Casinos: How They Make Money
Glitzy decor and a wide variety of entertainment options draw crowds to casinos, but they are all built on a foundation of gambling. Slot machines, blackjack, roulette and other games of chance are what rake in the billions of dollars casinos earn annually. These profits would not be possible without these gambling cash cows, and there is one thing you need to know before entering a casino: the house always wins.
The odds for each game are mathematically determined, so a player’s chances of winning are not in his favor (although skill can factor into some games). This advantage is known as the house edge and is present in all casino games, except those where players play against each other such as poker, craps or baccarat.
As a result, casinos have a number of tricks they use to keep money-losing patrons in their four walls. These tactics include giving away free food, hotel rooms and other perks to those who gamble the most (known as comps), and keeping patrons in a state of euphoria that reduces their ability to make good judgments.
Casinos are also equipped with cameras and security systems to monitor patron behavior. In addition, a large amount of currency passes through the doors daily, and staff are trained to be vigilant to any attempts at cheating or stealing. The mob may have controlled many casinos in the past, but the deep pockets of real estate investors and hotel chains eventually drove the mobsters out, and now it’s the regular gamblers who create most of the profit.