Casinos never existed in ancient days. The bourgeois class used to gamble in each other's house or on street while the upper section or wealthy gaming aficionados got separate homes and rooms built to play. However with the advent of new games of chance, their soaring popularity and the handsome revenue incurred through them, well furnished big buildings were specifically made for enjoying the games. These hubs came to be known as 'casinos'. With the progress of time, the quality of games, infrastructure and amount of people swarming the casinos have definitely improved.
But have you ever pondered over the fact that the casinos that have created millionaires make their money? How do the casinos run? What is their source of learning? In this article you will explore different money making strategies of casinos
o Casinos primarily run on the money they acquire through the different games played therein. The money that is paid to the winner is from the collection made by all the players playing that very game. Basically the casinos pay the winners less than the true odds. For instance suppose that there are 40 slots on a roulette machine ie 40 people can play together but only one person will be crowned the winner. Now while the actual odds in this case should be 39-1, in order to earn keep its margin, the casino makes it 36 or 35-1. If every player loses the game, its bonanza for the casino.
o Sports betting also enable the casinos to earn good profits. This is because in this betting the gambler has to pay an extra charge over the wager amount. For example if the original wager is for $ 150, he will be paying $ 160 or $ 170, $ 10 or $ 20 being the extra charge. Now the winner will receive the amount of his original bet, his charge and $ 150 as the winning money. But casinos collect the sum of all the losers. This constituent the money of actual bet clubbed with the charge.
o Slot machines bring in hefty profits to casinos. Firstly these machines save the cost of a dealer. Secondly people are quite obsessed with the slot machines; as a result they keep on playing thinking that they too will win the game of chance. But they are sadly mistaken. The reason being the slot machine's computer programmed by the casino operators. However, the slot machines can be really beneficial for the player too. Although the computer is tuned yet the odds are kept significantly high in favor of the player. Moreover, the machines are encoded before coming on the floor so there are no chances of deceit.
o The basic principle behind casino's rich income is the setting of odds. The casino odds are inauthentic for authentic ones would entail minute and even no profit at all. But the odds are not set at random. The casinos determine the odds as a ratio to the average loss to the initial bet. This is an approx measure of the income that casino will incur out of each game. The casino odds are known as house edge. The house edge value is high for games that are played the least and require less skill. Games that are skillfully played have a lower edge.