The House Edge and the Gambling Experience
While the house edge isn’t always the best thing, it’s always better than nothing. A casino’s advantage over players is calculated mathematically and can grind a player down to the point of non-profitability. Most casino games are rigged to keep the house at an edge over its customers. This advantage is known as the house edge, or rake. The casino may also give out complimentary items and comps to attract visitors. But what does the house edge have to do with the gambling experience?
In the twenty-first century, casinos have grown much more discerning. They tend to focus their investment on “high rollers” (gamblers who spend tens of thousands of dollars). These gamblers are typically located in special rooms that are separate from the main casino floor. The casinos receive large profits from these high-rollers, and they usually get personal attention. While the overall education level of casino patrons has decreased, the average age of visitors to a casino has increased.
A recent survey found that 24% of Americans had visited a casino in the previous year, and 26% of Americans had done so in 1989. Of these, only 7% had a college degree, and only 10% had earned a graduate degree. By contrast, nearly half of all Americans had no formal education and had no college credits. In 2008, the average age of casino-goers was 24. So, how is this trend changing? It is not surprising to note that American youths are more likely to gamble than their parents were.