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RE: Play MagicDice and Earn STEEM & SBD!
I made around 10 STEEM with some small bets, but some users like @ngc (bernie) made thousands of STEEM.
What's the trick/strategy?
Play with a small multiplier?
I made around 10 STEEM with some small bets, but some users like @ngc (bernie) made thousands of STEEM.
What's the trick/strategy?
Play with a small multiplier?
Do you know the "color trick" in Roulette? Basically you always bet on the colors and if you loose you bet the double of before on the same color. Do do this until you win, which is almost 50:50. But in the casino this trick isn't really working as you have 2 white spaces and so the chances are only about 49% and therefore the Casino is going to win.
Here in MagicDice the chance actually is 50% and therefore you are going to win eventually (if you stop at the right time). I don't know how they can make money.
They said in announcement post that magic-dice has 2% house edge.
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I don't, but I will check it out.
Have you tried this color trick in Magicdice yourself?
Here is a good explanation of the odds in Roulette.
In MagicDice the odds are actually 50% (if you bet that the number is lower then 50 and set it to 50). So in the end the odds will add up to 0 and either you nor the bank (MagicDice) is making money. So theoreticly if you stop at a time that you won you are going to make money. The doubling of the bet is not in the video but essentially you just double your bet whenever you loose to win back what you lost before and as long as you don't chicken out or run out of money you are going to win eventually (just that you are going to need alot of money at a certain point if you loose too often in a row.)
For example if you loose 5 times in a row and stared with a bet of 1$ you are going to need 32$ for the 6. bet and you already lost 31$ before, so you are already 63$ short. If you win at this point you only won 1$ overall (your initial bet). Keep in mind that this number is growing exponentially .
i personally haven't used this technique as it needs plenty of time and there is still a 50% chance of me loosing everything.
It's called martingale method, I think.
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Oh ya you are right. Thanks for the info.
Hey I rechecked the odds again and MagicDice actually has different multipliers and therefore will win in the end.
In the screenshot you can see that if you choose a 50% win chance you only get payed 1.96 times your bet. So the double betting roulette style isn't working in the long game as they are cutting of 0.04% of every win. So this is how they are making money... ^^
So in this sense: Be smart and don't gamble. The bank/casino always wins. (I am actually quite curious on which legal basis MagicDice is operating as this is basically a online casino for which there are harsh rules in most countries. Like safety of minors or gambling addicts).
Blockchain games are void of legal rules it seems.
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Thanks for the warning.