A Casino is an establishment for certain types of gambling. Modern casinos are like indoor amusement parks for adults, with the majority of entertainment (and profits for the owner) coming from games of chance. Slot machines, blackjack, roulette, baccarat and craps are just a few of the games that provide the billions of dollars in profit that casinos rake in every year. They can be found all over the world, in Las Vegas and Atlantic City as well as in many other cities and towns.
There is a certain glamour to these institutions, especially the larger ones. Their massive halls and aisles, unique ornamentation and brilliant lighting beckon sharks and newcomers alike. But behind the glitz is a business that operates much like any other-and the house always wins.
The odds of each game have a built in advantage for the casino, which can be very small but over time adds up to a substantial amount of gross profit. This edge is known as the house edge or expected value and it is uniformly negative from the player’s perspective. This gives the casino the virtual assurance of making a profit and allows them to offer big bettors extravagant inducements such as free spectacular shows, transportation and elegant living quarters. In games such as poker where players compete against each other, the casino takes a commission from each pot called the rake. These fees offset the house edge in the long run.