Thursday, December 18, 2008

Gambling in casinos

In most jurisdictions worldwide, gambling is limited to persons over the age of license (18 or 21 years of age in most of the United States and 16 to 21 in most other countries where casinos are permitted).[5]
Customers gamble by playing slot machines or other games of chance (e.g., crapsroulettebaccarat) and some skill (e.g.,blackjackpoker) (for more see casino games). Games usually have mathematically-determined odds that ensure the house has at all times an advantage over the players. This can be expressed more precisely by the notion of expected value, which is uniformly negative (from the player's perspective). This advantage is called the house edge. In games such as poker where players play against each other, the house takes a commission called the rake. Casinos often give out free items, known as comps to people who are gambling. Often, in most casinos, the more money a player uses the more benefits or comps the player get.
Payout is the percentage won by players.
Playing with house money refers to the situation where a winning player is placing bets with money that has been won from the casino.

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