Pages:
Author

Topic: No House Edge? - page 3. (Read 4741 times)

hero member
Activity: 490
Merit: 500
May 15, 2015, 02:28:11 AM
#70
Statistically thats only true if the players are betting flat bets, whenever you start using a so called ''strategy'' you risk to lose everything easily. You dont need the casino to have infinite funds just put a max bet limit (shouldnt be too big at first) After you make some profit you can start increasing the limit a little bit.

Assuming that you have lots of players that each bet at variable sizes, then with 0% house edge, the house should expect to make nothing.

if you have players betting at max limit, over the long run, you still expect to be even.

If you have players that use martingale, over the long run, you'll expect to have players that win streaks that last until max bet, and you'll have players that lose streaks until max bet.

As the house, you might even get unlucky as some people do reverse martingale on you and win until the max bet.

In the end, as the house, you still expect to make 0 profits at 0% house edge.  NO MATTER HOW THE PLAYERS BET.

Thats not how it works, players betting with martingale, say starting with 0.01, the casino having a 1 BTC max bet. You can bet 7 times in a row without reaching the max bet (The chances of loosing 7 times in a row at 50% are 0.78125 % or 1 in 128, meaning that every 128 bets the player expects to lose their max bet and expects to win 64 bets since thats the average martingale sequence. The math is simple, if you win 64 bets, 64 x 0.01 = 0.64, when you bust you are loosing, 0.01 + 0.02 + 0.04 + 0.08 + 0.16 + 0.32 + 0.64 = 1.27 bitcoins meaning a profit of -0.63 each time you are using martingale.
sr. member
Activity: 323
Merit: 254
May 15, 2015, 02:16:13 AM
#69
Statistically thats only true if the players are betting flat bets, whenever you start using a so called ''strategy'' you risk to lose everything easily. You dont need the casino to have infinite funds just put a max bet limit (shouldnt be too big at first) After you make some profit you can start increasing the limit a little bit.

Assuming that you have lots of players that each bet at variable sizes, then with 0% house edge, the house should expect to make nothing.

if you have players betting at max limit, over the long run, you still expect to be even.

If you have players that use martingale, over the long run, you'll expect to have players that win streaks that last until max bet, and you'll have players that lose streaks until max bet.

As the house, you might even get unlucky as some people do reverse martingale on you and win until the max bet.

In the end, as the house, you still expect to make 0 profits at 0% house edge.  NO MATTER HOW THE PLAYERS BET.
hero member
Activity: 1064
Merit: 505
May 15, 2015, 02:03:26 AM
#68
When I bet on primedice, there is always one fellow who asks, "is it profitable to gamble?" Many time I see those questions, the answer is " no because there is a house edge"

What if a dice site had no house edge? Then would it be able to profit?

What if a dice site has a negative house edge? Will we (the gamblers) start making profit?
I don't think '' no hose edge or negative house edge '' can bring sure benefits to gamblers.Gambling is a sure way of getting nothing.It is gambling not house edge which make the gamblers loose their money.If someone says 0 house edge is good thing then I will say in reply even gambling is good in sense of profit but just for very few persons.Everyone can not win in gambling.

Zero edge in standard casino games can potentially waste players time if you are forever at zero profit/loss long term, at least when you lose your money to a casino you can get on and do something else with your life ha, ironic.
that theory is not standing sorry. then is there is positive house edge people just lose money forever Cheesy sorry but 0 house edge would bring lot more players to try their luck

It's not free to run servers and I doubt someone would spend a lot of time building and running the site expecting no return.
but the casino would still profit, no matter what its a fact Smiley
You are right even with zero house edge casinos or gambling sites still will earn profit from loosing hands.Let's say zero house edge will attract many players in this case.
exactly thats my point Tongue
No they won't, are you seriously thinking people only lose and never win?
Statistically, over a very big number of hands/plays/whatever, the casino makes around 0 revenue.

There's only one situation where the casino would be making money : Casino has infinite funds and the players have limited funds.


Statistically thats only true if the players are betting flat bets, whenever you start using a so called ''strategy'' you risk to lose everything easily. You dont need the casino to have infinite funds just put a max bet limit (shouldnt be too big at first) After you make some profit you can start increasing the limit a little bit.
sr. member
Activity: 323
Merit: 254
May 15, 2015, 01:29:34 AM
#67
The gambling site owner have to earn money through the house edge, so you can't expect there is no hous edge.

