A casino is a special place where people can gamble on games of chance and spend money on drinks or food. The word casino comes from the Latin casin
While gambling probably existed in some form before recorded history, the modern casino as we know it developed in Europe during a fervor for games of chance in the 16th century. In Italy, aristocrats gathered in private gambling clubs known as ridotti to indulge their gambling addictions, though technically the games were illegal [Source: Schwartz].
Today, casinos are much more than gambling centers. They are often large, multifaceted entertainment complexes that include dining and beverage facilities, shopping centers and performance venues where pop, rock and jazz artists perform for the crowds. They would not exist without games of chance, however, and they wouldn’t be able to generate the massive profits they do if not for their built-in statistical advantages.
Each game in a casino has a built-in advantage for the house, which can range from less than two percent to more than 20 percent. These advantages can add up over time and make it possible for casinos to build spectacular hotels, towers, fountains and replicas of famous landmarks. Casinos also take a cut of each bet, which is known as the vig or rake.