MegaDice - Bitcoin Dice Game And More Bitcoin Casino Games
Welcome to MegaDice, a Bitcoin Dice gambling site that has now evolved into a full Bitcoin casino. The new dice game gives you the possibility to place streaks of bets that are blizzard fast and visually stunning. Bets are returned in ~20ms and there's daily leader boards and a cutting edge provably fair system. New games are being added, bringing players an exclusive bitcoin casino experience.
As you can see, this was merely the beginning of Bitcoin gambling. Lots has happened since then; double spend attacks on losing bets took away the zero confirmation bet processing, so now we have to wait for wide adoption of technologies like the Lightning Network before instant blockchain bets can be available again. Lucky players have busted the whole bankroll in the past, helping us to realise that the best way to handle a crowd funded bankroll is to apply a Kelly Criterion.
Beyond Pure Bitcoin Dice Gambling - Lots of Casino Games!
MegaDice offers the Bitcoin exclusive games Satoshi Slot and the Odd Even live casino game. Satoshi Slot is a provably fair Bitcoin-exclusive slot game where you enter the bonus game mode by getting 3 or more Bitcoin symbols. If you pick the right coin in the bonus game, 40 wilds will be inserted into the reels and you can win up to 513 times your bet for each spin. Other games that are newcomers at MegaDice are the Quickspin slot games.
A Casino that Lets You Play as the House
You can choose to play as the house by betting on the shared bankroll. This means that the house edge is on your side. Whenever a player wins or loses, you get your proportional share of the house's bankroll. This is a great opportunity to win some bitcoins with the historically stable rise of the casino's winnings.
The Next Level of Bitcoin Gambling
With higher xp and level comes not only great responsibility but also great rewards. Bitcoin prizes are given out as you raise in level and extra bonuses are given out on big winning streaks. Affiliate earnings are given to you in real time. All bets and wins by players referred by you are immediately counted towards your account and you can withdraw at any time you choose. Just lean back and watch your balance grow. New Bitcoin games are added over time and we give out bonuses to players who try all our bitcoin games.
Bet on the House
You have the opportunity to be part of the House bankroll. The bankroll is the total amount that players have placed to bet on the house and you are paid according to your percentage of the house’s bankroll. The bankroll grows or shrinks in line with players losing or winning bets on the games at MegaDice.com. MegaDice uses a 0.9% house edge and backers get 50% of the house wins or losses. The Satoshi Slot game uses a 3.5% edge. QuickSpin Slots and live games do not currently affect bankroll bets. This means that the dice game gives a 0.45% Expected Value (EV) that is shared by the backers, and the Satoshi Slot game gives a 1.75% EV to the backers. Affiliate earnings, Leader Board rewards and other rewards are not paid by the backers, and there are no additional fees. Minimum amount to bet on the house is 0.001 and there is no upper limit.
How Backer’s Percentages of the Bankroll Are Determined
If the first backer deposits 10 bitcoins, he has 100% of the bankroll, and earns 0.9/2≈0.98% of all earnings. Now suppose that players lose 10 coins while playing on the site. 50% of this is rewarded to the backers, and since there is only one backer he gets 5 coins added to his investment. The house’s bankroll is now 15. Now another player invests another 5 coins, bringing the bankroll to 20. The original backer’s 15 coins now make up 75% and the new backer’s 5 coins make up 25% of the total bankroll. If now another 10 coins are lost by players, the first backer gets 7.5 coins and the second backer gets 2.5 coins, bringing their bankroll bets up to 22.5 and 7.5 coins respectively. At this stage, the first backer can withdraw his 22.5 bitcoins with a 12.5 profit and this would bring the second backer’s percentage of the bankroll from 25% to 100%.
MegaDice keeps the maximum profit a player can make on a bet to 0.5% of the bankroll for the Dice (employing roughly half the Kelly criterion). This means that if the house loses money to lucky players, the maximum allowed profit made on new bets will shrink. If we assume that the players try to play with the highest possible EV, they will try to always place bets that has the maximum allowed profit when winning. If the same bet volume is maintained by bets with a lower maximum profit, it would have to be accomplished by a larger number of bets. This would increase the stability of the EV for the house because each single bet has a 1.009 EV for the house. The automatic adjustments of the maximum allowed bet profit also makes it impossible for players to win the entire bankroll.
The Satoshi Slot has a theoretical payout percentage of 96.5% - so the house edge is 3.5%. This however cannot be determined to the same precision as the Dice game because in the slot, the RTP/edge is calculated by a simulation, known as the "theoretical payout percentage" or RTP, "return to player". The max bet on the slot game is not automated in the same way as on the Dice. It is instead set manually. The Satoshi Slot game has many paylines. It wouldn’t work well if the bet sizes were denominated in increments of 14.235, 18.503, 26.322 instead of 10, 15, 25 ect. The Satoshi Slot game also gives the player a chance of winning extra game rounds (Freespins). These can give very high, but rare payouts. Because of the higher edge, the Kelly Criterion allows a higher win on Satoshi Slot game bets and we set the max bet to roughly follow the Kelly Kriterion for big wins.
Potential Risks for Backers
- The Kelly Criterion that sets the maximum bet profit assumes that you can choose to make a large numbers of bets and that over time the positive EV will give you a profit. But the house can’t choose when to play; it just waits for players to place bets. If players stop betting, a house profit may never occur. Players can choose to stop at any time and if they stop when they have a profit, the house will remain with a loss.
- Large backers may dilute your bankroll bet. If lucky players make the bankroll shrink and then large backers (or even the lucky players themselves) dilute your share, you may struggle to recover your loss. If your percent of the bankroll is halved by large backers, it would take twice the time to recover a loss.
- The operators of MegaDice may die, lose their private keys, get hacked, or simply disappear with the bitcoins.
MegaDice uses cold storages for backers’s balances that can be verified on the blockchain as you can see below.
MegaDice Cold Storage (NOT FOR DEPOSITING)
~700 BTC Hash: 1GXEDU2LWTNANDAZGwpVEaDN7u7yAktHR3
You can find the MegaDice crowdfunding thread at bitcointalk here.
Earn Bitcoin by Referring Your Friends
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For every bet placed by a player referred by you, you are rewarded a commision of the house edge, regardless of whether the bet they make is win or loss.
Micro bets (wagers smaller than 0.00001000) are not counted towards affiliate earnings.