Wednesday, December 14, 2011

The house always wins.

Here's an article in Yahoo today that you might be interested in reading, especially if you have that occasional itch to try your luck at the casinos.

Click here to read the whole article.
Doesn't actually say much more than what we already know. That the casinos always wins.
In the Yahoo writeup, they cite the report from Wynn Las Vegas Casino which stated that their average take from each gaming table was US$7117 per day, while the slot machines were US$273 per day. They win at every game everyday!
Mathematically, the odds are always in their favor.  

The funny thing about this is that some casinos in the US actually brazenly advertise these odds in full glare.  Gullible gamblers, mainly tourists like you and me, never stop to think of the implications.

In Las Vegas, to attract customers, some casinos outrightly announce 98% payouts at their joints. What gullible people don't realize is what they are really saying is that the casinos will always earn $2 out of every $100 you play. The longer you play the more they win! 
Yet, we are still so gullible that that we always think we have an extremely HIGH chance (98% wow!) of getting back our money! The old adage of  "There's one born everyday".

I have not been to the casinos at MBS nor RWS yet but I have been to Las Vegas six times. Gosh, how I miss Las Vegas. Was last there in 1997.
OMG! That's like so 20th century !
The Bellagio and Venetian were not even built then!

In fact when I was last there, they were filming Con-Air and I saw them filming the part where they wrecked the old Dunes Hotel by crashing the plane into the building! Who remembers Nicholas Cage in ConAir? The Dunes Hotel was imploded later to build the new Venetian Hotel.

Back in my dinosaur era, I made an annual trip to Las Vegas. Not to gamble but to attend the COMDEX IT convention. That was the largest gathering of IT people at that time.

I miss Las Vegas. I wanna go back there! sob, sob.

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