Topic: Welcome to the Greatest Bitcoin Casino on earth!! Exciting Sounds & Graphics! - page 7. (Read 10593 times)

For this scenario to occur, the bank would need to not only have not enough money available to pay the jackpot (which Redcoin said is unlikely to occur in his previous post), but the jackpot would also need to be 'overdue' ie: it has passed its pre-programmed random 1:10,000 payout ratio. RED would need to confirm this but I suspect what would still occur in this instance is once the funds are there, the jackpot is paid, and the next jackpot is paid earlier as well, since the 10,000 count started when the previous 10,000 finished (even though the jackpot wasnt paid until spin 13,000 for example). What you need to realise is we're not talking about balls spinning in a bucket here that fall out randomly...these are computer generated programs that monitor bank balances, jackpots, & payouts. Chance still plays a big part in whether an individual wins or loses, but its determined by a computer, not by the 'random' roll of a dice (though I'm sure lots of random numbers are thrown around as part of the programming). A good thing about a computer managing the 'randomness' however is you are guaranteed a 98% payout. You wont get that assurance from balls dropping out of a bucket. You could get a lot more sure - but you could get a lot less than 98% too.

This is the process of slot machine manufacturing: The company decides how many icons/lines/bonus games should the slot have. They give the job to a mathematician who builds a PAR sheet with a payout table formula and exact distribution of the icons. Then his formula is ran through a simulator, which simulates millions of games, to be able to determine projected return. Based on the paytable different games have different gameplay. This is called Volatility Index. The more Volatile a slot machine is, the more ups and downs it will have throughout time (hot and cold periods, where if a machine hasn't paid in a long time it is likely in a cold period which is about to end), the less volatile - the more balanced play it will have (frequent small wins and no big surprises in terms of player wins). Usually the mathematicians create 3 or 4 payout levels (88%,92%,95%,98%), which are then set as an option in the slot management software for the operator to choose and change whenever he likes (most likely what you are referring to when saying you can change %s in your IGT game). However, the game is entirely random, and payouts are not based on previous losses in any case. Most slot manufacturers (like IGT, Williams, Playtech) guarantee that the machine will have a stable house return within 10,000,000 spins. In the short term, a casino can lose millions, and previous play is not a factor.

Posting this for educational purposes.

The thing you have to understand is that slot's random number generators have no idea what the last numbers they made are. they are just as likely to pay 3 jackpots in a row as they are to pay 3 jackpots 6 months apart from each other. The thing with slots is that the odds aren't clear when you play them usually, but if your casino does indeed pay 98%, than that means, at all times, it should be the same odds. That means if a slot jackpot is 1000 credits, but the bank only has 950 so it decides to say that you can win the jackpot, even though you can't, and that the odds are 98%, even though removing the jackpot lowers the odds, then you are stealing from players, because you are advertising 98% returns when it is really lower. your games should all be independent and if another player wins 110% that he wagered, that doesn't mean the casino has 110% returns and should short pay the next player to make it average to 98%, it means he got lucky and the odds should remain 98%. If your upset that you lost money running a casino, just understand you are rolling dice too.

the payout rate is the expected average and doesn't change according to the previous play. for example, if I pay someone 5x their bet if they roll a 6 on a fair 6-sided die and they roll a 6 on the first roll, the die doesn't suddenly start rolling 1,2,3,4s and 5s to make up for it, it's simply what's expected and after an arbitrarily long number of rolls, the result tends to be around 0.833x the total amount wagered. The way real casinos make money is by gambling themselves, except they have a positive expected return (the key word being expected). They can be up a lot of money or down a lot of money, but on average, they make slightly more than what they are wagering. There have been many times where casinos are down a lot due to a high betting baccarat player, jackpot winner or other lucky player, but they don't suddenly start making games pay 50% on average to make their money back since then players won't come. Instead they stick with the same odds as usual and hope to make it back on the long run.

more can be learned here: http://en.wikipedia.org/wiki/Gambler%27s_fallacy

Thats how gambling machines work, a machine thats just had a huge payout will not give another big payout  until its been filled up again.

Lets reverse this statement - "Should you be lucky because someone else was 'punished' (lost)?" Is this lucky person then considered to be 'stealing' from the casino because someone else before him lost?

When you walk into a Casino you have no idea whether the 'house' is in front or behind. You put your money in the slot and you hope the players before you lost, and lost big, because you know the odds of that slot paying out are 'likely' to be higher. You also hope that slot hasn't just paid out big for the same reason. You might say well maybe the slot is on a 'payout' streak? Maybe it is, maybe it isnt, but how can you know for sure either way? Its all about probability at the end of the day and no-one can ever know if they are about to win or lose before they gamble - ever. Thats why its called a 'gamble'. No matter what the game or where you play. This casino has a 98% payout and thats as good as you will get anywhere.

I think it does, my IGT gameking, Multistar safari, ex casino game,  I can go into the settings and choose which % of return it can be set to. So it obviously determans what to pay out based on what money its collected. right? else how does it calculate a payout rate?

coins sent

Username: Boelens

Coins sent

Username: ainghia1308.
Thanks!

Is it also appalling that the casino paid out sufficient winnings to players to create this 'negatively-balanced' prize pool?

As I stated previously, I don't run the casino so don't know enough about it, but IMO if this is how it works, it means somebody else won and walked away with more than they started with. Such is the nature of gambling.

You should use the free points oldminer gave you and have a try, you will see its quite easy to win

Not sure how to be "provably fair". Its a different type of game, and only pays out when there are losers, same way as any modern slot machine.

The main difference is the odds payout, Bitwin is 98%, while pub/casino pokies and most online ones are set to less than 90%.

This means Every 100 you bet, regardless whether you win or lose, 98 goes back into the prize pool, with 2.5% of that going into the jackpot pools, if its a jackpot game.

When the game draws a hand, it checks if there is enough funds in the prize pool to cover the win, if there isnt it will make you lose.
 
however what you need to realize is table games like roulete, blackjack, sicbo, etc mathematically have the same odds to win as a live casino game, which is around 80-90% return, which is way less than the prize pool, so it would be rare that the prize pool would not have funds to cover wins on those games. So playing those is just like a live game.
 
To summarize:

If you win 98 points, it means somone has lost 100 points

Coins sent

Thank you! Glad it worked

Credits sent

I tried registering again using your affiliate link because the first few times there were problems. Not sure why

Username: Bitwin_Kylie

Hopefully it worked this time..Confirmed account email too

Thanks

Please let us know if you signup via my affiliate link and dont get your free credits. It may be your email address has failed our verification checks and we will need to find out why. Also, please check your spam folder for the verification email.

thanks

The only person who can answer this question is user: Redcoin (the casino owner). I've PM'd him to see if he can/wants to provide a response.

In the meantime, anyone can create an account and bet minimal amounts and judge the payout rate for themselves. About 6 weeks ago I was informed of the casino being in beta testing and was given 1BTC (10,000 points) to test the games with. At one stage I had this balance up to 1.9BTC (19,000 pts). This balance is now down to 0.8BTC (after factoring in points I have given away in the affiliate program). Most of my wagering was on slots. I wouldnt want to try and guess how many hours of entertainment I've had on that 1BTC but I can say I played the games for at least 1-12 hours a day (at a guess) for over 6 weeks and still have a reasonable balance.

Btw, if anyone decides to take advantage of the 100 points offer, and play Luxuriouslot, make sure you change your total lines bet to start with as it default is 1 point x 50 lines. You could lose the lot in 2 x spins if your unlucky. Some of the other games have a lower default wager (eg: Indian charm default is .10 points x 50 lines.

thanks