A casino, also known as a gambling house or a kasino (from the Latin casina), is a facility for certain types of gambling. It may be integrated with hotels, restaurants, retail shops, and cruise ships. It may also host live entertainment, such as stand-up comedy, concerts, or sports events. In some countries, casinos are operated by government-owned enterprises. In other countries, they are private businesses. The largest casinos in the world are located in Las Vegas, Nevada, and Atlantic City, New Jersey.
A key part of a casino’s business model is the house edge, which represents the average profit the casino expects to make on each game. It is calculated by comparing the expected value of each hand in a game to the amount wagered on it, assuming perfect play. The casino must also know its variance, or risk/reward ratio, which is the fluctuation in house edge over time. These calculations are made by mathematicians or computer programmers, and they are often outsourced to firms that specialize in gaming analysis.
Because of the large amounts of money handled within a casino, it is possible for both patrons and employees to cheat or steal, either in collusion with each other or independently. For this reason, most casinos employ security measures to prevent such behavior. These include a physical security force and a specialized surveillance department. Security personnel patrol the casino and respond to calls for assistance or reports of suspicious activity, and the surveillance department operates a closed circuit television system.
