Bitcoin Dice Mathematics explained
In the world of gambling, the term “house edge” holds a significant meaning behind it.
Contrary to the name itself which causes confusion for those who are not a part of this industry, house edge does not mean that the house, or the hosting casino, has an unfair edge over the player by influencing the odds of winning in its favor.
Instead, what house edge really means is the “fee” that each wager contains for the house itself, no matter if the player wins that particular bet or not. This means that for each bet that a player wins, the “house” gets to keep a part from the wager to contribute towards its profit sharing mechanism.
By ensuring that a proper house edge system is in place, we make sure that your gaming experience gets to be transparent and enjoyable, so you could play all you want while giving us the opportunity to make our operations sustainable in order to keep providing you with the stellar services that you have come to experience from our platform at BetKing.
How Is the House Edge Set on BetKing?
Setting up a house edge is not as simple as just slapping on a flat fee for each wager. Instead, it is set upon a certain percentage so that the house edge is calculated exactly according to the odds of the game which a player is betting their amount on.
One of the prime examples of maintaining house edge on BetKing is our provably fair dice game.
Since our BetKing dice has 100 sides and the house edge is 1%, if a player selects a wager that gives them a chance to win as 50% against a bet amount of 1 BTC, then instead of having their payout become double the amount to 2 BTC, it gets to be 1.98 BTC after deducting the 1% house edge.
Now, no matter what the outcome of the dice roll gets to be, BetKing will have its betting fee deducted in the form of the house edge, which allows for a smooth run of our operations.
Similarly, if someone selects the same betting amount of 1 BTC but with a lower chance to win percentage, then they will be entitled to win a higher payout – with the 1% house edge still being deducted.
There are a number of complicated explanations to the house edge, such as how it could denote to a win after a set number of dice rolls (which in its simplest form could be 100); however, since the Bitcoin dice game differs largely from a traditional dice game, its odds and probabilities are spread across hundreds of different possibilities with the player’s selected chance to win percentage.
While other websites and online casinos will provide complicated explanations over their chance to win percentages and the winning odds provided with them, we at BetKing believe in simplicity.
We believe in the aspect of complete transparency, which is why everything pertaining to the dice roll is outlined in one single box, on a dedicated page that contains all the information that you would need in order to determine how authentic your gaming experience here could be.
Instead of harping on and on about how much chance of a win you can get on certain odds, we calculate the percentage for you. This way, we know that you will understand exactly what you are getting into, right before you make the call to go ahead with your decision or not. We seek to make it where you don’t have to second guess yourself and you can simply let the dice roll.
The provably fair mechanism on BetKing is also verifiable for every player to check, which is just to show that at BetKing, you get exactly what you come for: a clean, fun experience without the looming possibility of losing your funds to unsavory situations.