Q: What is Edgeless Casino?
Edgeless casino is fully transparent since
it is based on Ethereum Smart contracts. All Ethereum smart contracts
are non-changeable and publicly available for everyone to see and
examine.
Q: How are other traditional online and bitcoin casinos cheating?
There are two main ways. First, the casino
can easily overcome their own 'random fairness check' without being
spotted. Second, the casino can easily fake win sums and hide profits
from investors (in case they are sharing it with investors). Check the
1.2. Section in the White Paper for a detailed explanation.
Q: How Edgeless Casino is transparent?
Edgeless casino is fully transparent since
it is based on Ethereum Smart contracts. All ethereum smart contracts
are non-changeable and publicly available for everyone to see and
examine.
- Edgeless Casino players will trust that the casino will not able to cheat against them. EDG shareholders will alway be sure of that.
- Edgeless Casino is transparent by providing full disclosure of the amount of profit earned.
- EDG shareholders will be able to trust that in 30 days cycles, they will be transferred 40% of Edgeless’s profit to their wallets by non-changeable smart contracts.
- Edgeless Casino players will trust that the casino will not able to cheat against them. EDG shareholders will alway be sure of that.
- Edgeless Casino is transparent by providing full disclosure of the amount of profit earned.
- EDG shareholders will be able to trust that in 30 days cycles, they will be transferred 40% of Edgeless’s profit to their wallets by non-changeable smart contracts.
Q: What is “The House edge”?
The House Edge is a term used to describe
the mathematical advantage that the gambling game (therefore the
commercial gambling venue) has over you as you play over time. This
advantage results in an assured percentage returned to the house over
that playing time, and for you, it is an assured percentage loss of what
you bet.
Imagine that you are playing roulette and you bet 100$ on a colour red. Because roulette has a number zero coloured in green, which is neither red or black, the house gets an advantage of 2.7%. This is calculated by:100 : (36 +1) = 2.7%
So if the house has an “edge”, you basically lose every time. If you bet 10$, your expected loss is 0.27$ dollars. In 1 hour, you can spin approximately 20 - 25 times. If every time you bet 10$, in that hour you are expected to lose 5.4$ - 6.75$.
Imagine that you are playing roulette and you bet 100$ on a colour red. Because roulette has a number zero coloured in green, which is neither red or black, the house gets an advantage of 2.7%. This is calculated by:100 : (36 +1) = 2.7%
So if the house has an “edge”, you basically lose every time. If you bet 10$, your expected loss is 0.27$ dollars. In 1 hour, you can spin approximately 20 - 25 times. If every time you bet 10$, in that hour you are expected to lose 5.4$ - 6.75$.
Q: Are Edgeless tokens tradable on exchanges marketplaces?
If a token holder wants to trade the tokens,
he/she may do it easily because the tokens are based on the ERC20
standard. In order to prevent multiple withdrawals using the same
tokens, the tokens will be locked for trading for the rest of the
interval after the profit has been collected. As soon as the next
interval starts, the tokens will be unlocked automatically.
Q: How to reduce edge up to 0%
A casino has a blackjack edge because they
have the best decision making position - the last one. That means
players can bust before the house even draws a card. To compensate for
this edge, the house gives additional bonuses for the player such as 1
to 3 payoff in the case of a blackjack, and the ability to double bet if
the casino has a bad card. That’s exactly what we would do - by
increasing these additional bonuses to reduce the house edge to 0%.
Q: What is "Edgeless Lounge"?
"Edgeless Lounge" is a special lottery game
which can be played using EDG tokens. Participants compete to win a
lottery pot and prizes are paid in Ethereum currency. 40% of Edgeless
Casino profits go into a prize pool for "Edgeless Lounge". The lottery
takes place every month.
Q: Where your team is based? Have you built any other projects on blockchain?
Our team is based in Lithuania and Germany. First ETH casino project we built is: etherslots.win
Q: Why do I need Edgeless tokens?
- Participate in the "Edgeless Lounge" lottery game and win a share of 40% of casino profits!
- Edgeless Casino is fully transparent since it based on Ethereum smart contracts
- Edgeless Casino players will be able to trust that the casino will not cheat against them
- EDG shareholders will alway be sure that Edgeless Casino is transparent in providing the full amount of profit earned
- Edgeless is the first casino with 0% edge based on Ethereum blockchain
- Edgeless Casino will have strong competitive advantages (0% edge, transparency) to increase market share in order to become a sustainable business.
- Edgeless Casino will provide many gambling games (BlackJack, Video Poker, Dice, Sports Betting)
- Edgeless Casino is fully transparent since it based on Ethereum smart contracts
- Edgeless Casino players will be able to trust that the casino will not cheat against them
- EDG shareholders will alway be sure that Edgeless Casino is transparent in providing the full amount of profit earned
- Edgeless is the first casino with 0% edge based on Ethereum blockchain
- Edgeless Casino will have strong competitive advantages (0% edge, transparency) to increase market share in order to become a sustainable business.
