In order to survive in a Casino, you have to know how to beat the house edge. The casino has a statistical advantage over the player. The house edge is as low as two percent, but millions of bets are enough to cover this. This edge is called the “rake” or “vig,” and the higher the rake, the better the casino does. The edge is also variable and can be up to twenty percent.
In the 1990s, casinos embraced technology. Computers and video cameras now routinely monitor games. The gambling industry has even gone so far as to install “chip tracking” chips that monitor wagers minute by minute. Statistical deviations are constantly measured on roulette wheels. In addition to these advancements, some casinos have incorporated enclosed versions of their games so players do not need a dealer and can simply push buttons to place their bets.
The popularity of casinos has grown, with an increasing number of Americans going to a casino in the past year. It is estimated that twenty-four percent of American adults visited a casino in the last year. During this time, only one-third of Americans earned a college degree. Another forty-five percent had some college credits but no degree. Nearly half of people had never gone to college. This information tells us that casinos need to invest in technology to increase their chances of staying profitable.