The Casino Industry
The casino industry brings in billions of dollars every year. Musical shows, lighted fountains, shopping centers and lavish hotels may draw visitors in, but the vast majority of the profits for casinos come from gambling games like slots, blackjack, roulette and craps. Regardless of the game played, there is one certainty: The house will always win. This is not an accident or some kind of unlucky coincidence; rather, casinos have built into each game a statistical advantage for them. This advantage is small, often less than two percent, but it adds up over millions of bets and decades of operation.
The word casino is derived from the Italian casona, meaning “cloister.” Early casinos were often constructed inside old cloisters to offer a quiet escape from the hustle and bustle of the outside world. Today, casinos are often found in modern buildings. The largest concentration of casinos is in Las Vegas, Nevada, which attracts millions of visitors each year. Several other American states have casinos, and some Native American tribes also operate gaming facilities.
In addition to offering a variety of gambling games, most casinos also serve food and drink, have entertainment on-site or nearby, and provide hotel rooms for their guests. Considering the huge amounts of money that are handled within a casino, there is always a risk that patrons or staff members will attempt to cheat and steal. Security measures, which include surveillance cameras, are in place to prevent these types of incidents.
Gambling in some form has been part of every culture throughout history. Some historians believe that the ancient Mesopotamian people were avid gamblers, and the Romans loved to play dice. In the modern era, casinos are an integral part of many cities’ nightlife and tourist attractions. Cities such as Las Vegas, Reno, Atlantic City and Chicago have devoted entire sections of their urban fabric to casino-related activity.
As with any business, a casino must balance its profits against its expenses in order to stay in business. Keeping the house edge low is one way that casinos try to maximize profits. In the case of table games, a pit boss or table manager watches the betting patterns to see if players are attempting to manipulate cards and dice. In some cases, a table manager will even stop the game to prevent cheating.
As a result of this emphasis on profits, casinos have become increasingly sophisticated in their use of technology to ensure the integrity of their games. For instance, betting chips now have a microcircuitry that allows them to be tracked minute-by-minute; roulette wheels are regularly monitored to spot any statistical deviations. Other casino games are wholly automated, with patrons pushing buttons to make their selections. As the sophistication of casino technology increases, the need for human dealers decreases. Nevertheless, they are still a necessary component of the gambling industry.
