A Player-Centric Model by Betroom
Since their inception in 1638, starting with “Casino di Venezia”, casinos have a long history of being somewhat “shady” in nature. It is mostly because randomness can be manipulated by one side, rather than accepted by all sides.
Most of the time, the Casino is the manipulator.
As strange and unfair as it might be, it should not come as a surprise since the very foundation on which the core business is built stands behind one simple rule: one side has to lose for the other side to win.
And it’s not far from the actual truth that casinos win 97% of the time on average.
The actual percentage somewhat differs but it all comes down to a very simple calculation: winning odds divided by the number of possible outcomes.
Casino games are built in such fashion that the bettor (the person betting against the casino) has to correctly predict the outcome of an event in order to win a prize. Any other prediction will render the bet a “loss”.
Let’s take a look at the very simple “Coin Toss” game. Since there are only 2 possible outcomes (Heads or Tails) the bettor’s winning odds are always at 50%, equal to the casino’s winning odds.
On the other hand, if we look at the classic 6/49 lottery game, the winning odds for the bettor at measly 1 100% divided by 13,983,816 possible outcomes.
It is fair to say that in the second case, the casino wins EVERY time, therefore a manipulation would not even make sense since the odds are so much against the bettor.
As for the first case “Coin Toss” case, a manipulation might make a HUGE difference.
In any case, the casino stands to win against its players roughly 97% of the total betted amount at any given point in time. This is the casino-centric model, where the casino wins only if players lose.
Here is where Betroom stepped in and challenged the idea that “The House” ALWAYS wins by COMPLETELY changing the model from a casino-centric model to a player-centric model.
How did they achieve this?
1. The first step was to COMPLETELY remove “The House”.
This means players can only bet against each other, NEVER against the casino.
2. All games on the Betroom platform are designed in the following way:
– buying more tickets offers more chances of winning the pot;
– holding more than twice the amount of tickets per game offers a slight advantage, up to a certain point, of which the players keep account of;
– 3% of the tickets’ price represents the service fee that goes to Betroom while the rest of 97% of the tickets’ price is added to the pot;
– each game allows for an unlimited number of players, therefore an unlimited pot;
– the player who finishes first is the winner;
– winner takes all;
3. The games are designed in such a way that the winner has to ONLY be better than the rest of the players.
The winner does NOT need to guess the exact outcome, it must ONLY be better than the rest.
Let’s take the Stock Market Mania game for example. In the real stock market, if someone loses trades and loses money, he is called a loser.
In Betroom’s game, the winner can end up losing all of his trades and losing money, but if he loses LESS than his competition, he WINS the pot.
4. All games are fast-paced, therefore at least 1 player is expected to become a winner every 20 seconds on average.
5. A ticket for a game costs 0.0001 Bitcoins, therefore with less than a dollar per ticket, it’s possible to win a virtually unlimited amount of money.
With the above in mind, Betroom believes they will start the casino revolution.
We took the liberty to quote them on that:
“We believe in our hearts that you, the people that comprise Betroom, will allow us to help others see an alternative to the mainstream casino. The days of the house winning 95% of the time are numbered. Together we will show that taking risks is not a dirty thing hidden in the shadows but actually a fun way to connect with like-minded individuals. Each industry, throughout human history, has had to adapt and change. Medicine, transportation, communications, and even banking have had to change to keep up with the times. The casino industry is in need of an overhaul! This site symbolizes this change! Together we can exercise our right to execute real change to an industry in need of it. Let’s make our community great and encourage others to help us! This is how we win! Together!”
This article is sponsored by BetRoom. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services, including investing in the cryptocurrency. Live Coin Watch is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.