... 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.
The easiest way to test this would be to allow Just-Dice players to bet at 100%. That has a payout of 0.99x, and is exactly what you're describing.
I wouldn't want the 'max chance' button to go there though, because that's just rude. But I could allow players to type 100 into the chance box and accept the box. It doesn't feel right though to give them no chance of winning, and I also really don't see why anyone (who understood it) would play.
Gamblers understand that a 49.5% chance of doubling their money is slightly less than fair, but it's close enough to fair that they're willing to take the chance. But who wpuld ever accept a guaranteed loss of 1%?
A fool and his money are quickly parted.