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EvenBob
The Internet Gambling or Online Casino business is currently the fastest growing business in the world. Revenue for year 2006 was estimated at over USD $8-9 Billion. 2017 was estimated at USD $46 Billion, it is estimated by 2020 to be between USD $84-94 Billion. According to the whitepaper, the model for Zero Edge Casino is based on the factual Bitcoin price growth and Metcalfe’s law. That law says that a larger network of users leads to a greater network value.
Lets pretend there are no casinos and you have towrite a business model for one to get a loan from a
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bank. What would your proposal look like. Mine is
probably easy to guess.
Here's the definition of a business model:
'A business model describes the rationale of how an organization creates, delivers, and captures value'
Good luck making a casino fit in those traditional
parameters.
'It's not enough to succeed, your friends must fail.' Gore Vidal
FleaStiff
Sorry but casinos came before banks.
aceofspades
Lets pretend there are no casinos and you have to
write a business model for one to get a loan from a
bank. What would your proposal look like. Mine is
probably easy to guess.
Here's the definition of a business model:
'A business model describes the rationale of how an organization creates, delivers, and captures value'
Good luck making a casino fit in those traditional
parameters.
write a business model for one to get a loan from a
bank. What would your proposal look like. Mine is
probably easy to guess.
Here's the definition of a business model:
'A business model describes the rationale of how an organization creates, delivers, and captures value'
Good luck making a casino fit in those traditional
parameters.
It would have to be re-written as '...how an organization creates, delivers and captures
expected value'
EvenBob
It would have to be re-written as '...how an organization creates, delivers and captures expected value'
Very good, very funny. But the question remains, how
would they show they were producing value in a
casino business model. Even the business model
for a house of prostitution can show produced value
for the customer. Asking a casino to do it is like
asking a burgler to explain it in his job. Neither creates
any value so its impossible.
'It's not enough to succeed, your friends must fail.' Gore Vidal
ewjones080
Restaurants do it... Bars do it... Concet halls do it.. Shopping malls do it.. And these are all contained in most casinos... Gaming is just part of it, albeit a large part..Are you saying if casinos didn't exist today they wouldn't get a loan.. It's simply an entertainment destination...... Of course a casino could get a loan... You just probably won't be able to build a mega casino for a little while..
thecesspit
Who says the business model has to show it creates value for the customer?It has to create and derive value for the owner (doing it for the customer is part for most businesses, but not necessary).
Besides, while you disagree, people do get value of of gambling. Even if it is to satisfy an itch. It may be false value, but if the customer has a perception of value, however false it may be, the business can create that illusion of value, deliver it, and take a very real value to themselves in terms. You can call it predatory if you desire. Doesn't matter. Business plans are not arbitrated on some sort of moral compass. Nor should they be.
'Then you can admire the real gambler, who has neither eaten, slept, thought nor lived, he has so smarted under the scourge of his martingale, so suffered on the rack of his desire for a coup at trente-et-quarante' - Honore de Balzac, 1829
Nareed
Who says the business model has to show it creates value for the customer?
Online Casino Business Franchise
Anyone who expect to make as little even as one cent in profit.
Quote:
It has to create and derive value for the owner (doing it for the customer is part for most businesses, but not necessary).
Can you name one, just one, business not supported, subsidized or propped-up by government that does not create some kind of value for its customers?
Many may fail to do so, but all intend it.
Mission146
This dance has been danced so many times here that I could probably Waltz it with my eyes closed and not miss a step.
It's all going to come down to individual Philosophy as to whether or not an individual considers casinos to be especially predatory. For the vast majority of players, there's entertainment value and the potential to win money. I've said this a thousand times, if you pay $50 to attend a concert, you go to the concert, and short of finding a $50 (or higher denomination) bill on the ground, you will leave the concert with less money than you had prior to attending. If you go to a bar and buy a beer for $2.00, then you will have your beer and you will have $2.00 + whatever you decide to tip less than when you bought the beer.
