A recent study found that 24% of Americans had visited a casino in the past year. This was similar to 1989 when only 24% of Americans had attended college or received a graduate degree. By contrast, the number of people who had attended college in 2008 was 28%, and 28% had some college credits or an associate’s degree. In fact, nearly half of Americans had not attended college at all. However, this difference doesn’t necessarily reflect the quality of the people who visited casinos.
The truth is that casinos have a statistical advantage in many games. The advantage is so small that even if you lose a hundred or two hundred dollars, you will most likely keep playing until you win more than a million dollars. The advantage is low enough to allow the casino to make a profit because millions of players place bets. The casino’s advantage in a game is known as the “rake” or “vig.” This difference in the advantage depends on the amount of money a player places and the casino’s payouts.
Most casinos don’t have clocks, because they pose an extreme fire risk. Instead, they use bright wall and floor coverings to make the environment more lively and stimulating. One particular color used in casino décor, red, is said to make people lose track of time. That might be a result of the casinos’ strategy for getting people to gamble. But if a casino is safe and has a low crime rate, it is a welcome alternative to the traditional casino environment.