A casino is a gambling establishment where patrons place bets on various events, often with an element of chance. The casino earns money from its customers by taking a percentage of their winnings as a commission called the rake. Alternatively, the house may give players complimentary items or comps to keep them betting, or a portion of their bankroll (in games such as poker where the house does not compete with the players).
Casinos are found around the world and have become a significant source of income in many countries, particularly in Europe. During the 1980s and 1990s, the number of casinos increased worldwide, in part because many American states relaxed their antigambling laws, and in part because several companies began developing casinos on Indian reservations, which are not subject to state regulations.
The oldest casino in the world, the Casino di Venezia is set on the Grand Canals and is accessed by a free boat shuttle service. Originally a theater, the Mauro Codussi-designed building was converted into a casino in 1959.
In games of pure chance, such as slot machines and roulette, the house has a mathematical advantage over players. This advantage, known as the house edge or expected value, is uniformly negative from the player’s perspective and can be calculated with a formula. In skill-based games such as blackjack, the house’s advantage can be reduced by learning a proper strategy. For example, a player who is able to count cards can reduce the house’s edge by 0.1 percent.