- Edgeless Casino will provide many gambling games (BlackJack, Video Poker, Dice, Sports Betting)
Q: How Edgeless casino can be profitable with 0% edge?
Casino profits and 0% (0.83% in practise) house edge concept.
There are several ways how Edgeless Casino can be profitable. Edgeless Casino provides games which depend on LUCK+SKILL and Sports Betting.
The first two games provided will be Blackjack and Video Poker. Both games are played with a combination of LUCK and SKILL. That means players make choices and either play well or poorly. To give an example of such a situation:
Blackjack:
House has a 6 card.
The player has 16.
The player wants to collect at least 17 and hits for one more card. - BAD MISTAKE.
The player just made a huge error, because, 12+ against 6 ALWAYS STAYS. (according to Blackjack basic strategy)
An average player does not play ‘the perfect game’ therefore, in the long run the casino makes a profit from his mistakes.
An analogy can be taken from poker. A new player is playing against a Pro. Both have equal probability conditions - 50% vs. 50%. However, the Pro player makes better choices and the new player makes bad decisions, and in the long run, the Pro wins.
Look at this EXTENSIVE RESEARCH from players’ mistakes in Blackjack - on average they give away an 0.83% edge to the casino. https://wizardofodds.com/image/ask-the-wizard/how-poor-are-bj-players.pdf
And that's exactly what the casino will earn - 0.83% which is the same as playing dice with an 0.83% house edge
The second stream of profit comes from sports betting. Sports Betting connects bettors against each other, charging vig / juice / rake from each side for their bets. In this area, the casino will earn 4% from all money wagered. An analogy can again be taken from poker. Imagine two players are betting 10$ against each other and the rake is 1%. So, they are actually betting 9.90$ and winner gets 19.80$.
More information on how sports betting is making money:
http://www.biasharainsight.com/2016/01/how-do-sport-betting-sites-make-money/
To sum up - the first stream of profits is from games of luck+skill. The second stream of profits is from Edgeless casino with 0% edge games and is a very strong marketing channel for attracting players to Edgeless Casino. Gamblers can enjoy fair betting conditions, and a good percentage of visitors will do Sports Betting which generates 4% returns to the Casino.
The concept has not literally come out of the blue - discussions on zero edge casinos are already occurring in the community.
https://www.bitedge.co/blog/0-house-edge-provably-fair-and-trustless-gambling/https://www.reddit.com/r/BitcoinGambling/comments/36z3
wi/which_is_the_lowest_house_edge_fair_bitcoin_casino/
There are several ways how Edgeless Casino can be profitable. Edgeless Casino provides games which depend on LUCK+SKILL and Sports Betting.
The first two games provided will be Blackjack and Video Poker. Both games are played with a combination of LUCK and SKILL. That means players make choices and either play well or poorly. To give an example of such a situation:
Blackjack:
House has a 6 card.
The player has 16.
The player wants to collect at least 17 and hits for one more card. - BAD MISTAKE.
The player just made a huge error, because, 12+ against 6 ALWAYS STAYS. (according to Blackjack basic strategy)
An average player does not play ‘the perfect game’ therefore, in the long run the casino makes a profit from his mistakes.
An analogy can be taken from poker. A new player is playing against a Pro. Both have equal probability conditions - 50% vs. 50%. However, the Pro player makes better choices and the new player makes bad decisions, and in the long run, the Pro wins.
Look at this EXTENSIVE RESEARCH from players’ mistakes in Blackjack - on average they give away an 0.83% edge to the casino. https://wizardofodds.com/image/ask-the-wizard/how-poor-are-bj-players.pdf
And that's exactly what the casino will earn - 0.83% which is the same as playing dice with an 0.83% house edge
The second stream of profit comes from sports betting. Sports Betting connects bettors against each other, charging vig / juice / rake from each side for their bets. In this area, the casino will earn 4% from all money wagered. An analogy can again be taken from poker. Imagine two players are betting 10$ against each other and the rake is 1%. So, they are actually betting 9.90$ and winner gets 19.80$.
More information on how sports betting is making money:
http://www.biasharainsight.com/2016/01/how-do-sport-betting-sites-make-money/
To sum up - the first stream of profits is from games of luck+skill. The second stream of profits is from Edgeless casino with 0% edge games and is a very strong marketing channel for attracting players to Edgeless Casino. Gamblers can enjoy fair betting conditions, and a good percentage of visitors will do Sports Betting which generates 4% returns to the Casino.
The concept has not literally come out of the blue - discussions on zero edge casinos are already occurring in the community.
https://www.bitedge.co/blog/0-house-edge-provably-fair-and-trustless-gambling/https://www.reddit.com/r/BitcoinGambling/comments/36z3
wi/which_is_the_lowest_house_edge_fair_bitcoin_casino/
