Quote from: Noitev on October 18, 2013, 08:55:21 PM

Quote from: cowbay on October 18, 2013, 10:02:24 AM

Doog,

I thought about what we discussed on the trollbox and you were absolutely correct. I was totally wrong in my calculations and I admit I was not thinking clearly. I greatly appreciate the patience you had with me.

This is the bet that started the discussion: https://just-dice.com/roll/184417807

A winning bet at 98.99% odds, he took home ~0.01134 when the true odds are ~1.14618. The 99% difference was used to pay the "1% house edge". Of course if he had lost, he would have lost it all.

I questioned the bet after seeing the risk to reward ratio, perceived it as an unfair situation, and incorrectly thought that the math was wrong. Instead, I was wrong. It absolutely is a 1% house edge bet according to definition.

It's a sucker bet, you say. I'll go out on a limb and say that if the terms of the bet are "if you win, I tax ~99% of your true odds winnings; if you lose, you lose it all", "sucker bet" is an understatement. I find it unlikely that a player would realize this less-than-ideal situation when they see "1% house edge" advertised.

I think the better question would be "is it misleading to offer this type of bet?".

Any thoughts are welcome.

It's pretty simple.

It takes 1% of the total bet returned, not just the winnings. If the site had a bet that paid your normal bet back 99% of the time, the casino on average will make 1 btc on every 100 btc bet placed on it. I simply suggest to make more risky bets to have fun as there's no way to reliably make a profit gambling on any odds. Taxing 1% on winnings in a 98% odds results in a dangerously low house edge of 99.98% which isn't feasible.

hey doog , how is this possible @93%/!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!====>

user: tricky (195102) date: 2013-10-18 14:00:25 betid: 187609786 lucky: 95.0435 target: <93.0000 bet: 0.00100000 payout: 1.06451613x profit: -0.00100000
user: tricky (195102) date: 2013-10-18 14:00:21 betid: 187609624 lucky: 70.7651 target: <93.0000 bet: 0.00100000 payout: 1.06451613x profit: 0.00006451
user: tricky (195102) date: 2013-10-18 13:59:18 betid: 187607384 lucky: 99.9785 target: <93.0000 bet: 0.00500000 payout: 1.06451613x profit: -0.00500000
user: tricky (195102) date: 2013-10-18 13:59:16 betid: 187607302 lucky: 98.6943 target: <93.0000 bet: 0.00500000 payout: 1.06451613x profit: -0.0050000