... Variance is the only way the player can ever win. Without it, he doesn't even bother playing. ...
I'd like to test this. I bet that if you created a game that has a fixed guaranteed return of -1% that people would still play. For every bitcoin wagered 0.99 bitcoins is returned.
How about it Dooglus. Can you create a site that is not only provably fair but deterministic. In that you know exactly your return before you wager.
Gambling is an activity that is against the gamblers own financial interest. Would that tendency to gamble away money work if there was no way to win. I guess it wouldn't be gambling then.
Try it see what happens.
I bet you'd see a few novelty bets and then silence.