How Casino Make Money

How Casino Make Money – The casino industry is much bigger than we usually think. The industry, including online gaming, had about $262 billion in global revenue in 2019, which dropped to $227 billion in 2020 due to Covid-19. But it’s bigger than most big companies. America is considered the home of the casino industry with 2100 registered casinos. Especially “Las Vegas” Nevada has become the most famous place in the world.

A study shows that about 75% of Americans have visited a casino once in their life. In addition, Macau, London, Singapore, Monaco, Bahamas, South Africa and Australia are considered to be the most popular places in the casino or gambling industry. Gambling has been popular since ancient times and the industry is growing at a CAGR of 5.14 percent annually.

How Casino Make Money

How Casino Make Money

Casino is an Italian word meaning ‘little house’. Basically, a casino is a public house that hosts several types of gambling. The area is often equipped with game boards, machines, and other equipment. People bet on ‘cash’ and ‘casino cards’ for gambling.

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The games resemble ‘games of chance’ where players win based on different outcomes. In some cases, winning or losing depends on a person’s experience. Casino games are divided into three categories: table games, slot machines, and random number games.

Table games are usually played by casino employees known as ‘dealers’ or ‘croupiers’. In table games, one or more players in the casino compete against each other. Some popular types of games are blackjack, baccarat, craps, poker and roulette.

Among the ‘gaming machine’ games, pachinko, slot machine, video lottery or video poker games are the most popular and are played by only one person who competes against the machine. On the other hand, number games or lotteries like ‘Keno’ and ‘Bingo’ are mostly played by picking random numbers through a computer or other player. It is said that the house always wins.

People have a general idea that casinos make money by cheating or manipulating the outcome of the gaming equipment in their favor. However, casinos do not have to cheat and cheat in order to make a profit. They do so by simply setting up ‘House EDGE’. This is a numerical value that they need to protect their values ​​regardless of whether they win or lose the game.

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Casinos offer ‘chance to win’ where the casino takes its share from the player’s winnings after winning. A simple example can explain this. The dice have 6 numbers. When rolling the dice, the chance of getting a number is 1/6. Suppose 6 players are playing a dice rolling game together. Everyone takes a number from 1-6 on the dice and spends $1 per round.

On each roll, one of the six players wins. But instead of giving $6 to the winner, casinos only give $5. They keep the remaining $1 as an asset called ‘home equity’ or home equity. Here, the house edge is 1/6 or 16.66%. Let’s say those 6 players played 10 rounds and spent $10 each.

Between them, the player wins 2 times and gets $10. So, the money is not lost. If the player wins more than 2 times, he gets the profit from the game. But whoever wins less than 2 times loses. Let’s look at the situation from the casino’s point of view.

How Casino Make Money

For each round, the casino has a profit of $1, so in 10 rounds, it has a profit of $10. Therefore, the casino has the remaining money after paying all the bets. Sometimes, the casino acts as a person and can interact with the players. In this case, the casino cannot profit and lose money at first.

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Let’s go back to the dice rolling game. Now, the casino takes the numbers from the dice and plays with 5 players. After 10 rounds, the casino has no winning numbers. So, in this case, the casino invested $10 for 10 rounds and received $10, from the ‘house ticket’.

So, after the ‘house ticket’, the casino has no profit. But if we roll the dice 10,000 times, we see that every number has almost the same result. This phenomenon is called the law of probability. So, in the long run, casinos always win.

For gambling games in the casino, there is a profit. However, the ‘house edge’ percentage is different for different games. Roulette is average. The house edge is 5.26%, blackjack is 0.5% and video poker is 0.46%, and keno has a house edge of 20%-40%.

So, it is clear that if the game has a house rate of, let’s say, 5%, the casino will actually earn $5 on every $100 bet in the long run. In some games such as ‘poker’, the casinos do not participate directly and record a ‘house ticket’ but receive it through a commission on each round of the games called ‘rake’.

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Considering all the facts of the casino and the law of probability, people will always lose in the long run if they join the casino or gambling. Research shows that people’s daily loss at a single casino table is about $3737 and a slot machine has an average daily loss of $185.

But people always expect to win and sometimes earn a lot of money in a short time. This is called ‘luck’ in gambling. There are some examples of people who are very lucky. ‘Ami Nishimura’ can be a successful model who turned it from $100 to $9 million in three hours. There are some bad examples. A local businessman in Singapore lost 75 million dollars in one casino.

Not everyone can lose money at the casino. Some people can win through their personal experience. For example, there are 52 cards in a deck. A person who is good at math and can track all the cards has a higher chance of winning the game. Edward O.

How Casino Make Money

Thorpe, an American mathematics professor, is considered the most successful player in the world. He mastered his mathematical techniques and casinos banned some of his techniques from playing. He also wrote a book called ‘Beat the Dealer’ in which he explained the complex mathematical terms and theory relevant to card games.

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However, some cheat the game. Casinos use automated motion capture and AI-based cameras and other tools to monitor player activity. If someone keeps winning, the casino looks at his current and past performance and if he is found guilty, they stop him from playing. This is how casinos cheat.

Although there is a ‘house price’ and a ‘loss rate’, people still go to casinos to play. Casinos use some tricks to get people to gamble. One of the tricks of the casinos is to give ‘comps’ to their customers. This is a bonus given by the casino to its customers or new ones. Casinos sometimes offer prizes such as airline tickets, movie tickets, and hotel rooms to entice people to play longer and make them spend more money.

Casinos try to encourage people to play with bright colors, bright lights, colorful carpets, and mellow music. Most casinos do not have a clock hanging on the wall. Casinos store information from outside so that people can play games for a long time without worrying about time.

Sometimes casinos offer free drinks so people don’t feel the pain of losing money. They always maintain a comfortable and clean place for customers to relax and play for a long time. Casinos breathe fresh oxygen into the air, to keep customers awake, refreshed and alert for long gambling sessions. The casino rooms are also equipped with pleasant aromas or scents that make customers relax at home.

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Casinos are designed in such a way that people who want to ‘get out’ have to go through a maze to find the exit. Customers can find some slot machines placed in front of the door, for customers to play a few hours before exiting. Some gaming machines encourage customers to load money on cards in the form of chips to play.

This way, the customer does not know how much they are losing. Those gaming machines are made with sophisticated AI computer programs. Who knows how to entice and seduce people with some good words like ‘near miss’ or ‘almost win’. So people get motivated after repeated wins.

Casinos are places where people go to get rid of their gambling pain. The industry, including online gambling, has a global income of about $ 262 billion in 2019, which has now declined due to the pandemic. Games such as Blackjack, Baccarat, Craps, Poker, and Roulette are played where players can win or lose hundreds to millions.

How Casino Make Money

While the casino industry continues to grow, people are more interested in spending money on games than ever before. They have more to spend

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