A casino is an establishment for gambling. It offers a wide variety of games, including poker, blackjack, craps, roulette, video poker and slot machines. Some casinos also feature restaurants and shopping centers. Most games have a certain degree of skill, although some are pure chance. The house edge, a mathematical advantage for the casino over the player, is built into the rules of each game. This edge can vary from game to game, but it is usually less than two percent. Casinos earn money from the house edge and from a percentage of the bets placed by patrons called vig or rake.
Modern casinos are multi-million dollar enterprises that draw in visitors from all over the world. They are a major source of revenue for cities and states. In addition, they are a popular entertainment destination for locals. However, studies show that the economic benefits to a community from casinos are offset by losses due to compulsive gambling and lost productivity.
While gambling almost certainly predates recorded history, the idea of a central venue for multiple types of games did not arise until the 16th century, when a gambling craze swept Europe and Italian aristocrats would hold private parties in places known as ridotti [Source: Schwartz]. The modern casino has taken on a worldwide character as its popularity has spread to countries that were previously closed to gambling.
Large casinos rely on high-stakes gamblers to generate much of their gross profit, offering them lavish inducements such as free luxury suites, transportation and spectacular shows. Less wealthy gamblers are offered reduced-fare transportation and hotel rooms, free drinks and cigarettes while gambling, and food vouchers.