A casino is a gambling establishment where people can risk their money against a common gambler, called the house. A casino is usually licensed and regulated by the government. Casinos are found throughout the world and nearly all European countries changed their laws to permit them in the latter part of the 20th century.
The economic core of a casino is the money generated by slot machines and video poker. This machine income is augmented by a wide variety of other games, such as baccarat (known in its British variant as chemin de fer), roulette, and a variety of card games. In addition to offering these games, most casinos offer free spectacular entertainment and luxurious living quarters to their biggest bettors and a range of other inducements for lesser bettors. In all cases, the mathematical expectancy of winning a game gives the casino a virtual guarantee of gross profit.
In the case of card games, the mathematical expectancy is calculated from optimal play, which takes into account both the number of cards dealt and the specific rules of each particular game. The house edge varies from one game to the next. In games with a skill element, the casino earns money through a commission or rake, while in those where players are not competing against the house, it makes a profit by taking a percentage of each bet or charging an hourly fee.
The story of the mafia in Las Vegas is laid bare in Scorsese’s Casino, which is a movie that isn’t content to show the glitz and glamour of this desert city. Its characters are mired in corruption and treachery, and while we love to see them get their comeuppance, it’s hard not to feel sorry for some of them.