Edgeless Casino Soon to Open
http://www.newsbtc.com/2017/02/16/edgeless-casino-introduces-revolutionary-transparent-0-house-edge-online-gambling/
Quote: onenickelmiracleThey 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.
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.
Quote: lilredroosterOnline. 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
Quote: lilredroosterBitcoin 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.
Quote: lilredroosterOnline. 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.
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.Quote: beachbumbabsIf 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.
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.
If they do sports, it will have to be with the betfair model. An exchange, where players offer and take bets from each other. There's a good chance they will kick people who win too much out.
Didn't a horse racing shop try this in Vegas and get put out of business?
One of the many gambling myths is that casinos would still make money with 0% house edge games because players would eventually lose everything and the casino would be protected by a much larger bankroll. Not true. If this casino believes in this myth, then I predict they will quietly close up shop as soon as a player wins more than the casino can pay. Or just stiff the player.
Quote: WizardofnothingMaybe I'm stupid but I could see how you could have no edge on horses since it's parimutuel and on casino games but how could you truly have no edge on sports? Even with no vig the spread is not an indication of true odds and the money line doesn't work because you are betting against the house -
Didn't a horse racing shop try this in Vegas and get put out of business?
As said earlier, the house can put up a line and allow players to bet against each other. Theoretically, the same concept can be applied to slots or video poker....although they wouldn't be directly betting against each other, and there'd be a bit of a buffer win/loss for the house.
Quote: Wizardofnothing
Didn't a horse racing shop try this in Vegas and get put out of business?
You are talking about "The Sport of Kings" casino in the early 90's. There are some stories out there on how not to run a book about these guys.
https://www.washingtonpost.com/archive/sports/1993/04/07/after-a-few-hot-tips-cold-reality-dawns-on-bookmakers-at-sport-of-kings/5cb07343-8e7a-412e-afbc-1bb435c6a839/?utm_term=.8001dbb15244
Like a video blackjack (continuous shuffle) with an arcane basic strategy.
and video poker with a pay table of 0% house edge. people will play imperfectly and often get the edge cases wrong. Or play even worse.
they will not offer edgeless pure chance games, that would be too risky.
Never trust anyone willing to take a large risk for peanuts. He has something up his sleeve. I don't know what but incremental fees, bitcoin float and good will just don't cut the mustard. Is it the IRS setting up a decoy front? What they gonna do when Red shows up sixteen times in a row? Bitcoin float ain't that much and it might be bit coin sink.Quote: lilredroosterOnline. No house edge. According to Bitcoin news service. So how would they profit/
https://bitcointalk.org/index.php?topic=1718384.msg17233813#msg17233813
They even used WoO for research.
Quote: FleaStiffNever trust anyone willing to take a large risk for peanuts. He has something up his sleeve. I don't know what but incremental fees, bitcoin float and good will just don't cut the mustard. Is it the IRS setting up a decoy front? What they gonna do when Red shows up sixteen times in a row? Bitcoin float ain't that much and it might be bit coin sink.
There was no rake poker room before (do not know if still exist) - they make profit by having a $10 fee on every withdraw. Didn't go too well as far as I know..
edit: Just google them - their name is still "Paynorake" but they have rake lol.
