While the definition of a casino can vary, most of us imagine the Vegas-style gambling resort. This modern image has roots in European gambling houses. The first known casino dates back to the 17th century, when the Italian Count Ridotto created a casino in Venice. The word “casa” is of Italian origin and means “house.” However, the word can refer to any building. This article explains what makes a casino different from a racetrack.
The casino industry is huge. Revenues from casinos are estimated at $12 billion a year. It is expected that this number will grow over time, and the gaming industry is the largest in the world. While the gambling industry is a multibillion-dollar enterprise, the industry is highly regulated. The government is currently reviewing laws to protect consumers, and enforcing security measures. The casino business is now a $12.4 billion per year business.
To protect players, the casino must know how to calculate house edge and variance. This determines the percentage of profit a casino makes from a given game and how much cash it has to keep on hand. To do this, mathematicians and computer programmers are employed by the casino. Since casinos do not have their own expertise in this field, they hire experts. Fortunately, these people aren’t as difficult to find as you might think.
The game itself is not entirely fair. In fact, casinos have to calculate the house edge and variance before they can be profitable. These figures tell the casino how much money it has left over to pay its employees. These calculations are made by gaming mathematicians and computer programmers, known as “gaming analysts.” Many casinos do not employ these specialists in-house, so they outsource the work to experts. This helps the casinos make informed decisions on how to structure their games.
Most casinos offer blackjack, video poker, and slots, with a few exceptions. Other options include live games, 3D slots, and exclusive games. There are other types of games, though. There are also live table games, video poker, and exclusive casino games. Some casinos partner with different software companies and outsource this work to them. They do not want to be a “gamer” and outsource the analysis, so they hire experts to do it.
Despite the popular myth, casinos do not call their employees coolers. This is a term from the 2003 movie “The Cooler” starring William H. Macy. In the film, the cooler is an employee who sends a cold drink to a table to break a winning streak. The presence of a cooler is thought to transfer bad luck to other people, but this is not the case. As the name implies, casino personnel are trained to deal with the issue.
