eli5 How does Las Vega casinos afford to have major artists and make the money back?
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Casinos “design” their games so the “house” (the casino itself) is more likely to win than the gamblers. Gamblers should still win, occasionally, otherwise the casino is not attractive, but all things considered the house wins a lot more.
Let’s say you are a casino owner and you have a single game. Customers bet something. If they win, they get 4x, otherwise you keep the inital bet. Let’s say you designed this game so 99% of the times, you win.
A hundred people come and bet 1,000 dollars each. One of them wins and gets 4k, while the other 99 lose and you keep their money. By the end of the night you get 96k dollars, which is not that bad, right?
Also, I’ve never been to a casino, but I’m pretty sure casinos sell a lot of booze, which is another source of income.
Casinos can make a lot of money.
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