Turkish Casino: Gambling of the Future [pdf] • Hacker News Board

Re: Turkish Casino: Gambling of the Future [pdf]

#31

Post by bobbygoodlatte » Wed, Jul 22, 2015, 11:21 PM UTC

alexjikim wrote: post #19

fastbetshenry wrote: post #10

If one can make this work this would be huge. One could offer casino style games at a house edge of 0% (house edge = the amount that the house wins on average on every bet). This would not only be a super compelling value proposition to gamblers, it would be a huge step towards eliminating problem gambling: A gambling addict that plays at a 0% house edge would not loose money in the long run. I run a small bitcoin ca…

> A gambling addict that plays at a 0% house edge would not loose money in the long run. This isnt true because the house edge is the average return. the individual players can have a positive or negative edge depending on their skill. this would be like playing poker without a rake.

Yep. Also this: https://en.wikipedia.org/wiki/Gambler%27s_ruin

Re: Turkish Casino: Gambling of the Future [pdf]

#32

Post by eru » Thu, Jul 23, 2015, 2:12 AM UTC

cm2012 wrote: post #13

Theoretically, is this idea possible? 1) Make a casino with slot machines/etc. Connect slot machines to a stock market day trading system that acts at random on each lever pull (I.E. buying and then selling 10 seconds later, when the price is a bit different) 2) Gamblers will gamble as they usually do, but since the stock market grows on average by 7% a year, they should theoretically come out ahead. 3) Casino can ta…

Look up how insurance companies (like Warren Buffett's!) use `float'. The mechanics are similar.

Re: Turkish Casino: Gambling of the Future [pdf]

#33

Post by fastbetshenry » Thu, Jul 23, 2015, 11:17 AM UTC

bobbygoodlatte wrote: post #31

alexjikim wrote: post #19

Earlier quoted context omitted.

> A gambling addict that plays at a 0% house edge would not loose money in the long run. This isnt true because the house edge is the average return. the individual players can have a positive or negative edge depending on their skill. this would be like playing poker without a rake.

Yep. Also this: https://en.wikipedia.org/wiki/Gambler%27s_ruin

Alexjikim, you are 100% right. I was thinking about classic casino games that are pure games of chance (where my statement would be correct). However, the OP crablar wants to offer games of skill where alexjikim's analysis is spot on. Would still be a huge improvement over the status quo though.

I find that Wikipedia article on "Gambler's ruin" pretty misleading. What is not mentioned there is that in a 0% edge game, the party with the higher bankroll has a lower chance of loosing it all, but she'd be losing a lot in that case. If she wins (very probable) she'd only be winning a small amount. That's still a fair game.