That is exactly what we offer. We offer 0% fees on all sport bets: https://www.fairlay.com/event/category/soccer/ Since we don't take a position but instead user bet against user the average user has an expected value of 0. If your bets are better than the average user your bets will make money in the long run.

Fees and house edge are quite different things all together.

On sport betting sited the "house edge" is usually the spread of the odds. However - we are an exchange where user bet directly against each other - so there is no spread. A dice site could operate with 0 house edge as well if bets where user against user.

PD has or used to have PvP dice. not sure what state it's in now.  didnt seem very fun.  i would assume that sooner or later, the house would invoke a "rake" on it to monetize it somehow.  Unless it was a real source of traffic for the site (then you just cover the cost as marketing)

so i assume you guys aren't making any money off the PvP bets?  where does your rake come into play then?
sr. member
Activity: 443
Merit: 250
May 15, 2015, 01:18:11 AM
#66
The gambling site owner have to earn money through the house edge, so you can't expect there is no hous edge.

That is exactly what we offer. We offer 0% fees on all sport bets: https://www.fairlay.com/event/category/soccer/ Since we don't take a position but instead user bet against user the average user has an expected value of 0. If your bets are better than the average user your bets will make money in the long run.

Fees and house edge are quite different things all together.

On sport betting sited the "house edge" is usually the spread of the odds. However - we are an exchange where user bet directly against each other - so there is no spread. A dice site could operate with 0 house edge as well if bets where user against user.
sr. member
Activity: 323
Merit: 254
May 15, 2015, 01:14:28 AM
#65
The gambling site owner have to earn money through the house edge, so you can't expect there is no hous edge.

That is exactly what we offer. We offer 0% fees on all sport bets: https://www.fairlay.com/event/category/soccer/ Since we don't take a position but instead user bet against user the average user has an expected value of 0. If your bets are better than the average user your bets will make money in the long run.

Fees and house edge are quite different things all together.
sr. member
Activity: 443
Merit: 250
May 15, 2015, 12:45:15 AM
#64
The gambling site owner have to earn money through the house edge, so you can't expect there is no hous edge.

That is exactly what we offer. We offer 0% fees on all sport bets: https://www.fairlay.com/event/category/soccer/ Since we don't take a position but instead user bet against user the average user has an expected value of 0. If your bets are better than the average user your bets will make money in the long run.
hero member
Activity: 532
Merit: 500
May 14, 2015, 11:28:56 PM
#63
The gambling site owner have to earn money through the house edge, so you can't expect there is no hous edge.
legendary
Activity: 1078
Merit: 1024
May 14, 2015, 09:27:28 PM
#62
When I bet on primedice, there is always one fellow who asks, "is it profitable to gamble?" Many time I see those questions, the answer is " no because there is a house edge"

What if a dice site had no house edge? Then would it be able to profit?

What if a dice site has a negative house edge? Will we (the gamblers) start making profit?
I don't think '' no hose edge or negative house edge '' can bring sure benefits to gamblers.Gambling is a sure way of getting nothing.It is gambling not house edge which make the gamblers loose their money.If someone says 0 house edge is good thing then I will say in reply even gambling is good in sense of profit but just for very few persons.Everyone can not win in gambling.

Zero edge in standard casino games can potentially waste players time if you are forever at zero profit/loss long term, at least when you lose your money to a casino you can get on and do something else with your life ha, ironic.
that theory is not standing sorry. then is there is positive house edge people just lose money forever Cheesy sorry but 0 house edge would bring lot more players to try their luck

It's not free to run servers and I doubt someone would spend a lot of time building and running the site expecting no return.
but the casino would still profit, no matter what its a fact Smiley
You are right even with zero house edge casinos or gambling sites still will earn profit from loosing hands.Let's say zero house edge will attract many players in this case.
exactly thats my point Tongue
No they won't, are you seriously thinking people only lose and never win?
Statistically, over a very big number of hands/plays/whatever, the casino makes around 0 revenue.

There's only one situation where the casino would be making money : Casino has infinite funds and the players have limited funds.

