Does the Casino always win???

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    Last post ago over 7 years by mondobiz
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    PMM2008

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        PMM2008

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        "The casino always wins..."  I hear that same statement so often.
              I was doing some reading and came across this bit of info...
          Does the casino always win??
                    " No it doesn't. On any given night, there are plenty of people who are ahead of the game at any given time. There are also plenty of people who are ahead when their day or evening of gambling is over. In fact, I once read a statistic, based on a survey of people at the airport in Las Vegas, that approximately 10 percent of the folks leaving were ahead for their trip. If there were never any winners, the casinos would go out of business. Who would ever play if hand after hand, roll after roll, spin after spin, time after time you lost? No one. In the long run, the casino will beat almost every player owing to Three variables: the casino edge on almost all games (THATS THE BIG ONE), the casino bankroll that can weather hot streaks by the players, and the poor play of many players. But the casino does not always win."
         

        I think it's true that the casino does win overall , due to the varibles listed in the above paragraph,  but the casino does  pays out money every day to people like you and me.    Any thoughts gang??             
                                                                All in Fun: PMM2008
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        drpsyce38

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        Overall, it wins.  Someone will win $1000, but three people will loose $1000 each.  Also, the "math" of gambling is if you play long enough, you'll loose.
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        nalgenie

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        Money talks...and mine says goodbye!
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        Hmmm...PMM weren't you the one collecting cans so you could gamble?? 
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        Lipstick

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        I think the casinos make out just dandy. I know when i get a free dinner or a hotel nite free, i often think...this really isn't free. For what i have spent in the long hall...i have paid for every guest on my floor in that hotel and every person in the restaurant eating that steak!!

        Casino's and internet casino's are a HUGE industry make money hand over fist.

        Lipstick

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        LooneySyl

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        Its the old economics rule -NSTAAFL - "No Such Thing As A Free Lunch"

        When my mom would leave the casino on a losing streak, she'd say "that was an expensive cup of coffee" cause thats all she would leave with...LOL

        Yep, when i lived in Palm Springs area I received my share of comp meals and free gifts but all in all they cost me more than I would ever spend on those things.
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        In the long run we all know that the casino wins, but they do not win all the time, believe it or not the casinos want winners, of course not many though, because someone who loses at a casino may tell 2 or 3 people but someone who wins is gonna tell 2 or 3 hundred which is in the best interest of the casino to get more people in the door thats why most have the winners wall with all the pictures of winners to give EVERYONE the feeling they can win there.

        Tony
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        mondobiz

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        i heard a good quote tday, it was on 60minutes, it was about some casino dude looking like liberatche, he built the bellagio and other hotells. he said "the only way to win in a casino is to own one, or have *** luck* i think that sums up a bit. i have never heard of a casino going down cause of losses. at the end of the day, the casino sits with the most of money, and a lucky few with some big wins.

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