A casino is a gambling establishment, which provides games of chance for customers. While musical shows, lighted fountains, shopping centers and lavish hotels help draw in patrons, casinos wouldn’t exist without the billions of dollars in profits raked in each year by games like blackjack, roulette, craps, poker, baccarat and slot machines.
The history of casinos is complex, but they grew out of small clubhouses for Italian aristocrats to gamble on the weekends, called ridotti [Source: Schwartz]. This was during a gambling craze in Europe, where large public gambling houses were closing down and pushed gambling into these private clubs. The name ‘casino’ eventually became a generic term for these clubs, and their popularity spread worldwide.
Modern casinos are built to be fun and exciting, with elaborate themes, spectacular architecture and dazzling lights. They also employ a variety of psychological tricks to make their patrons feel at home. They provide free drinks, concerts and gourmet food, as well as luxury suites and other amenities to lure players and keep them betting. They also use a variety of technological security measures and offer high-tech cameras that act as an eye in the sky for the entire floor.
The casino business is a lucrative one, but it’s not for everyone. Even the most experienced gamblers lose money over time. The games of chance have a built-in house edge that, over millions of bets, earns the casino an average of two percent or more. That’s enough to afford to build elaborate hotels, towers, pyramids and replicas of famous landmarks. The house advantage in individual games differs based on the type of game and its popularity. For example, American casinos rely on the fast pace and high volume of video poker and slot machines, which can have an advantage of less than 1 percent.
While gambling probably existed before recorded history, the modern casino didn’t develop until the 16th century. It is thought that aristocrats would meet in private clubs known as ridotti to play a variety of games of chance and socialize with their peers.
Although gambling may be legal in most countries, the mob often controls many of the major casinos. Legitimate businesses, such as hotel chains and real estate investors, are reluctant to invest in casinos with the mafia’s taint on them. Mobster control over casinos also hurts the economy of cities such as Las Vegas, where the presence of a casino is seen as a symbol of corruption and poor city planning. While the casinos bring in billions of dollars, they also create a lot of problems for people who are addicted to gambling. Those who are addicted can be at risk for health problems including obesity and mental illness. Some states have even begun to address the issue by requiring treatment for problem gamblers. Gambling addiction is a real problem that affects people of all ages and income levels, and it is important for governments to address the issue before things worsen.
