What I'm about to say is not a reflection on Daniel Madison because I think he's a supremely swell guy.
I did read this... Someone on the other forum took the words out of my head. "A casino which would be a safe-haven for crooked gamblers" Can't imagine (sarcasm) why investors or casino insurance companies would not want to back something like that? LMAO
True, but forget investors or insurance companies for a sec because all gaming must be licensed by a governing body (depending on where you live). For instance, all casinos and key employees in Las Vegas must be licensed through the Nevada State Gaming Control Board. This is not an easy task, nor an inexpensive process. It's daunting, invasive, and quite frankly designed to thwart exactly what Mr. Madison wanted to create.
But even more to the point,
Casinos don't need to cheat because they only make money when you win. Sounds crazy right? But it's the truth...
I know you're thinking to yourselves right now, "
Lee, that doesn't make any sense!"
It does. Hear me out. The easiest way to explain it is by using the old casino game KENO. For those of you who are not familiar with
KENO, it's simply a lottery that happens every 5 minutes, 24 hours a day.
God bless Las Vegas!
KENO80 numbers are on the board. 20 are then randomly chosen (Just like most lotteries). 20 chosen / divided by 80 total is easily broken down into 1/4. This is called a
True Odd. For everyone $1 you bet, you should win $4. Makes sense right?
However, in Las Vegas where you can play KENO, for every $1 you bet,
you only win $3. Meaning,
they keep a $1 when you win.
So what happens if you lose? Simple. The money goes into
escrow (the cage), and waits until someone eventually wins it. Then the Casino takes their piece. This happens over and over, 24 hrs a day.
...and that's how Casinos generate gaming revenue ladies & gentlemen. Thanks for listening.
Class dismissed!