You're forgetting that if you lose, you get back 0.005x your original bet (minus transaction fees)...
Thank you very much! I thought I must be missing something easy, that was it.
Topic: Satoshidice Odds (Read 507 times)
Thank you very much! I thought I must be missing something easy, that was it.
if you have a lucky rabbits foot near your computer your odds increase by 4% though which brings the odds in your favor
Quote
win or lose, you will always get something back from SatoshiDice
Note: While it says "immediately" it can take a little bit of time.
You're forgetting that if you lose, you get back 0.005x your original bet (minus transaction fees). This is so that you can easily tell the difference between a loss and a failure to pay out a win due to technical problems - win or lose, you will always get something back from SatoshiDice; if you don't, that means something went wrong.
1.957 x 50% = 97.85%
0.005 x 50% = 0.25%
97.85% + 0.25% = 98.1%
1.957 x 50% = 97.85%
0.005 x 50% = 0.25%
97.85% + 0.25% = 98.1%
Can someone who understands odds calculations better explain how SD odds work?
Lets look at only one bet, under 32768, there is a 50% chance of winning.
The fair payout on a 50% bet is 2 times your bet amount.
SD pays 1.957 times your bet amount, and advertises that as a return of 98.1% / house edge 1.9%
But, 1.957x on a 50% bet looks like a house edge of 2.15% to me.
98.1% of 2 is 1.962 not 1.957.
Where am I going wrong?
Lets look at only one bet, under 32768, there is a 50% chance of winning.
The fair payout on a 50% bet is 2 times your bet amount.
SD pays 1.957 times your bet amount, and advertises that as a return of 98.1% / house edge 1.9%
But, 1.957x on a 50% bet looks like a house edge of 2.15% to me.
98.1% of 2 is 1.962 not 1.957.
Where am I going wrong?
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