Casino Gambling |
racingGambleGambling is the wagering of money or something of material value on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Typically, the outcome of the wager is evident within a short period. There are three variables common to all forms of gambling: How much is being wagered, the initial stake (in money or material goods). The predictability of the event. In mechanical or electronic gambling such as lotteries, slot machines and bingo, the results are random and unpredictable; no amount of skill or knowledge (assuming machinery is functioning as intended) can give an advantage in predictability to anyone. However, for sports events such as horse racing and soccer matches there is some predictability to the outcome; thus a person with greater knowledge and/or skill will have an advantage over others. The odds agreed between the two (or more) parties to the wager; where there is a house or a bookmaker, the odds are (quite legally) arranged in favor of the house. The expected value, positive or negative, is a mathematical calculation using these three variables. The amount wagered determines the scale of an individual wager (bet); the odds and the amount wagered determine the payout if successful; the predictability determines the frequency of success. Finally the frequency of success times the payout minus the amount wagered equals the "expected value" The skill of a gambler lies in understanding and maneuvering the three variables so that the "actual value" is positive over a series of wagers. wikiGambleCasinosA casino is, in the modern sense of the word, a facility that houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships and other tourist attractions. Some casinos are known for hosting live entertainment events, such as stand-up comedy, concerts, and sporting events. Customers gamble by playing slot machines or other games of chance (e.g., craps, roulette, baccarat) and some skill (e.g., blackjack, poker) (for more see casino games). Games usually have mathematically-determined odds that ensure the house has at all times an advantage over the players. This can be expressed more precisely by the notion of expected value, which is uniformly negative (from the player's perspective). This advantage is called the house edge. In games such as poker where players play against each other, the house takes a commission called the rake. Casinos often give out free items, known as comps to people who are gambling. Often, in most casinos, the more money a player uses the more benefits or comps the player get. Comps are determined on a formula set by the casino based on the player's average bet x the number of hours of play x the percentage that the casino will win on the player. Whether the player wins or loses does not matter; it is solely based on the formula. Comps can range in anything from free drinks during play to penthouse suites, free airfare, limo service, and free food. wikiCasinosChinese PokerChinese Poker is played with a standard 52-card deck. Up to four players can play. Each poker player receives 13 cards, face down, one at a time, in rotation. A hand is dealt to all four positions even if vacant. The hand must be arranged with three cards in front, five cards in the middle, and five cards in the back, where the back hand should rank higher or equal to the middle hand, and the middle hand should rank higher than the front hand. Standard poker rankings apply. Straights and flushes do not count in the front hand except in the event of an automatic win. Scores are kept by points. Each part of the hand is assigned one point. Each point is given a monetary value for each game. Hands are then compared with each player, one at a time. The poker player with the higher ranking hand in the front segment wins one point. The player with the higher ranking middle hand wins one point. The player with the higher ranking back hand wins one point. If two out of three of the players' hands ranks higher than an opponent's hand, the first player wins two points. For example, the player would win two points, minus one point (the one an opponent won) plus one point for a majority of segments win, thereby, winning two points total. If all three parts of the player's hand ranks higher than the opponent's hand, the winner gets four points. (The player wins three points (net win), one point for winning each of the three hands minus zero points (the opponent didn't win any) plus one point for the majority of hands won, totaling four points.)Automatic Win There are also hands known as an "automatic win" and the player may declare the win by placing the stack of cards down on the table. However, the player must declare the automatic win before the hands are opened, otherwise the hands will play the way the player sets. The automatic win hands are as follows: 1. The Dragon Hand: Ace through King of any suit. This hand beats all other automatic win hands. 2. Any 13-card hand that has six pairs. Note that four-of-a-kind can be counted as two pairs. 3. Any 13-card hand that has suited cards in all three parts. 4. Any 13-card hand that has straights in all three parts. A Straight Flush can be used as a Straight or a Flush for bonus hands. Improperly Set Hands A hand is set improperly if: Any part of the three segment hands has the wrong number of cards; or, any part of the three segment hands are set out of ranking order. Any player that sets his or her hand improperly must pay four points to all of the other players. |
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