Which isnt really a likely scenario for a casino since they will aim for success which means more people and more money.

How is 0 revenue, wasting time and effort, considered success?
legendary
Activity: 812
Merit: 1000
May 14, 2015, 04:48:52 PM
#61
When I bet on primedice, there is always one fellow who asks, "is it profitable to gamble?" Many time I see those questions, the answer is " no because there is a house edge"

What if a dice site had no house edge? Then would it be able to profit?

What if a dice site has a negative house edge? Will we (the gamblers) start making profit?
I don't think '' no hose edge or negative house edge '' can bring sure benefits to gamblers.Gambling is a sure way of getting nothing.It is gambling not house edge which make the gamblers loose their money.If someone says 0 house edge is good thing then I will say in reply even gambling is good in sense of profit but just for very few persons.Everyone can not win in gambling.

Zero edge in standard casino games can potentially waste players time if you are forever at zero profit/loss long term, at least when you lose your money to a casino you can get on and do something else with your life ha, ironic.
that theory is not standing sorry. then is there is positive house edge people just lose money forever Cheesy sorry but 0 house edge would bring lot more players to try their luck

It's not free to run servers and I doubt someone would spend a lot of time building and running the site expecting no return.
but the casino would still profit, no matter what its a fact Smiley
You are right even with zero house edge casinos or gambling sites still will earn profit from loosing hands.Let's say zero house edge will attract many players in this case.
exactly thats my point Tongue
No they won't, are you seriously thinking people only lose and never win?
Statistically, over a very big number of hands/plays/whatever, the casino makes around 0 revenue.

There's only one situation where the casino would be making money : Casino has infinite funds and the players have limited funds.

Which isnt really a likely scenario for a casino since they will aim for success which means more people and more money.
legendary
Activity: 1078
Merit: 1024
May 14, 2015, 04:42:37 PM
#60
When I bet on primedice, there is always one fellow who asks, "is it profitable to gamble?" Many time I see those questions, the answer is " no because there is a house edge"

What if a dice site had no house edge? Then would it be able to profit?

What if a dice site has a negative house edge? Will we (the gamblers) start making profit?
I don't think '' no hose edge or negative house edge '' can bring sure benefits to gamblers.Gambling is a sure way of getting nothing.It is gambling not house edge which make the gamblers loose their money.If someone says 0 house edge is good thing then I will say in reply even gambling is good in sense of profit but just for very few persons.Everyone can not win in gambling.

Zero edge in standard casino games can potentially waste players time if you are forever at zero profit/loss long term, at least when you lose your money to a casino you can get on and do something else with your life ha, ironic.
that theory is not standing sorry. then is there is positive house edge people just lose money forever Cheesy sorry but 0 house edge would bring lot more players to try their luck

It's not free to run servers and I doubt someone would spend a lot of time building and running the site expecting no return.
but the casino would still profit, no matter what its a fact Smiley
You are right even with zero house edge casinos or gambling sites still will earn profit from loosing hands.Let's say zero house edge will attract many players in this case.
exactly thats my point Tongue
No they won't, are you seriously thinking people only lose and never win?
Statistically, over a very big number of hands/plays/whatever, the casino makes around 0 revenue.

There's only one situation where the casino would be making money : Casino has infinite funds and the players have limited funds.
hero member
Activity: 560
Merit: 500
May 14, 2015, 02:50:47 PM
#59
Can't do 0 they are casinos not charity crazy ppls.
legendary
Activity: 966
Merit: 1000
May 14, 2015, 02:50:28 PM
#58
When I bet on primedice, there is always one fellow who asks, "is it profitable to gamble?" Many time I see those questions, the answer is " no because there is a house edge"

What if a dice site had no house edge? Then would it be able to profit?

What if a dice site has a negative house edge? Will we (the gamblers) start making profit?
I don't think '' no hose edge or negative house edge '' can bring sure benefits to gamblers.Gambling is a sure way of getting nothing.It is gambling not house edge which make the gamblers loose their money.If someone says 0 house edge is good thing then I will say in reply even gambling is good in sense of profit but just for very few persons.Everyone can not win in gambling.

