4 ms·

Gambling takes many forms. If you and I flip a coin for $100, there's no scam.

by qup 5mo ago

testing22321 5mo ago
Sooner or later someone will rig the coin
- chucksta 5mo ago
  Potential for fraudulent activity makes something a scam? That list is gonna be long
  - Tade0 5mo ago
    "Gaming"[0] companies are audited for the expected value each coin toss/slot machine roll etc. has - typically it's a high and unusually precise percentage, like e.g. 95.1681%. The scam in is advertising, that emphasizes how much you can potentially win, even though obviously on average the house takes those few percent each time. [0] A term they like to use to describe themselves.
  - testing22321 5mo ago
    With regards to gambling, yes. The list is all of it.
hyperhello 5mo ago
Or a spherical cow.
mint5 5mo ago
It’s a scam when the house takes $1 from that $100 each time. These unlicensed internet gambling halls most certainly take their cut, whatever that amount is.
- scottyah 5mo ago
  It's only a scam if they don't disclose that. If the house brought the two people together I'd say it's fair as services rendered. I don't get mad when a bar charges more than the base cost of the alcohol.
- HDThoreaun 5mo ago
  Your definition of scam is terrible
  - mint5 5mo ago
    “ If you and I flip a coin for $100, there's no scam.” statistically over a time with a fair coin, they’re coming out even. Add in the house taking a cut each time, now everyone but the house is guaranteed to lose. Sounds like a scam to me
    - HDThoreaun 5mo ago
      > now everyone but the house is guaranteed to lose. Gambling is about more than making money. Most gamblers do not expect to win, they do it because its entertaining. Paying $1 for the opportunity to participate in the coin flip is something many people are happy to do. Negative EV does not equal losing because you forgot to include the entertainment value. Scams involve deception. There is no deception in a business that is upfront about taking a fee to match gamblers.
      - mint5 5mo ago
        If gambling wasn’t about the money then it wouldn’t be centered around money.

Gambling takes many forms. If you and I flip a coin for $100, there's no scam.

by qup 5mo ago

Gambling takes many forms. If you and I flip a coin for $100, there's no scam.

testing22321 5mo ago

Sooner or later someone will rig the coin

chucksta 5mo ago
Potential for fraudulent activity makes something a scam? That list is gonna be long
- Tade0 5mo ago
  "Gaming"[0] companies are audited for the expected value each coin toss/slot machine roll etc. has - typically it's a high and unusually precise percentage, like e.g. 95.1681%. The scam in is advertising, that emphasizes how much you can potentially win, even though obviously on average the house takes those few percent each time. [0] A term they like to use to describe themselves.
- testing22321 5mo ago
  With regards to gambling, yes. The list is all of it.

hyperhello 5mo ago

Or a spherical cow.

mint5 5mo ago

It’s a scam when the house takes $1 from that $100 each time. These unlicensed internet gambling halls most certainly take their cut, whatever that amount is.

scottyah 5mo ago
It's only a scam if they don't disclose that. If the house brought the two people together I'd say it's fair as services rendered. I don't get mad when a bar charges more than the base cost of the alcohol.
HDThoreaun 5mo ago
Your definition of scam is terrible
- mint5 5mo ago
  “ If you and I flip a coin for $100, there's no scam.” statistically over a time with a fair coin, they’re coming out even. Add in the house taking a cut each time, now everyone but the house is guaranteed to lose. Sounds like a scam to me
  - HDThoreaun 5mo ago
    > now everyone but the house is guaranteed to lose. Gambling is about more than making money. Most gamblers do not expect to win, they do it because its entertaining. Paying $1 for the opportunity to participate in the coin flip is something many people are happy to do. Negative EV does not equal losing because you forgot to include the entertainment value. Scams involve deception. There is no deception in a business that is upfront about taking a fee to match gamblers.
    - mint5 5mo ago
      If gambling wasn’t about the money then it wouldn’t be centered around money.