How Casinos Have Stacked the Odds in Their Favor
Throughout history, casinos have been a place to play games of chance. They are also highly profitable businesses. In order to make money, casinos have stacked the odds in their favor. Whether it’s slots, poker, or blackjack, every game is designed to provide the casino a mathematical advantage.
This advantage, called a house edge, diminishes the potential of winning. In American casinos, for example, the advantage is typically 1.4 percent. However, it can be as low as two percent.
The advantage comes in the form of a rake, or a small percentage of each pot. It’s taken by the casino after each hand. Depending on the game, the advantage can vary considerably.
Aside from the gambling games, casinos offer free drinks, cigarettes, and other amenities. Employees are constantly watching patrons to ensure that no one cheats. Video cameras record and monitor the games. They can also adjust the camera’s settings to focus on suspicious patrons.
In the 1990s, European casinos started to introduce “sic bo” or fan-tan, a Chinese card game. This game was later adopted by Asian casinos.
There are hundreds of table games in the biggest casinos. They also often have hundreds of slot machines. During the 1990s, casino owners began to use technology to improve the games. They introduced a system called “chip tracking” that allows the casino to monitor exact amounts wagered in real time.
In America, the game Craps attracts big bettors. In French and Spanish casinos, the games of Roulette and Sic Bo are popular. The roulette wheel is electronically monitored, and the casino keeps a close eye on the wheel to detect statistical deviations.