Zero edge in standard casino games can potentially waste players time if you are forever at zero profit/loss long term, at least when you lose your money to a casino you can get on and do something else with your life ha, ironic.
that theory is not standing sorry. then is there is positive house edge people just lose money forever Cheesy sorry but 0 house edge would bring lot more players to try their luck

It's not free to run servers and I doubt someone would spend a lot of time building and running the site expecting no return.
but the casino would still profit, no matter what its a fact Smiley
You are right even with zero house edge casinos or gambling sites still will earn profit from loosing hands.Let's say zero house edge will attract many players in this case.
exactly thats my point Tongue
hero member
Activity: 728
Merit: 500
May 14, 2015, 02:46:40 PM
#57
When I bet on primedice, there is always one fellow who asks, "is it profitable to gamble?" Many time I see those questions, the answer is " no because there is a house edge"

What if a dice site had no house edge? Then would it be able to profit?

What if a dice site has a negative house edge? Will we (the gamblers) start making profit?
I don't think '' no hose edge or negative house edge '' can bring sure benefits to gamblers.Gambling is a sure way of getting nothing.It is gambling not house edge which make the gamblers loose their money.If someone says 0 house edge is good thing then I will say in reply even gambling is good in sense of profit but just for very few persons.Everyone can not win in gambling.

Zero edge in standard casino games can potentially waste players time if you are forever at zero profit/loss long term, at least when you lose your money to a casino you can get on and do something else with your life ha, ironic.
that theory is not standing sorry. then is there is positive house edge people just lose money forever Cheesy sorry but 0 house edge would bring lot more players to try their luck

It's not free to run servers and I doubt someone would spend a lot of time building and running the site expecting no return.
but the casino would still profit, no matter what its a fact Smiley
You are right even with zero house edge casinos or gambling sites still will earn profit from loosing hands.Let's say zero house edge will attract many players in this case.
legendary
Activity: 966
Merit: 1000
May 14, 2015, 02:40:55 PM
#56
In theory 0% won't give you any profit or loss, since it's 0%
But, in reality even the site give you 0% house edge. Most people will lose because greed

But, if a dice site has negative house edge, gamblers might start making profit. But, some of them will lose because greed

0% hourse edge is good but nothing to be won or lost either way long term, often sites cant even make as entertaining a site due to lack of profits. 0% or very tiny house rake with p2p games is where its at.
i dont agree Smiley i think casino would still profit
of course they would because there are a lot of gamblers that dont know how to play they either loose everything because of greed or they just do rage bets to recover the losses what leads into even bigger loose

Is not because they dont know how to play (there is no strategy for dice anyways, its just luck)  and its not because greed. A 0% house edge would profit because unless you bet the same amount every time to be at 0 profit you would end up loosing using any other "strategy" like martingale or whatever you want to use
there also is a strategy to use for example its better to make much more smaller bets than one all in bet, without it there could be much more strategies and martingale would work for a while if the player wouldnt be greedy
i will still stay with my theory a site with 0% house edge would profit enough for owner to make money and pay bills to keep it open Smiley
i think you are right though there can be whale players who will try to beat the dice site what will lead to looses
that is why there is max bet allowed Smiley let's say 0.1btc for start or something like that
full member
Activity: 238
Merit: 100
★YoBit.Net★ 200+ Coins Exchange & Dice
May 14, 2015, 02:39:31 PM
#55
In theory 0% won't give you any profit or loss, since it's 0%
But, in reality even the site give you 0% house edge. Most people will lose because greed

But, if a dice site has negative house edge, gamblers might start making profit. But, some of them will lose because greed

0% hourse edge is good but nothing to be won or lost either way long term, often sites cant even make as entertaining a site due to lack of profits. 0% or very tiny house rake with p2p games is where its at.
i dont agree Smiley i think casino would still profit
of course they would because there are a lot of gamblers that dont know how to play they either loose everything because of greed or they just do rage bets to recover the losses what leads into even bigger loose

