CASINO – Casinos are big business, making billions in profits every year from people willing to risk their hard-earned money. Slot machines, blackjack, poker and other games of chance provide the entertainment and revenue that drive casino owners. But there is much more to casinos than lighted fountains and musical shows. This article takes a look at the history of casinos, how they operate, how people are persuaded to gamble and the dark side of the industry.
For most of the United States’ history, gambling was illegal, but that didn’t stop people from playing games of chance in private houses or other public places. During this time, organized crime figures had plenty of cash from their drug dealing and extortion rackets, and they saw casino gambling as a lucrative venture. Mafia funds helped to finance the early growth of Reno and Las Vegas, but when mob leaders became involved they didn’t just supply the bankroll; they also took sole or partial ownership of many casinos and influenced outcomes of some games through the threat of violence to casino personnel.
Gambling is a high-risk activity, and something about the presence of large amounts of money seems to encourage patrons and staff to cheat or steal, either in collusion or independently. That’s why casinos spend a lot of time, effort and money on security. Security cameras throughout the casino are one of the most basic measures. Casinos also use chips instead of actual money to reduce the appearance of real money on the tables and to make it easier to keep track of the total amount that gamblers lose.
The most obvious way casinos attract and keep gamblers is by offering free food, drinks and other amenities, especially to the biggest bettors. This makes up for the fact that almost all casino games have a built-in advantage for the house, called the house edge, which means that the average player will lose money.
More subtle than these inducements is the way a casino’s games are designed to encourage certain reactions and actions, which can be detected by attentive security personnel. For instance, the location of betting spots on a blackjack table and how the dealer handles cards follow certain patterns that can alert security to suspicious behavior. Casinos also have elaborate surveillance systems, with a high-tech “eye-in-the-sky” system that can watch every table, window and doorway. And, if you win a big sum of money, the casino will withhold federal income taxes from it. However, you can deduct your gambling losses on your taxes if you itemize them. This is an example of why it pays to know your tax laws.