What % of all the money gambled at a Vegas casino is returned to customers as winnings?
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about 2 years ago
A lot more than you’d think.
Slot machines usually report a 93-98% payback rate which means 93-98% of the money put in comes back out as winnings. Now of course people usually don’t pocket all of this, because say you won three dollars on a two dollar bet, you’re probably not going to walk away considering that a success (unless you’re a smarter gambler than me
).
The rates of returns on card games and other table games is different, check out this link to understand the “house edge” on those games.
http://casinogambling.about.com/od/oddsandends/a/houseedge.htm
Needless to say, even if a casino “pays back” 95% of what they take in, the big ones are taking in millions of dollars a day. Say they took in 10 million dollars in one day and paid back 9 of it. That leaves them with a million dollar profit. Multiply by 365 days in a year, and that’s a crapload of cash.
about 2 years ago
Winnings are only winnings when you win more than you put in. Every table game in the casino has a negative expectation. Craps has a 1.5% edge. Roulette has about a 5.3% edge. Slots average about 8%.
about 2 years ago
I have created a casino table game and have looked into what the payoffs are expected. It surprised me that the casino only wants 5% of the money as profits from a game. So that means 95% of the money played is paid out.