The difference (and what some people seem to have a problem with) is in both the thrill that some people derive from gambling, the adrenaline rush and the potential for a costly addiction that can cost money quickly. For example, if someone is an addicted smoker, then they would have to buy about 250 packs in neighboring West Virginia and smoke every cigarette in one day to spend $1,000 on cigarettes that day. That's obviously not physically possible. If you go to a bar and get a $5 gin, then you'd have to drink 200 of those in one day to have spent $1,000 in alcohol that day. I believe that would kill almost all, if not all people, were they successful.
The difference with the casino is that you can lose $1,000 (or even more) in one bet. You could lose that to a slot machine in an hour, or less, depending on the denomination of the machine and how hard Lady Variance feels like kicking you in the testicles that day. There are some people who are not gambling addicts that will go in on a one time basis, lose far more than intended, and that will completely eliminate any desire they have to gamble for awhile, or possibly forever.
The entertainment value derived is obviously for the potential of a win relative to the amount bet, or the ability to grind out a win in Table Games. If this were not the case with slot players, for example, and it was all about watching little pictures spin around, then a slot player should be perfectly content to play a $0.01 denomination machine at one line and one credit per line for a total bet of $0.01 per spin. People usually want a bigger win than such a bet makes possible, so that is where the bulk of the entertainment comes from, rather than watching pictures spin around in circles.
Are the casinos predatory? I don't know, nobody can force you to go into a casino and gamble your money. Let's say you had a deer capable of abstract thought and opening doors. If I put a lion in a room, and the lion cannot open the door, then is the hungry lion to blame if the deer chooses, of its own free will and volition, to walk into the room and the lion kills and eats it? It is the nature of the lion, just like it is the nature of a business to try to make money.
My advice is not to enter the casino if you are the proverbial deer, but if you are and you do, then the proverbial lion should not be taken to task for acting in the way that nature has predetermined.
It's all going to come down to individual Philosophy as to whether or not an individual considers casinos to be especially predatory. For the vast majority of players, there's entertainment value and the potential to win money. I've said this a thousand times, if you pay $50 to attend a concert, you go to the concert, and short of finding a $50 (or higher denomination) bill on the ground, you will leave the concert with less money than you had prior to attending. If you go to a bar and buy a beer for $2.00, then you will have your beer and you will have $2.00 + whatever you decide to tip less than when you bought the beer.
The difference (and what some people seem to have a problem with) is in both the thrill that some people derive from gambling, the adrenaline rush and the potential for a costly addiction that can cost money quickly. For example, if someone is an addicted smoker, then they would have to buy about 250 packs in neighboring West Virginia and smoke every cigarette in one day to spend $1,000 on cigarettes that day. That's obviously not physically possible. If you go to a bar and get a $5 gin, then you'd have to drink 200 of those in one day to have spent $1,000 in alcohol that day. I believe that would kill almost all, if not all people, were they successful.
The difference with the casino is that you can lose $1,000 (or even more) in one bet. You could lose that to a slot machine in an hour, or less, depending on the denomination of the machine and how hard Lady Variance feels like kicking you in the testicles that day. There are some people who are not gambling addicts that will go in on a one time basis, lose far more than intended, and that will completely eliminate any desire they have to gamble for awhile, or possibly forever.
The entertainment value derived is obviously for the potential of a win relative to the amount bet, or the ability to grind out a win in Table Games. If this were not the case with slot players, for example, and it was all about watching little pictures spin around, then a slot player should be perfectly content to play a $0.01 denomination machine at one line and one credit per line for a total bet of $0.01 per spin. People usually want a bigger win than such a bet makes possible, so that is where the bulk of the entertainment comes from, rather than watching pictures spin around in circles.
Are the casinos predatory? I don't know, nobody can force you to go into a casino and gamble your money. Let's say you had a deer capable of abstract thought and opening doors. If I put a lion in a room, and the lion cannot open the door, then is the hungry lion to blame if the deer chooses, of its own free will and volition, to walk into the room and the lion kills and eats it? It is the nature of the lion, just like it is the nature of a business to try to make money.
