The Casino Edge
Casinos are often infamous for the house edge they hold over the players. This is the percentage of each player’s winnings that the casino keeps. This is one of the primary reasons why the casino is profitable, and it is often the reason why a first-time player feels attracted to the casino. Many casinos do not have windows or clocks, and they are built to keep players from knowing the time. While many casinos have security measures, the most basic are security cameras.
Since the 1990s, casinos have made extensive use of technology. Using video cameras and computers to monitor the games, they have improved their security. In addition, casinos regularly install microcircuitry in betting chips, so they can monitor the wagers minute by minute. Roulette wheels are also routinely monitored for statistical deviations, and enclosed versions of the games don’t even have dealers! Instead, players can bet by pushing buttons, without the help of a dealer.
The casinos are not monopolistic. The casino has a mathematical expectation of winning, which is based on the number of bettors. Usually, the casino will accept any bet, provided it is within its limits. This means that it can’t lose any money. In fact, casinos seldom lose money on their games. This is why the houses are so eager to entice big bettors with countless free drinks and cigarettes.