In order to make a profit, a casino must know the house edge and variance of its games. The house edge tells the casino what percentage of the money it makes is profit and the variance shows how much money the casino will lose in a given game. Casinos hire mathematicians and computer programmers to perform this task. Unlike many other companies, casinos do not have the expertise to do this analysis in-house, and they outsource it to professionals.
A lot of money goes into securing a casino. Casinos spend millions on security because of the potential for fraud and theft. Because of this, casinos are required by law to keep their patrons safe. For example, if a patron comes to a casino while drunk, the casino could be held liable for the financial consequences that result from the gambler’s intoxication. In one case, the widow of a Mississippi casino gambler sued the casino for damages related to her debts, but the lawsuit became moot after the casino went bankrupt.
The best way to protect yourself when playing in a casino is to set limits. Set a budget before you go and be prepared to lose more than you can afford. You can always withdraw money you can’t afford later if you need to, but never go over your budget. Whether you’re gambling for fun or to make money, setting boundaries is essential. A good rule of thumb is to bet the maximum amount that you can afford to lose, and stick to it.