My advice is not to enter the casino if you are the proverbial deer, but if you are and you do, then the proverbial lion should not be taken to task for acting in the way that nature has predetermined.
thecesspit
Online Casino Business Plan Pdf
Can you name one, just one, business not supported, subsidized or propped-up by government that does not create some kind of value for its customers?
Many may fail to do so, but all intend it.
Many may fail to do so, but all intend it.
The argument is along the lines of 'no real value'. I contend that even if you say there is no 'real value' in the casino business, it's immaterial as long as the customer perceives they gained value from making bets.
'Then you can admire the real gambler, who has neither eaten, slept, thought nor lived, he has so smarted under the scourge of his martingale, so suffered on the rack of his desire for a coup at trente-et-quarante' - Honore de Balzac, 1829
AZDuffman
I would forget the bank and approach the Central States Teamsters Pension Fund for investment.
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Yin/Yang
I'll bet the winners end up losers, 2-to-3 odds.[ reply to this | link to this | view in chronology ]Well
I have always found it slightly dubious to put my money into a 'computer' slot machine. I mean, honestly, do we really think the results are random, or do the casinos hit a button every now and then to pay out on demand.
But theses days, even the so called mechanical slot machines are all computer controlled.
I think that if this case has any huge impact on customer relations, then casinos should be forced to ban computerized slot machines by law, and instead rely soley on mechanical processes for true random results.
Until that happens, I will play poker or blackjack so I know that there is some fate in how I win or lose.[ reply to this | link to this | view in chronology ]- They would be wise to pay up. If they claim software glitch that worked against them, they would be opening up themselves to a class-action lawsuit by anyone who had used their system that could then claim they would have won had it not been for a software glitch.[ reply to this | link to this | view in chronology ]
Re: Lawsuit
If I recall correctly, the courts won't enforce gambling debts. There may be other viable legal avenues (deceptive advertisting, etc), though. Any lawyers care to comment?
(Seems they've already put themselves in the court of public opinion where they're apt to lose bigtime.)[ reply to this | link to this | view in chronology ]Re: Re: Lawsuit
Courts WILL enforce gambling contracts (constituted by the act of gambling in the casino) if the contract is legal - in other words, they won't enforce illegal betting, or anything else illegal - makes sense, huh?
As far as this case goes, I say ban all casinos! Only let people play the Lotto. That's voluntary taxation in my book, which is a VERY GOOD THING.[ reply to this | link to this | view in chronology ]
Re: Lawsuit
If I recall correctly, the courts won't enforce gambling debts. There may be other viable legal avenues (deceptive advertisting, etc), though. Any lawyers care to comment?
(Seems they've already put themselves in the court of public opinion where they're apt to lose bigtime.)[ reply to this | link to this | view in chronology ]
This is old news
I saw this on the news 2 months ago. The culprit at that time was Winstar Casinos. You can bet I'll never go there.[ reply to this | link to this | view in chronology ]Payout exceeded maximum
I heard about this on CBC last night. The story was that the guy was playing a nickel keno machine which had a payout limit of around $3000 if all 5 keno numbers matched. When the guy 'won' it showed the payout jackpot to be $209,000 - that's why they're blaming a software glitch.
Regardless, it would have served them much better to just pay the guy his $200,000 and be done with it. Now they are getting a lot of negative press which could result in fewer people going there to gamble if they feel they won't be paid their winnings.[ reply to this | link to this | view in chronology ]Re: Payout exceeded maximum
209 000 is an error code that means 'please service'[ reply to this | link to this | view in chronology ]Re: Re: Payout exceeded maximum
That is funny. Thanks for making me laugh[ reply to this | link to this | view in chronology ]
Been in Service How long?
