My initial plan was to allow each investor to choose their own house edge and risk level and have them form a market like on an exchange, so the player gets matched by whichever investor(s) are offering the lowest house edge(s). This would result in competition between investors to get gambler action and cause the edge to be the lowest available anywhere. I wonder how such an idea would go down. It would probably result in a few crazy investors offering very low edges, and leave the sensible investors getting matched by none but the biggest bets. (Like how when you ask for more than the current market rate on MtGox when selling coins, you only get matched by the big buy orders).
that would be cool, I love the idea of a market for house edge...
You could also do a market for variance: Have a slider for people to choose what their own personal "maximum bet" is (in percentage of bankroll). All of that gets pooled together to be the site's max bet, and returns are proportional to that. Someone that wants low variance can choose 0.1%, someone more aggressive can choose 1% (and someone that wants to really gamble can go > house edge%). This is a way to have investors have a decentralized vote on what the minimum bet should be.
Investors would be basically running their own dice site! Investors set their personal edge AND the variance!
A big +1 to this!!!
This is a great idea. I like investor-chooses-their-max-profit than I like the market for edge. I think the 1% edge is this website's defining feature and it would be a mistake to change it.
But by implementing investor-chosen max profit we would arrive at the "optimal" max profit per roll (the sum of everyone's personal max profit setting), in the sense that it is the consensus of all the investors. This may be more or less than 1%. In fact, it would be fascinating to watch it go up and down as whale(s) come in and out.
This is the first idea I've read that seems worthy enough to change the format of the site.
Problem with that idea is with a house edge constantly having wild swings, we will lose "regular" players. People don't want the house edge changing on them moment by moment