Would this game make money?

The popularity of double or nothing sit'n'gos got me thinking the other day. The best setup for a non-house backed game is one where every player wins exactly 50% of the time. Over a long enough time span their entire bankroll will be payed into rakes. The faster the game, the more rakes being generated. So what if I started a site where you could flip a coin against someone else? Random number generator, heads or tails. Both players put up a buck, if you win you get $1.98, lose and, well, you lose. I'd take a penny from each, that's only 1%. You could play this game super fast, meaning that, if lucky, you could win a lot pretty quickly. Do you think this could work? It almost ensures a 50/50 split over time, which means most of my players would simply be slowly ground down by the rake (but too slowly to really feel it!). The rake is tiny, and most people would laugh it off. It's fast paced, and with a chat function you could talk smack. Are there enough degenerate gamblers out there for me to make a fourtune taking action on flipped coins?