A casino is a gambling establishment offering various games of chance and in some cases skill. The games are operated by a dealer and/or croupier and require a wager of real money. Customers gamble by playing table games, such as blackjack and video poker, and by placing bets on events that may or may not occur (such as a horse race). Most casino games have mathematically determined odds that ensure the house has an advantage over the players. This advantage is referred to as the house edge.
Casinos have long been a popular entertainment destination for all types of people. Beneath the varnish of flashing lights and free cocktails, however, casinos are mathematically engineered to slowly bleed their patrons of cash. For years, mathematically inclined minds have tried to turn the tables, leveraging their knowledge of probability and game theory in an attempt to beat the system.
Despite these attempts, the vast majority of casinos make money by imposing a minimum bet, taking a rake from the game’s bettors, and by offering incentives to gamblers such as comps and complimentary items. In some countries, casinos are also required to pay taxes on their income.
The first modern casinos were established in the USA, followed by those in Europe and Asia. Today, fashionable casino hotels can be found in several cities around the world. The elegant spa town of Baden-Baden, for example, attracted European royalty and aristocracy 150 years ago; it still draws VIPs to its red-and-gold poker rooms.