Fair odds

[LibraMH]

Hello all,

 

I hope this finds everyone well. I am interested in what people would think about an online casino that has zero house edge. This would be achieved by allowing players to bet with each other on the outcomes of casino games. For example, with roulette, someone choosing to bet £10 on red would bet with someone who wants to bet £10 on black. The wheel would feature no green zero and money would not pass through a house and only directly between players. Both players have fair odds and a 50/50 chance of winning. This would result in people not losing masses and getting into financial difficulties due to a house edge.

 

This isn't the same as current BC casinos etc. The casino is designed to not make as much money as industry giants and only make enough to cover operating costs and break even.

 

What is everyone thoughts on this? Is it good/bad, why? Are their problems with this?

 

I look forward to hearing some responses

 

cheers

[Kingraj]

Hello LibraMH, I hope your well.

Unfortunately that model won't be feasible, I actually once thought of that exact same idea a year ago.

I play roulette alot and I'll explain why that won't work.

In roulette as your probably aware on a European roulette with one green a person has 18/37 chance on a red or black 48.6% chance, however due to variance you may see over the course of say 500 spins red comes up 52% black 46% green 2%.

Now let's remove green and say you now have a distribution of

Red 54% black 46%

Red £540,000 of bets

Black £460,000 of bets

People who bet red are paid 1-1

£1,080,000 their initial bet plus the win

The funds to pay them are coming from those that bet black £460,000

£540,000 minus £460,000 = loss of £80,000.

Even casinos have certain months were they have not made profits from roulette if more people won than lose and that's with the house edge in casino advantage.

I understand your looking to just break even / operation costs but a few unlucky months and costs of licence and fees you'll have to pay out of your own pocket.

If you have any questions please feel free to ask and I'll try my best to answer to the best of my knowledge.