpful for them to keep running their business with legit way for long term, other casino games have little high house edge than this, surely house edge effect on gambling when we play there.

wintermeasures

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Quote from: nawaraj on October 20, 2016, 10:24:10 PM

I am new on bitcoin gambling, what is house edge means and how it affect on gambling ?
If you know please let me know.

Bro As You Say Above You are New to Gambling So You have More Potential To Lose More than Your Capital So I Suggest You to Don't Try Out Gambling Because When I am New to Gambling I Lose My Some Earnings After that I Never Tried Out Gambling.....

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Quote from: Superhitech on October 21, 2016, 12:18:05 AM

Quote from: ralle14 on October 21, 2016, 12:09:40 AM

Quote from: Superhitech on October 20, 2016, 11:55:45 PM

If you want to avoid the house edge, try playing sports betting or poker.

For more details, you can read about the house edge here.

I know even in sports betting (bitcoin sportsbook) there is still house edge if you compare the odds of the same match in your favorite sportsbook to another you sometimes notice one is higher than the other.

True, but that's not really a house edge. That's just different sportsbooks with different odds, sports betting does not have a fixed percentage.

That's right but they are not risking their money because the odds are not that equal if you want to bet in a game where there is an equal chances, they are making money of the juice we pay out from the winning bets, that's how it works, and that makes it better than dice.

Superhitech

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Quote from: ralle14 on October 21, 2016, 12:09:40 AM

Quote from: Superhitech on October 20, 2016, 11:55:45 PM

If you want to avoid the house edge, try playing sports betting or poker.

For more details, you can read about the house edge here.

I know even in sports betting (bitcoin sportsbook) there is still house edge if you compare the odds of the same match in your favorite sportsbook to another you sometimes notice one is higher than the other.

True, but that's not really a house edge. That's just different sportsbooks with different odds, sports betting does not have a fixed percentage.

ralle14

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Quote from: Superhitech on October 20, 2016, 11:55:45 PM

If you want to avoid the house edge, try playing sports betting or poker.

For more details, you can read about the house edge here.

I know in sports betting (bitcoin sportsbook) there is still house edge if you compare the odds of the same match in your favorite sportsbook to another you sometimes notice one is higher than the other.

Leonard2016

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Quote from: nawaraj on October 20, 2016, 10:24:10 PM

I am new on bitcoin gambling, what is house edge means and how it affect on gambling ?
If you know please let me know.

i think a simple explanation about the house edge can be this:
house edge takes the edge from the player and give the house an edge that makes sure that house always wins in the long run.

that is why you always lose in the long run and they say house always wins.

Superhitech

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Think of a roulette wheel; on a single zero roulette wheel there are 36 numbers plus the green zero. The green zero is to prevent it form being completely 50/50 so the casino still has an advantage over you.

If you want to avoid the house edge, try playing sports betting or poker.

For more details, you can read about the house edge here.

lorylore

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Quote from: Dabs on October 20, 2016, 10:50:42 PM

The house edge doesn't affect the odds. It affects how much you win or lose, or in some casinos it is like a rake that is deducted from every bet you make.

If the odds are 50-50, the casino will win 50 times, but even if they lose, they take 1% or whatever the house edge is from you. Your prize is smaller if you win.

I disagree totally. House edge affect the winnings. It also affect the odds. Higher house edge will means you are more likely to lose and more likely you will lose more given that you are betting with the same amount. When gambling, house edge does not take from the gamblers when they are winning. So that means when i win $100, i get $100 when i cash out. It will be illegal if there is a casino where you win $1000 but you can only take out $950. The online casino with investment choices does take some btc but most of them take mainly from the profit, not from the amount of wages.

Dabs

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The house edge doesn't affect the odds. It affects how much you win or lose, or in some casinos it is like a rake that is deducted from every bet you make.

If the odds are 50-50, the casino will win 50 times, but even if they lose, they take 1% or whatever the house edge is from you. Your prize is smaller if you win.

philiveyjr

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Quote from: nawaraj on October 20, 2016, 10:24:10 PM

I am new on bitcoin gambling, what is house edge means and how it affect on gambling ?
If you know please let me know.

Its a built in advantage casinos have. Say if a casino has an edge of 1%. And you were to toss a coin 1000 times, then instead of odds being 50-50, odds are 49-51. The casino will win 510 times.

In short sample size this might not happen,but over a large one this will definitely happen.

nawaraj

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I am new on bitcoin gambling, what is house edge means and how it affect on gambling ?
If you know please let me know.

Topic: How House Edge effect on Wining on Bitcoin Gambling ? (Read 533 times)