Just goes to show you the odds--they article states this machine has been in service for 3 YEARS---does it take that long for it to finally hit so you can see the glitch?![ reply to this | link to this | view in chronology ]that's why
I have started playing poker and blackjack. Maybe not better odds in a 'pure' world, but it has an element of true randomness that no computer COULD duplicate, and of course, anything computerized can easily be fixed in any way you want, from slot machines to voting machines...if it is allowed to be a closed proprietary system. I could see this parlaying into another voting machine debate (as a worst case), i.e. a public outcry forms for legislation that guarantees these machines aren't fixed, flown under the banner of an update to current fair-gaming regulations.[ reply to this | link to this | view in chronology ]Daily News
This seems to be more commom everyday...not too long ago (maybe early this year, late last year) The NY Daily News had a scratch off sweepstakes insert which were abou 50% (or better) positive. Meaning about 50% of the entrants had the Jackpot numbers. Of course the news rejected them stating a printer/technical error caused the game to be deemed invalid. I thinbk this one is still n the courts....
PS. this ansd the fact that I like to keep money, are two reasons why I don't gamble anymore, anf that means cards, slots, lottery, whatever. It seems evryone can count a 5deck stack so it gotten too crazy...
pps. third reason was I damn near became addicted during HS and college and just had to say NO to gambling...
the preceeding msg is in no way a endorsent by the author or the advertisers. it merely a the opinion of someone whom none you know or care about.....[ reply to this | link to this | view in chronology ]- Vegas slot machines are actually MUCH safer, more secure, and harder to tamper with than any electronic voting machine ever used in an U.S. presidential election. If they wont to call it a 'malfunction,' then what is to stop me from saying Bush won because of a malfunction?[ reply to this | link to this | view in chronology ]
- Because bush really did win because of a malfunction....[ reply to this | link to this | view in chronology ]
So if the other guy had won...
...it wouldn't have been?[ reply to this | link to this | view in chronology ]
This isn't news in Vegas
This happens on occasion in Vegas. It usually involves
an overpay to the customer and it is always handled quickly with the customer getting what he should have won. Why are there no lawsuits? Easy, If you
raise hell at one property you'd be lucky to get a room in a Fremont street flop and you wouldn't even be able to use a one-arm bandit at the 7-11 down the street because your name is toast and they do know you. The entire state of Nevada would be an uncomfortable place for you to be.[ reply to this | link to this | view in chronology ]Nothing...
'then what is to stop me from saying Bush won because of a malfunction?'
Nothing at all...this time...but when the vote gets tampered with again, and again...say on the act to repeal the 2 term limit. then the act to lengthen presidental term. and then to elect GWB's son...and the act to allow him to spy on all americans...then maybe there will be a big brother gestapo to stop you from saying it....[ reply to this | link to this | view in chronology ]Re: Nothing...
Man, you need to chill the hell out with the politics. This article had nothing to do with Bush, the election, or the gestapo.
:/ Maybe you should make a blog about your rants.[ reply to this | link to this | view in chronology ]
hahahaha...
I'm not talking *about* politics, I'm comparing...
I'm giving an example of where trusting computers unquestioningly, leads to realistic versions of senarios that people usually say are too extreme, and like to pass off as 'paranoia.'
And often, the best way to prove a point, is to satire it...blow it way out of proportion, so that people can see where their logic leads. Satire happens to be my favorite form of COMEDY.
/: Maybe YOU should turn on your humor detector.[ reply to this | link to this | view in chronology ]Re: hahahaha...
not to mention - bush won by a landslide. just look at the total votes.[ reply to this | link to this | view in chronology ]
computer random # generators
umm... you guys saying that you don't trust ANY computer slot machine, you DO realize that virtually every slot machine made since at least the early 80's have used transistor/microchip random number generators - right? as in not just the newer ones with crt monitors and whatnot, right?[ reply to this | link to this | view in chronology ]Re: computer random # generators
I think the question is, who trusts that? Who makes that?
So what if the random number generator is made out of transistors and not software? Irrelevant...either way it can be rigged, so how do we know it isn't?
This is where peer-review would come in handy...or even open source maybe. I mean, if I can't review the logic (code or transistors) then I'd at LEAST like to know someone unbiased HAS.
