A casino, also known as a gambling house, is an establishment for certain types of gambling. Modern casinos are like indoor amusement parks for adults, with the vast majority of the entertainment (and profits for the owners) coming from games of chance. Craps, roulette, blackjack, baccarat and slot machines account for the billions in earnings that casinos generate every year. Other attractions may include lighted fountains, elaborate hotels and a range of other amenities.
The origins of the casino date back to ancient times, with the Greeks and Romans developing early games of chance. The modern casino, however, is a more recent development. The first legal casinos appeared in Nevada in the 1950s as businessmen sought to capitalize on Las Vegas’ growing reputation for gambling. In the beginning, legitimate businessmen were hesitant to get involved with casinos because of their seamy image and association with illegal activities such as drug dealing, extortion and organized crime. Instead, many casino owners partnered with mafia figures who provided the money to build casinos.
As the casinos grew, so did their profits. These profits generated the lavish hotel buildings, lighted fountains and other attractions that make Vegas a world-class destination today. The casinos would not exist, however, without the millions of bets that patrons place each year. Each game has a built in mathematical advantage for the casino that can be as low as two percent or as high as six percent, depending on the rules of the game. This edge, often referred to as the “vig,” or rake, provides the casinos with enough revenue to cover their expenses and earn them profits.