Casinos are establishments specializing in various forms of gambling. These establishments may combine hotels, resorts, restaurants, retail shops and cruise ships – with Las Vegas’ Bellagio casino being perhaps the best-known example. Ocean’s 11 helped make its fame known.
Though some casino games involve skill, most involve pure luck or chance alone. Players bet against the house and win or lose depending on their luck or abilities. Casinos employ various safeguards against cheating or theft; these range from well trained staff to advanced surveillance systems.
Security begins on the casino floor, where employees regularly monitor game play and gamblers. Dealers pay particular attention to their own games and are trained to spot obvious cheating such as palming cards or marking dice with palm marks; additionally they monitor betting patterns that could indicate collusion or other forms of cheating among patrons of the casino as a whole; each table manager and pit boss has an “upper-up” person monitoring them and giving advice as needed when improving or changing methods might be needed.
Casinos have long been a beloved form of entertainment among people from all walks of life, and in 2005 approximately 51 million Americans visited casino establishments according to Roper Reports GfK NOP and U.S. Gaming Panel by TNS; most patrons were over the age of forty with above-average household incomes.
Casinos today are increasingly targeting high rollers – those who bet a significant amount – with special rooms set aside from the main casino that allow them to place bets of thousands of dollars at one time. As part of their investment in high rollers, these casinos provide them with complimentary items such as meals or rooms as comps.
Due to the large sums of currency handled within casinos, both patrons and employees may be tempted to cheat or steal in collaboration or individually; as a result, many spend significant time, energy, and money ensuring proper security measures are in place. Security cameras throughout a casino may help keep tabs on game play and gamblers; however, most casinos also employ staff with extensive training that monitor game play for any signs of cheating or theft. Most major casino chains employ teams of mathematicians and computer programmers who develop algorithms designed to ensure fairness. This ensures that each game offers as advertised odds while still yielding profit for the casino–known as “house edge.” Skill-based games such as poker require casinos to collect a rake from each player in addition to the house edge; as the amount of the rake increases, so will casino profits; therefore it is essential for them to understand both house edge and variance (the standard deviation of expected returns).
