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Brainy

1% house edge or is it ?

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Hello, i've wanted to open a topic about this for a while but wasnt sure about how to say it. 

Well as all of you know primedice, stake & other sites say their edge is 1 % but if you take into concideration their payouts this might not look such a close 1 %. Let me explain.

Simplest way to imagine that is that odds of hitting one of the exact rolls is 1/10.001 Starting from 00.00 to 10.000. (for example purposes i'll say 1/10.000) 

Now payouts for 98% chance are 1.01x meaning you can hit 9800 times and lose 200 times. If for example your start bet is 100 satoshi you would (after 10.000 rolls ) be winning 9800 satoshi but you would be losing 20.000 satoshi. And if you calculate wins / losses house edge comes close to 50 %, 

Next if we take a max one so hitting 100.00 roll, you have as said 1 / 10001 chances of hitting that and it pays out 9900X and again if we calculate this you losing 10000 times starting with 100 satoshi it equals to 0.01000000 bitcoin in losses and 0.00990000 in winnings. And again if we calculate that we came to a one percent edge as is it supposed to be.

Have you ever thought about it ? And what kind of multipliers did you play before. High or low ?
Will this change your mind? Im interested in hearing your opinions.

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I love to catch high multipliers, but this is not always possible with the existing balance. About 1% of the advantages of the house is difficult to say how everything is calculated there. Whatever it was the casino does not lose, and everyone knows that.

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27 minutes ago, Brainy said:

house edge comes close to 50 %, 

I think you misunderstand how the house edge actually works. So if the house edge was 0%, the payout on 98% chance would be 1.02. The payout on a 49.5% chance would be 2.05x (not 2x). The 1% house edge effectively decreases the payout so that given that each roll number is equally likely, which the lower payouts, the casino is able to make a profit over the long term of 1%.

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House edge in Primedice is exactly 1%. Maybe the easiest way to explain it is by looking into highest possible payouts. There are 10000 numbers possible to be rolled, from 0.00 to 99.99 and payout for hitting that final one (whether it is 0.00 on under or 99.99 on over) is x9900. If there were no house edge the payout would be x10000. As you can see the house edge takes effect on the payouts you receive upon hitting certain number. (10000-9900=100, 1% of 10000 is 100).

William also explained it properly in the post above. That 1% house edge means that after betting on same payout with same amount for longer time your expected loses are 1% of the amount you wagered. :) 

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the first online Ethereum based casino found a way how to attract new clients without spending millions on marketing — 0% house edge. At this point, there is no blockchain based online casino that is offering the same thing. And for anyone who is at least a little bit familiar with a gambling world, knows that this means the game is more fair for everyone. Usually casinos have 1–2 % house edge, so over the time, netherless of your play casino will take this percentage for themselves.

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House Edge for me is more like than profit taken by casino from total amount money that wagered by its user. Compare to other site I think 1% is Fair enough if we compare to benefits that primedice offer to their user

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On 18/05/2019 at 13:40, Mistake499 said:

i dont belive in edge xD if i have a bad seeds thats will be bad 

 

Seed doesn't cut it, no way you can escape or avoid house edge. If not for  thr house edge  most of the casinos would have gone bankrupt

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every Casino game has a built-in profit on every bet. This is known as the House Edge or Casino Advantage.

Every bet you make has a certain probability of winning or losing. If you bet on the flip of a coin, the probability of heads or tails is 50-50. This would be an even money bet. If you bet a dollar and was paid a dollar when you won, you would be paid TRUE ODDS. However, if the casino only paid you 95 cents every time you won instead of a dollar the House edge would be 2.5%. Simply put, The house edge is the difference between the true odds and the odds that the casino pays you when you win.

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