Casino Facts The first casino in Las Vegas was licensed in 1931. The largest and most profitable casino is Las Vegas is the Wynn. The current number of licensed gambling places in Las Vegas 1,701. There are close to 200,000 slot machines in Las Vegas The average visitor's gambling budget is $541 per. Here are ten interesting facts about slots: Las Vegas is the most densely populated with slot machine games, with an estimated machine for every eight people living in the city. In 1973 a man won just over $65,000 on a slot machine and held the record for the biggest payout until 2001, when a player won $1 million.
It’s not quite the Wild West that it was a decade ago, but the online casino gambling industry is still finding its place in the world of legalized gambling over the internet.
Many regulations have been put into place to ensure the safety of both the player and the house, but unexpected occurrences still happen on a regular basis.
Millionaires have been made, millions of dollars have been lost, and all of that is the reason why millions of people play the games.
In this article, I’ll lay out 10 interesting facts you may not have known about online gambling.
1 – It’s Legal, But Only Depending on Where You Live
The legality of gambling is in many ways like the legality of marijuana in the US. It’s legal in some places, technically illegal in others, but it’s usually not prosecuted unless it’s a seriously big operation.
If you’ve ever spent some time gambling at a real money online casino, you’ve probably noticed that payment systems aren’t as straightforward as they are for other things. That’s because if you’re in a location where gambling isn’t fully legal, you need to go through several loopholes in order to avoid breaking the law.
The laws are always changing, so it’s important to keep up on the latest developments. Check in here to stay on top of the current laws in your area.
2 – The First Online Casino Hit the Web in 1994
It’s hard to believe that online casino gaming has been around for more than 25 years, but that is in fact the case. Developed by Microgaming, a company undoubtedly ahead of its time, the first online casino popped up just about 100 years exactly after the first slot machines started making their way onto the casino floor.
Today, Microgaming still runs and maintains an online gambling platform that I would recommend checking out if you’re looking for a reliable place to play.
3 – The Biggest Win Ever
Billions of dollars have been exchanged between house and player since online casinos began in 1994. But one victory stands above them all (prepare to be jealous).
An anonymous man who was playing on a Microgaming site (the founders of the first online casino) raked in more than $21.7 million playing a progressive jackpot. Allegedly, his initial bet was just $0.75. In just a moment, one man proved that when they said playing video games would never pay off, they couldn’t have been more wrong.
4– Cryptocurrency Is Growing in Popularity
To be sure, cryptocurrency has always been a favorite way to conduct online business that might fall outside what would typically be considered “100% legal.” I’m not passing any judgement, but it’s simply a fact. With that being said, there are practical reasons why cryptocurrencies can be beneficial to online gamblers even if what they’re doing is fully within the bounds of the law.
Gamblers like cryptocurrency because it provides anonymity and because it takes banks—and their robust monitoring systems—out of the picture. Today, just about all major online gambling platforms accept bitcoin, along with other major cryptocurrencies, as adequate payment.
If you’re unfamiliar with how cryptocurrencies work, don’t worry, most sites don’t require you use this type of payment if you don’t want to.
5 – Online, But Not Fully Digital
When you think of an online gaming platform, you probably think of some graphics and a corresponding algorithm that determines who wins and who loses. For the most part, this is the case.
While the setup I described above is most common, some websites offer real-life dealers to lay down the cards in blackjack or spin the wheel in roulette. Does it seem unnecessary? Don’t judge just yet.
One of the most common online gambling complaints is that the house is rigged against players. This isn’t the case, but when there’s no human element involved, it’s hard to know that you’re getting a fair shake.
Online casinos that are obsessed with transparency know that it’s harder to discount the results when it’s a real person on the other end. If you’ve never tried online gambling this way, I’d personally recommend it. It’s the closest you can get to feeling like you’re at the casino without actually getting in the car and driving.
6 – Slots Bring in the Bucks
The appeal of slots is that there’s virtually no learning curve and you can play hundreds of rounds in just a few minutes. Yes, there’s no doubt that slots are the house’s favorite game for you to play.
Slot machines, whether in real life or online, are always going to return a high percentage of the money risked back to the bettor. However, the house is always going to win. The reason slots are so profitable is because the rounds are so quick, meaning the house slowly (but surely) profits.
The online casinos that focus exclusively on slots are almost always among the most profitable in the world of online gaming.
7 – You Can’t Count Cards in Online Blackjack
Even the most amateur gamblers know about counting cards, likely because of a movie or book they’ve watched or read. With that being said, very few ever get around to learning how to do it for themselves.
For all the mythology surrounding it, counting cards isn’t really all that hard to learn. Nor is it illegal in the sense that you won’t get put in jail (but you probably would get asked to leave if you were caught).
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If you are looking to learn how to get into the business of card counting, don’t do it online—it’s not possible.
Online casinos use randomized card selection in such a way that card counting is entirely removed from the equation.
8 – Reviews Aren’t Always That Reliable
No advertising is as good as the positive words from a satisfied customer. In an industry where there are thousands of different platforms competing for your business, positive reviews are worth their weight in gold (or Bitcoin).
It’s likely that when you’re searching for a digital casino to use, you’ll check out the reviews. Just as with Amazon or any other major website, the reviews can’t always be relied upon to be truthful.
