The modern casino is like an indoor amusement park for adults, but the vast majority of its entertainment (and profits for its owners) comes from gambling. While musical shows, lighted fountains and lavish hotels draw in the crowds, the casinos would not exist without games of chance, such as slot machines, blackjack, roulette, craps and keno. Each of these games has a built in mathematical advantage for the house, which can be as low as two percent. The advantage, which is known as the vig or the rake, helps casinos make billions of dollars in profits every year.
While gambling almost certainly predates recorded history, the casino as a place to find a variety of ways to gamble under one roof did not emerge until the 16th century, when gambling crazes swept Europe. The aristocrats of that time frequently held private parties at places called ridotti, where they could gamble in peace, without fear of legal interference.
Casinos are now found all over the world. The most famous is probably the Monte-Carlo casino in Monaco, which opened in 1863. Other notable casinos include the Stardust in Las Vegas, the Golden Nugget in Atlantic City and the Bellagio in Las Vegas. Some casinos specialize in particular games. For example, Asian casinos often feature traditional Far Eastern games such as sic bo, fan-tan and pai-gow.
Most casinos use sophisticated technology to help control the vig and ensure that their games are fair. Among other things, electronic systems monitor betting chips that have been inserted into the slots. These systems reveal any deviation from expected results and allow security personnel to quickly alert players of a possible problem. Some casinos have also started to use video cameras to track the actions of table game players.
Something about casinos seems to encourage people to cheat, steal and scam their way into a win, which is why casinos spend a great deal of time, effort and money on security. Many casinos have set up special rooms for this purpose, and their security personnel are trained to recognize telltale signs of attempted dishonesty. For example, if a dealer claps his or her hands together, spreads them out and then turns their palms down, it is a signal that the dealer is clearing his or her hands of any hidden chips.
In the past, gangsters controlled many casinos, but as their power declined federal crackdowns and the possibility of losing a casino’s license at the slightest hint of mob involvement forced them out of the business. Now, major hotel and real estate developers with deep pockets own most of the world’s casinos. They may not have the glitz and glamor of the mafia, but they have enough money to attract high rollers and keep their profits healthy.