In Nevada, I think the Gaming commission does verify this stuff...but I don't live there and have never been there so I don't know.[ reply to this | link to this | view in chronology ]
- The article mentions this is not the first time something like this has happened:
There have been similar cases.In 2005, a man from Virginia won more than $11 million US at a slot machine on a reserve in Oklahoma, but was told it was a software error, says the Canadian Press.He settled for a $1,199 US payout.
Also, according to a few Discovery type TV shows I've seen the slots and wheels are the worst odds. The cards and other games of skill have much better odds. They do cost more though... :)
For similar info checkThe Wizard of OddsNote that the house advantage in games of chance such as Keno (25%-29%), Roulette, Slots.Whereas games of skill give the house less of an edge. Of course this is assuming that the house is playing by the state's Gambling laws![ reply to this | link to this | view in chronology ] Past issue and House Advantage
The article mentions this is not the first time something like this has happened:There have been similar cases.In 2005, a man from Virginia won more than $11 million US at a slot machine on a reserve in Oklahoma, but was told it was a software error, says the Canadian Press.He settled for a $1,199 US payout.
Also, according to a few Discovery type TV shows I've seen the slots and wheels are the worst odds. The cards and other games of skill have much better odds. They do cost more though... :)
For similar info checkThe Wizard of OddsNote that the house advantage in games of chance such as Keno (25%-29%), Roulette, Slots.Whereas games of skill give the house less of an edge. Of course this is assuming that the house is playing by the state's Gambling laws![ reply to this | link to this | view in chronology ]Doesn't Pay Off
Let's be real. Most Las Vegas casinos advertise at least a 93% payback. Just what does this mean? IT MEANS... If you play a slot machine and run $100 through it, you will only get $93 back through the drop, IF YOU'RE LUCKY!
I have never understood the gambling craze, it's just like all the other get rich quick schemes, the player always loses. Las Vegas wasn't built from people winning money - it's the loser's money that build multi-billion dollar resorts.
Now, here in California, the Indian tribes that have casinos, have tried blaming the software for big payouts but have failed to prove their case. Also the tribes are throwing their own members, fellow tribesmen, out of the tribes and off the reservations, in order to lessen the number of members and thus fewer people that they have to share the profits with.
Gambling means only one thing - GREED, both on the casino's part and the player. The casino wants your money and the player wants to get rich quick without having to earn it. Either way it is spelled G-R-E-E-D[ reply to this | link to this | view in chronology ]- the house always wins. if you aren't intelligent enough to understand that simple fact, you don't deserve the money that the casino 'wins' from you anyway.[ reply to this | link to this | view in chronology ]
- As a semi-pro (arbitrary label) poker player, I realize that ALL gambling is a waste of time and that my life is always better spent elsewhere than in the casino. A man who tells me he is a blackjack player is automatically downgraded from 'respectable' to 'degenerate' in at least one way.
At 22 years old, I usually am out have a FEW drinks or talking to my gf on the phone, but every now and then I feel the need to go in there and play. It relaxes me for a while and helps me space out. The smart way to gamble is to devote 5% of your income or less to it, and keep track of it for a while for fun. Buy in to large poker tournaments and, when the inevitable day come where you make a final table, go out and have fun with the winnings, knowing that you aren't actually 'up' all that much.
It amazes me how many people play slots. Keno, which has the largest house edge of any casino game at apprx. (30-35%), is still popular enough to exist despite its simplicity. Blackjack is a more understandable addiction as the game is exciting, fast-paced, and phenomenal runs are possible. I turned 60$ into 1300 in PHX. Then I promptly put 1300 on 4 hands @ ~400 each and lost them ALL.
Gambling is a paradox, a world of bullshit, but man I love it sometimes. I only play for the BIG runs in poker and I play a little blackjack for fun.[ reply to this | link to this | view in chronology ] blame the software
That's a funny title. But machines break. The word 'Gambling' is such a misnomer. It is a fact that you will lose over time. It should be viewed as entertainment, not a retirement plan.[ reply to this | link to this | view in chronology ]
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