Nov 26, 2020 in Management

Gaming Operations

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Casinos are institutions where individuals are involved in different forms of gambling. In the United States, most of the Casinos are found in Nevada, which is popularly known as the gaming industry zone (Kirkpatrick 8). The primary games offered in most casinos include:

Roulette

This game involves players guessing the number that will come up as a result of the spin of a ball around a numbered wheel (Hashimoto 86). It is the most popular game that is not only played in Nevada but also in the rest of the world. The wheel is marked with numbers ranging from 1 to 36. There are two kinds of the wheels, namely the double zero and the single zero. The double zero is very popular in the United States and has 38 pockets, numbered 1 through 36, 0, and 00: 18 red numbers and 18 black numbers, 0 and 00 are green sectors. The single zero is common in Europe; there is no 00 and there is a total of 37 numbers (Hashimoto 86).

Craps

This game involves betting on the outcome of rolling the dice. One key characteristic of this game is that when an individual wins, one can hear cheers erupting in favor of the winners. The game is dynamic and popular among the casino tables (Hashimoto 86). The game has two aspects the roll and the wagers. The roll is calculated as the sum of values of two dice thrown with exception for certain bets. The wagers have different odds as well as house advantage. There is the pass line where the wager wins cash if the come-out roll is a 7 or 11; he or she loses if it is a 2, 3, or 12 (called craps). The odds are taken from a point that has been demarcated on the pass line wager (Hashimoto 86).

Blackjack

It is the most popular table game and generates the highest revenue to the government. The game involves an aim of beating the dealer through having a total higher than the dealer without surpassing 21 (Hashimoto 87).

Baccarat

The game involves pure chance and is very easy to play. The outcomes of consecutive hands are mathematically dependent. The player has only a single decision to make, either to place the wager on the player or the bank (Hashimoto 87). One wins when the hand comes nearest to the 9. The drawing laws are fixed for this game.

Caribbean Stud Poker

The game uses a standard deck of 52. It has a 5 card ranking. It is very popular in casinos around Nevada. There are two games within it, namely Let It Ride and Pai Grow Poker. Pai Gow Poker uses 53 cards standard deck plus Joker. Joker can fill a straight or flush, or it is an Ace (Hashimoto 87).

Three Card Poker

The game makes use of a single deck of 52 cards, but each person has only three cards in their hands. The game is simple and has house advantage.

Slot Machines

These are computer controlled games that are reel type. There are four types of this game; they are traditional spinning machines, video poker, multi-line, and wide area progressives.

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Keno

The players make a choice of ten numbers randomly drawn by the computer from 80 numbers.

The casino games can be classified as either a game of chance or of skills (Gould 25). The games that require skills are Blackjack, Caribbean Stud Poker, and Let It Ride. Blackjack involves skills since one must be aware of when to hit, stand, split, or double in different circumstances. Caribbean Stud Poker and Let It Ride involve skills since one has to learn how to reduce the house edge in order to make the right decision. On the other hand, games that are of chance are slot machines, Keno, and Roulette. They are known as games of chance since one does not have to control over the results, one has to just pick the numbers and wait for the results (Gould 32).

There is certain mathematics governing the casino gaming industry in order to generate revenue. Casino owners and management depend on mathematics models to sustainability and address the expectations of the players satisfactorily. The two mathematic models involved are probability and odds. For probability, the following ratio is used

Probability = long run ratio of:

(# of times an outcome occurs) to

(# of times experiment is conducted).

While for odds, it is calculated as

Odds = long run ratio of:

(# of times an outcome does not occur) to

(# of times an outcome occurs).

Different games have different house advantage. This is the long-term probability of the wagered cash that is retained by the casino management. Keno, Roulette, and the wheels have the highest house advantage while Baccarat, Craps, and Caribbean Stud Poker have the lowest house advantage since they are games of chance. A game having a house advantage of 2% means that two percent of the total amount that an individual player uses to play will be retained by the casino (Gould 60).

The computation for the house advantage can be easy in games such as roulette or craps; it can be complex in others such as Keno and the wheels.

In conclusion, casinos make money through mathematical models involved behind the different games that are played. Therefore, it is right to say that there is no luck involved as it is all about mathematics but with a few exceptions.

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