Is not because they dont know how to play (there is no strategy for dice anyways, its just luck)  and its not because greed. A 0% house edge would profit because unless you bet the same amount every time to be at 0 profit you would end up loosing using any other "strategy" like martingale or whatever you want to use
there also is a strategy to use for example its better to make much more smaller bets than one all in bet, without it there could be much more strategies and martingale would work for a while if the player wouldnt be greedy
i will still stay with my theory a site with 0% house edge would profit enough for owner to make money and pay bills to keep it open Smiley
i think you are right though there can be whale players who will try to beat the dice site what will lead to looses
legendary
Activity: 966
Merit: 1000
May 14, 2015, 02:27:08 PM
#54
In theory 0% won't give you any profit or loss, since it's 0%
But, in reality even the site give you 0% house edge. Most people will lose because greed

But, if a dice site has negative house edge, gamblers might start making profit. But, some of them will lose because greed

0% hourse edge is good but nothing to be won or lost either way long term, often sites cant even make as entertaining a site due to lack of profits. 0% or very tiny house rake with p2p games is where its at.
i dont agree Smiley i think casino would still profit
of course they would because there are a lot of gamblers that dont know how to play they either loose everything because of greed or they just do rage bets to recover the losses what leads into even bigger loose

Is not because they dont know how to play (there is no strategy for dice anyways, its just luck)  and its not because greed. A 0% house edge would profit because unless you bet the same amount every time to be at 0 profit you would end up loosing using any other "strategy" like martingale or whatever you want to use
there also is a strategy to use for example its better to make much more smaller bets than one all in bet, without it there could be much more strategies and martingale would work for a while if the player wouldnt be greedy
i will still stay with my theory a site with 0% house edge would profit enough for owner to make money and pay bills to keep it open Smiley
sr. member
Activity: 364
Merit: 250
May 14, 2015, 02:07:11 PM
#53
In theory 0% won't give you any profit or loss, since it's 0%
But, in reality even the site give you 0% house edge. Most people will lose because greed

But, if a dice site has negative house edge, gamblers might start making profit. But, some of them will lose because greed

0% hourse edge is good but nothing to be won or lost either way long term, often sites cant even make as entertaining a site due to lack of profits. 0% or very tiny house rake with p2p games is where its at.
i dont agree Smiley i think casino would still profit
of course they would because there are a lot of gamblers that dont know how to play they either loose everything because of greed or they just do rage bets to recover the losses what leads into even bigger loose

Is not because they dont know how to play (there is no strategy for dice anyways, its just luck)  and its not because greed. A 0% house edge would profit because unless you bet the same amount every time to be at 0 profit you would end up loosing using any other "strategy" like martingale or whatever you want to use
there also is a strategy to use for example its better to make much more smaller bets than one all in bet, without it there could be much more strategies and martingale would work for a while if the player wouldnt be greedy
legendary
Activity: 2562
Merit: 1414
May 14, 2015, 02:06:34 PM
#52
Zero edge in standard casino games can potentially waste players time if you are forever at zero profit/loss long term, at least when you lose your money to a casino you can get on and do something else with your life ha, ironic.

Zero edge doesnt mean that player wont be losing or winning while gambling.. In shorter means than it could be refer as a simple math statistic that shows how much a site will earn through the wagered value or how many percentage that you lost for everytime you bet.

Playing as a gambler on a site with zero edge could be more profitable than a house with edge but still it is not a guarantee that someone will not lose to the house. On the other hand however, it is pointless to build a site with zero house edge since people are making gamble sites to earn something, thus having some edge is important to sustain the site
hero member
Activity: 490
Merit: 500
May 14, 2015, 02:03:19 PM
#51
In theory 0% won't give you any profit or loss, since it's 0%
But, in reality even the site give you 0% house edge. Most people will lose because greed

But, if a dice site has negative house edge, gamblers might start making profit. But, some of them will lose because greed

0% hourse edge is good but nothing to be won or lost either way long term, often sites cant even make as entertaining a site due to lack of profits. 0% or very tiny house rake with p2p games is where its at.
i dont agree Smiley i think casino would still profit
of course they would because there are a lot of gamblers that dont know how to play they either loose everything because of greed or they just do rage bets to recover the losses what leads into even bigger loose

Is not because they dont know how to play (there is no strategy for dice anyways, its just luck)  and its not because greed. A 0% house edge would profit because unless you bet the same amount every time to be at 0 profit you would end up loosing using any other "strategy" like martingale or whatever you want to use
Pages:
Jump to: