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Chapter 1
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Consider if you will this interesting dichotomy in the
different ways gambling is perceived. To most tourists,
visitors and gamblers, gambling is all about luck. To
those in the business, gambling is about mathematics.
Visitors may expect to gamble only a few hours - to the
casinos - gambling is 24 hours a day, every day. Most
people hope to walk away with a fortune - but the casinos
know that fortune will eventually belong to the "house".
Many people feel gambling is recreation combined with
risk and chance... To the casinos, gambling is business
combined with near certainty!
The casinos know they have an advantage. The public knows
the house has the advantage! The casinos operate everyday
with the knowledge that their advantage is secure. They
do not participate in the risk of gambling, so they are
assured of winning! In fact the only real risk the
casinos take is whether or not they can entice enough
people to play. The truth is - NO ONE CAN BEAT THE
HOUSE!!!
The reason for this is simple but often overlooked. Every
game of chance in casinos is designed to take a small
percentage of all the money wagered! For example, if the
House percentage (The casinos percentage for accepting
the wager.) is 5%, and a total of $5,000 is wagered for
the day - The casino earns 5% of $5,000 or $250. It does
not matter who won or lost - the casino still takes