Online gaming platforms are notorious for hiring freelance writers to provide them with a glowing review. Now, these reviewers do usually play, but they aren’t as familiar with the site as they might let on.
9 – Bonuses Matter
In the internet age, most people have become conditioned to ignore promises of free money. More often than not, it’s a fake offer if not an outright scam.
Luckily, this isn’t the case when it comes to the vast majority of online casino bonuses. Typically, these will be offered in the form of “free play” money or a deposit match when you sign up. You won’t be able to simply cash out this free money, but you can use it just like real money when gambling.
At the end of the day, any time you have access to a little extra money to pad your bankroll, it’s highly recommended that you take advantage.
10 – You Should Tip Online Dealers
It sounds strange to tip when playing online, but some casinos provide the option and expect you to give a little bit at the end of your gaming session.
Now, there’s obviously a difference between what (or if) you should tip based on whether or not the dealer was a real person or simply a computer. Most players are going to be less likely to tip a computer, but remember that these sites aren’t charging you to sign up. And in some cases, they are even paying you to do so.
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If you lose, don’t worry about tipping the dealer. However, if you walk away with a nice win, throw the site a few extra dollars for their trouble.
Conclusion
Online casino gambling has been huge for the gambling industry. Major investors of regular casinos have also bought in to the digital revolution and are finding it to be just as profitable with fewer headaches.
If you’re looking to make some money online, find a platform that works for you and see if you have more success at your desk than you normally do at the actual blackjack table.
Please enable JavaScript to view the comments powered by Disqus.In the Nation's Interest Tweet Share Share EmailBy Jeffrey Hooke
Vice President and Director of Economic Studies
1. Dramatic Growth, But Demand For Gambling is Not Unlimited
Casino-style gambling in the United States has skyrocketed in the last 35 years, expanding from just two states (Nevada and New Jersey) to 40 states in 2014. Outside of Nevada (which alone has over 200 operations), the U.S. has more than 700 casinos, including sizeable facilities owned by Indian tribes. Of the 20 largest metropolitan areas, 17 have casinos within a one hour’s drive. Nonetheless, as shown by the recent closing of three Atlantic City (New Jersey) properties, consumer demand is not infinite, and cannibalization occurs if too many casinos target a given population base.
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2. Convenience Gambling Pays a High Tax Rate Relative to Other Diversions
Las Vegas is a “tourist destination,” but most U.S. casinos appeal to the “convenience gambler,” who lives within an hour’s drive of the facility. Outside of Nevada, state governments (and the casino owners themselves) try to limit the number of casinos in operation. This policy provides the owners with the potential for oligopoly-type profit margins (before local gaming taxes) and enables the states to impose high tax rates (30 percent or more is not unusual) on gambling revenues, without destroying the owners’ investment return. Other forms of consumer diversions, such as restaurants and movies, have lesser rates, such as a 5 percent to 6 percent sales tax.
Compared to commercial properties, tribal casinos pay much lower taxes, if any, as they have special treatment under federal law. As a result, states where tribal properties dominate, such as California, receive fewer gambling taxes than would otherwise be the case.
3. Average Losses by Patrons
For the convenience gambler, the “average loss per visit” to a nearby property is about $80. This is an average and a certain percentage of customers leave as winners. About 75 percent of a convenience casino’s win (i.e., money lost by patrons), derives from slot machines, rather than tables games such as poker or craps. Five cent, 10 cent and 25 cent slot machines represent the bulk of the slots win. “High rollers” are not the principal revenue source.
4. Problem Gamblers or Addicts
The exact percentage of casino patrons who have a gambling “problem” is not known. Good faith estimates place the number at around 2 percent. These individuals account for a disproportionate share of revenues. Certain of the states and some industry participants have safeguards to try and protect these individuals from their self-destructive behavior.
5. Casino Style Gambling is a Heavily Subsidized Industry
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States have subsidized heavily the growth of the non-tribal gambling industry. As noted, many states legalized casinos over the last 35 years, and at the same time, they limited the number of locations. This strategy provided incumbent protection from new entrants, enabled the casinos to have high margins, and allowed the states, as a result, to impose relatively high tax rates on the industry. In the early stages of the gambling expansion, states that had casinos took in tax revenues from those that didn’t, since many residents of non-gambling states flocked to casinos in neighboring locales. For example, the casino in Charles Town, West Virginia, was once one of the highest grossing properties in the country, due to its proximity to the Baltimore and Washington, D.C. metro areas. Until recently, neither metro area had convenience locations.
Besides competitive protection, a bargain–priced “license to operate” was another subsidy provided to the industry by the states. A license to operate a new casino in otherwise virgin territory was a highly valuable item, particular if the territory had a large population. The vast majority of states awarded these licenses for free, or for nominal amounts, despite evidence showing that a license in a highly populated area sells in the secondary market for hundreds of millions of dollars. The beneficiaries of this largesse were gambling concerns, racetrack owners and politically-connected parties. A reasonable estimate of the license “giveaway” over the last three decades is $20 billion.
The federal government has principal jurisdiction over tribal casinos. It charges neither an upfront license fee nor a gambling tax. These tribal facilities are subject to minor federal payments and sometimes limited state gambling taxes. In certain states, such as Florida and California, tribal owners have been active in blocking new entrants, and they spend tens of millions of dollars annually on political contributions, PACs, lobbying efforts and ballot initiatives to maintain a competitive edge.
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