lets use your coin as an example
lets make it 100 flips to make it easy
and a bet of $1 for each flip
house edge 1.9
so 100-1.9=98.1
heads or tails = 50%
98.1x50%=49.05
i can call heads or tails for each flip
49.05x50%=24.525 chance of winning on average
now you will give 160% for each win
24.525x1.6=39.24
so that will give me on average $39.24 for $100 in bets
i have proved the average chances and you call that fair
ozycash,
Huh?
(1) Regardless of payout, when you flip a properly designed coin, your chance of calling it correctly (winning) is 50%. If you are betting on such a game, before you flip the coin, you can evaluate the fully disclosed payout and decide whether or not you want to play. If the payout is 2:1, there is no house edge. If it is less than that, the house has an edge. If it is more than that, the player has an edge (not a common situation). As long as the game isn't manipulated, and the odds are fully disclosed (or can be easily calculated by the participant), the game is fair.
(2) I have no idea where you get your "160%" analysis from?
(3) Fairness means being free from bias or injustice. I think you may be arguing that if we have a profit built into our business, we are biased and unjust? If all aspects of our game (including profit margin) are fully disclosed (which they are), AND our game is not manipulated to our advantage (which it isn't), then the game is fair. We fully disclose odds and payouts so folks can make the decision to play or not. Our game is fun, and thousands enjoy it. I am sure some choose not to play as well. If your argument were correct, then all forms of gambling would be considered unfair. That, perhaps, is your opinion. However, it is not shared by most people.
