Re:The rising human cost of sports betting
by HWR_14 on Monday January 31, 2022 @09:31PM
(#30157891)
Casinos are just fine with big payouts. They know if you run a lottery, you're going to write some checks.
And besides, winners are
great PR.
They are not fine with playing a game that does not advantage them.
Re:The rising human cost of sports betting
by noxvilleza on Tuesday February 01, 2022 @08:10AM
(#30161905)
> That's the AVERAGE win rate.
I thought that they were suggesting it's ~ the average winrate given optimal play.
That's the AVERAGE win rate.
The maximum win rate is "if you make more than $10,000 in profit, we'll throw you out", and I've never heard of that being made explicit.
The point is that if you're going to throw out people who win more than a certain amount, you're not actually offering a fair game. There are secret rules that you haven't been told, and they very clearly bias your overall odds. You certainly shouldn't be able to advertise "you could win big!" if your policies make that impossible.
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There's clearly precent in other industries, too: If a grocery store advertises a sale on milk, they have certain obligations to offer a rain check if they run out. "According to the Fair Business Practices Act, it is unfair or deceptive if a store advertises goods without intending to sell them or to provide reasonable amounts of the advertised products without providing notice that supplies are limited."
Casinos are advertising the chance to "win big" but have no intention of ever actually paying out.