A casino is a gambling establishment that houses games of chance and skill. It may be a massive resort and entertainment complex or a small card room. Casinos generate billions of dollars each year for the companies, investors and Native American tribes that own them, as well as state and local governments that tax them. But casinos also create serious problems for the people who use them. Many casino patrons are addicted, and compulsive gambling ruins families and communities. Some studies show that casinos actually drain communities of wealth by generating a net loss in spending on other forms of entertainment and by depressing real estate prices.
Casinos are designed to maximize profits by attracting as many customers as possible with extravagant extras like free drinks, stage shows and shopping centers. But they could not exist without the games of chance on which their fortunes depend. Slot machines and table games such as baccarat, blackjack and roulette provide the bulk of the profits for casinos. These games have mathematically determined odds that ensure the house has a profit, called the expected value (or, more precisely, the “house edge”).
The casinos use advanced technology to superimpose their advantage over players’ bets and hands. For instance, in “chip tracking,” betting chips with built-in microcircuitry enable casinos to monitor them minute by minute and warn of any anomaly; and roulette wheels are electronically monitored regularly to discover statistical deviations quickly. Elaborate surveillance systems give a high-tech “eye-in-the-sky” view of every table, window and doorway; and video cameras keep tabs on the actions of suspicious gamblers.