Failing at the Casino

Overview

About Me

Growing up, I had only been inside a casino once. The only thing I really remember was the distinct smell of cigarettes. Sure, I had an understanding of the games and would occasionally play card games with friends, but I felt no urge to “win big” at one of these venues. Going into college, I started studying statistics and like any overconfident person, thought I could win some money at the casino. I guess I should have studied statistics harder, because I lost a good amount of money. But, there was an interesting takeaway: I wasn’t afraid of failing at the casino. Losing $50 playing Blackjack the first time should have been enough to stop, but I was confident I could make it back. Applied to everyday life, this can be a great attribute. Too many times, I’ve given up when something hasn’t gone my way. I wanted to explore this dynamic more and this website will try to give a glimpse into both quantitative and qualitative factors.

Casino Overview

According to Wikipedia, a casino is a facility for certain types of gambling. These can range from popular games like Blackjack, to lesser known games like Pai Gow Poker. Casinos take on all forms, from extravagant buildings in Las Vegas to small basements below a restaurant.

There have been numerous films surrounding casinos. These include 21, Molly’s Game, and The Gambler. In fact Molly’s Game grossed $59.3 million at the box office and was a top Netflix pick. In the U.S. at least, casinos are a prominent part of our culture. The tax revenue for states they’re in is substantial, and the players keep heading back. While Molly’s Game may have grossed $59.3 million, the gross gaming revenue of gambling in the U.S. was $53 billion in 2021. Casinos employ complex psychological tactics to keep their guests coming back. These include a spiraling layout, in order to prevent guests from seeing the exit. Or a lack of clocks, so you’ll continue to play into the night. Ultimately casinos run on failure. It’s interesting to see how an industry could become so large, based on this principle.