A casino is an establishment where people wager money on various games of chance or skill. A casino also offers a variety of entertainment and leisure activities to its patrons. Most casinos are licensed by governmental authorities and are subject to strict rules and regulations.
Gambling is usually done by placing a bet with either money or tokens (called chips) into a game of chance or skill, such as blackjack, roulette, craps, and video poker. The amount won or lost by the player is then compared to a paytable, which shows how much the casino expects to make from each bet. The difference between the amount wagered and the expected return is the casino’s profit. In games of skill, such as poker, the house takes a percentage of each bet, called the rake.
Casinos strive to maximize profits by enticing gamblers with free hotel rooms, dinners, show tickets and other perks. These rewards are known as comps. During the 1970s, Las Vegas casinos promoted heavily discounted travel packages and free show tickets to attract as many visitors as possible.
In the twenty-first century, casino managers have become choosier about which gamblers they reward with comps. They are more interested in rewarding high-volume gamblers, who spend a lot of time and money gambling and generate a large percentage of the casino’s income. These gamblers are often invited to play in special high-stakes rooms away from the main floor, where their bets can reach into the tens of thousands of dollars.