lilredrooster
lilredrooster
Joined: May 8, 2015
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February 17th, 2017 at 1:23:27 AM permalink
Online. No house edge. According to Bitcoin news service. So how would they profit? I believe, but I'm not sure, they would profit from the small transaction fees from moving Bitcoin around. Probably will only service Bitcoin currency. The story mentions WoV blacklisting casinos for cheating. They say they have fully transparent smart contracts which can prove there is no cheating. They say they have plans to offer sports betting, probably not at first, and if that is edgeless too, the sharps will be foaming at the mouth.

http://www.newsbtc.com/2017/02/16/edgeless-casino-introduces-revolutionary-transparent-0-house-edge-online-gambling/
just because you're not paranoid that doesn't mean that there's not somebody out to get you. some people are afraid to stop being paranoid
onenickelmiracle
onenickelmiracle
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February 17th, 2017 at 1:46:06 AM permalink
They could invest the money while it's being gambled, before cashed out, if legal under their regulation. Or run off with it all, derpno. Maybe once trust is gained, demand an edge, creeping slowly and slowly.
Looks like sh!t just got imaginary!
lilredrooster
lilredrooster
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February 17th, 2017 at 1:54:28 AM permalink
Quote: onenickelmiracle

They could invest the money while it's being gambled, before cashed out, if legal under their regulation. Or run off with it all, derpno. Maybe once trust is gained, demand an edge, creeping slowly and slowly.



That is surely true, but I think it's also possible that it would be such a phenomenal attraction that they could be very profitable and would not be tempted to steal or change their terms. OMG. Can you imagine horse racing with a rebate so large there would effectively be no takeout? I don't think so. Racing's powers that be would be fuming and somehow they would get it 86ed.
just because you're not paranoid that doesn't mean that there's not somebody out to get you. some people are afraid to stop being paranoid
RS
RS 
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February 17th, 2017 at 3:19:47 AM permalink
I sorta read through that, but not really. Plus, I don't know enough about bitcoin.

Regardless, I see some things that can potentially be bad for the casino. For one, how exactly do they make their profit? It seems like it may be from the "transfer" fee or whatever. Depending on the size of the fee, their overall edge might be very very small. If it is very very small, it's going to be tough to actually make money doing that.

I'm not saying this is how they're doing it, and I doubt it, but would be a smart(?) way although not too ethical or whatever.......but essentially, program the games so if the casino is currently losing money, to make the games take in money. If the casino is winning, then make the games pay out. Players would experience a 0% edge game, and the casino would also have that same 0% edge, without the risk of losing, even though each individual player would have the opportunity to win. This takes the risk away from the house but allows the players to have a 0% HE.
"should of played 'Go Fish' today ya peasant" -typoontrav
lilredrooster
lilredrooster
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February 17th, 2017 at 3:51:40 AM permalink
Bitcoin may seem intimidating to some. But I believe that it is now pretty well established as an acceptable currency. Many large corporations now accept bitcoin. I haven't used but I'd be willing to bet, like many new things, once you do get started with it, it's easy to handle. If I'm wrong I'm sure there are some on the site already using it and they will correct me. The whole thing could turn out to be just a gimmick. If they charge 1% to convert bitcoin to a bet and then 1% to cash it out. The cost might still be less for a lot of bets but even if you don't call it a house edge it will still be costly as is a house edge.
just because you're not paranoid that doesn't mean that there's not somebody out to get you. some people are afraid to stop being paranoid
standbymyman
standbymyman
Joined: Feb 13, 2015
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February 17th, 2017 at 8:14:55 AM permalink
Quote: lilredrooster

Online. No house edge. According to Bitcoin news service. So how would they profit? I believe, but I'm not sure, they would profit from the small transaction fees from moving Bitcoin around. Probably will only service Bitcoin currency. The story mentions WoV blacklisting casinos for cheating. They say they have fully transparent smart contracts which can prove there is no cheating. They say they have plans to offer sports betting, probably not at first, and if that is edgeless too, the sharps will be foaming at the mouth.

http://www.newsbtc.com/2017/02/16/edgeless-casino-introduces-revolutionary-transparent-0-house-edge-
online-gambling/




"Prove there is no cheating"......................................Hilarious
gamerfreak
gamerfreak
Joined: Dec 28, 2014
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February 17th, 2017 at 9:05:29 AM permalink
Quote: lilredrooster

Bitcoin may seem intimidating to some. But I believe that it is now pretty well established as an acceptable currency. Many large corporations now accept bitcoin. I haven't used but I'd be willing to bet, like many new things, once you do get started with it, it's easy to handle. If I'm wrong I'm sure there are some on the site already using it and they will correct me. The whole thing could turn out to be just a gimmick. If they charge 1% to convert bitcoin to a bet and then 1% to cash it out. The cost might still be less for a lot of bets but even if you don't call it a house edge it will still be costly as is a house edge.


The problem with bitcoin now is that it's difficult to get any without jumping through hoops. It used to be you could just purchase with a credit card, but all those services shut down in the US.
beachbumbabs
Administrator
beachbumbabs
Joined: May 21, 2013
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February 17th, 2017 at 12:30:37 PM permalink
Quote: lilredrooster

Online. No house edge. According to Bitcoin news service. So how would they profit? I believe, but I'm not sure, they would profit from the small transaction fees from moving Bitcoin around. Probably will only service Bitcoin currency. The story mentions WoV blacklisting casinos for cheating. They say they have fully transparent smart contracts which can prove there is no cheating. They say they have plans to offer sports betting, probably not at first, and if that is edgeless too, the sharps will be foaming at the mouth.

http://www.newsbtc.com/2017/02/16/edgeless-casino-introduces-revolutionary-transparent-0-house-edge-online-gambling/



If it were me, I'd sign up some advertising. Every 5 minutes, do a 10-15 second ad that you have to wait for (no skip button ). Put a banner above the game with ads rotating but constant feed. That plus zero edge only on optimum play (which 95% of people won't know) would make a healthy profit. I don't think people would resent a 10 second break every 10-25 hands.
"If the house lost every hand, they wouldn't deal the game."
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
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February 17th, 2017 at 12:38:07 PM permalink
Quote: beachbumbabs

If it were me, I'd sign up some advertising. Every 5 minutes, do a 10-15 second ad that you have to wait for (no skip button ). Put a banner above the game with ads rotating but constant feed. That plus zero edge only on optimum play (which 95% of people won't know) would make a healthy profit. I don't think people would resent a 10 second break every 10-25 hands.

That's true, zero edge doesn't mean zero profit because of strategy. Forgot about that. There is an edge, it just isn't theoretical.
Looks like sh!t just got imaginary!
FleaStiff
FleaStiff
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February 17th, 2017 at 1:00:27 PM permalink
Yes. Advertizing revenue. Also data mining revenue such as selling the metadata from their customer's machines.

Also, profiting from "the float". Benny Binion used to make multimillion dollar over night loans to other casinos to cover their minimum funding that the Gaming Board required. That stack of million dollars in bills never moved, but it sure earned alot of interest payments from other casinos.

Also,, 'chips' allow casinos to operate at a larger scale than if people used dollars, since the casino only has to stand ready to cash in a small percentage of its chips. So send us your bitcoins and gamble will work even if the casino says 'cash in' only once a year.

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