What is the difference between trading and gambling?
From the movies, casinos are all luxuriously decorated, advanced in equipment, and won the guests' money by various high-tech cheating methods. After watching the movie, I feel that nice frauds in ten gambles. Honest people like me cannot go to casinos
Is this true in the casino? Is it to rely on various high-tech means to cheat and earn money from gamblers?
Actually it's not, the real situation is just the opposite. The casino may be the place that pays the most attention to its reputation in the world. Once the cheating is known, the business of casino will go deeply down! Because the casino does not need to cheat at all. They rely on mathematics, beating you with probability.
The simplest roulette, from 1 to 36, you can bet on odd number or even number, and you can get twice the money if you win. At this time, your winning rate as a gambler and a casino's winning rate is 50% each. You and the casino are in a situation that both don't make profit after long term. But casino had costs of hiring staff and doing business. If the winning rate is the same as you, the casino will have to close the door.
In order not to close the door, the casino will add a number 0 to the roulette, which will become 0 to 36. You can bet on odd number or even number, you can also bet on 0. Your winning rate at this time has quietly reduced from 50% to 48.4%, the winning rate of the casino has become 51.6%. Don't underestimate this 1.6% probability change, which is the secret weapon that the casino can't make stable profits. With this secret weapon, casino will not cheat and is not afraid of your winning. Because when the probability is standing on the casino side, the casino's winning will be a high probability event, as long as you insist on gambling, the casino will take your money out sooner or later. The luxury decoration of the casino and the professional service plus the considerable annual profit are supported by the advantage of 1.6% probability. What the casino need to do is to increase customer traffic and cash flow because it knows that it is winning.