SatoshiDice, which has servers based in Ireland, is a pseudo-random number generator game where players choose a number and then bet on the likelihood that a “rolled number” is greater than the one they’ve selected. If the rolled number is greater, then they win. The house has a 1.9 percent edge—which is where the profit comes in.
The online dice game has returned profits to the tune of ฿33,310 ($596,231) during 2012—an average actual profit of ฿135.96 ($2,416) per day from May through December 2012. During that period, players put down a total of 2,349,882 bets. That’s still minuscule by Las Vegas standards, but respectable.
bitZino, by contrast, released its figures in early January and seems to be doing a decent pace of business too (bitZino's bookkeeping only measures June 9 to December 31, 2012). The online casino—hosted in the US, offering online poker, blackjack, craps, and roulette—did not publish a profit and loss statement. bitZino did say it had paid out ฿28,986 ($495,000)—and that 3.2 million wagers were made during H2 2012.
Friday, January 25, 2013
Bitcoin casinos report large profits
Bitcoin-based casinos are reporting pretty serious, six-figure profits
on a series of games wherein players' apopheniac tendencies cause them
to hallucinate non-randomness in the performance of a
pseudorandom-number generator. The casinos claim that their financial
numbers can be trusted because of BitCoin's shared logfile, which can be
parsed to show their earnings.
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