Quote from: Minnlo on April 19, 2015, 07:40:56 PM

Quote from: arallmuus on April 19, 2015, 07:36:03 PM

Quote from: CoinFoxs on April 19, 2015, 07:19:52 PM

Yeah may it could be happened. Can you please tell me What does House edge exactly mean? and how is it work?

house edge is a ratio of the loss that a gambling site expected from your initial bet
in short 1 % house edge means that for every bet you make there will be 1 % loss from your initial bet in average. If you are to visit a dice sites that has 1 % house edge you can see that for 50 % chance to win, you will get just ~~1.95x~~ 1.98x of your bet instead of 2x of your bet.

Hm...On a dice site with 1% house edge, you will get 1.98x of your bet for winning a 50% bet, as the expected value of such bet would be 99% (=1.98*50%) in this case.
If the site gives you 1.95x back, the house edge would indeed be 2.5%.

sorry wrong typing on my end, edited it already and thanks for clarifying. I was multitasking while Im making the posts, I was supposed to put in 1.98x for my explanation there but somehow I typed in 1.95x . thanks