The world’s casinos come in all shapes and sizes, from the glitzy megacasinos on the Las Vegas Strip to the tiny pai gow parlors of New York’s Chinatown. They are a magnet for millions of people who bet with money or other valuables on games of chance or skill. The casinos’ statistical advantage, or house edge, can be as low as two percent, but it is enough to allow them to build towers and pyramids, fountains, and replicas of famous landmarks. It also allows them to pay commissions to game dealers, known as the rake or vig.
The term casino originally meant “public house,” but in modern usage it refers to a gambling establishment offering a wide variety of games of chance or skill. Often, these include slot machines (the most popular games), roulette, blackjack, craps, poker, and other card games. In addition, casinos typically have restaurants, hotels, non-gambling entertainment venues, and other amenities.
In the United States, about 51 million people-a quarter of all Americans over 21-visited a casino in 2002, and the figure is even higher worldwide. While most of these visits are to legal, state-licensed operations, many gamblers go to illegal casinos and offshore, offshore online casinos as well.
The first casinos were run by gangsters and organized crime groups, but real estate investors and hotel chains realized the potential of this lucrative industry. With deep pockets, they bought out the mobs and began operating their own casinos. In addition, the threat of losing a gaming license at the slightest hint of Mafia involvement kept the mob away from many casinos.
Gambling is a fun and rewarding pastime, but it can also be addictive. Some people become dependent on gambling, and compulsive gamblers generate a disproportionate share of casino profits. This can lead to financial ruin for the casino’s owners and family members, and can be detrimental to the community as a whole.
Casinos employ a large number of security personnel to ensure the safety of their patrons and property. They have a high-tech “eye-in-the-sky” surveillance system that watches every table, change window, and doorway. These cameras can be focused by security workers in a separate room filled with banks of video monitors, so that suspicious activities can be quickly identified and stopped.
Casinos have also incorporated technology into the games themselves, so that they can better supervise the outcome of each bet. In some casinos, betting chips have built-in microcircuitry that enables them to monitor the exact amount wagered minute by minute, and warn managers of any anomaly; in others, electronic systems are used to monitor the results of roulette wheels and dice to detect any deviation from statistical expectation. In addition, there are a growing number of completely automated and enclosed versions of these games, where no dealer is required and players bet by pushing buttons. These are called racinos, and are popular in Europe. In the United States, they are usually located in cities and suburban areas.