Since the original inception of casinos in Italy so many decades ago, casinos have been home to many myths, legends, and fantastical stories. Some stories, such as the rumours about slot games being mysteriously designed to trick players, are nothing more than fanciful fiction, but some other stories are 100% true. And, amazingly, the true stories about casinos are often far more amazing than the fictitious ones. Here are the top four most amazing facts about casinos to blow your mind.
1.Gambler’s Fallacy and Probability
There is a commonly held concept in the gambling world known as the gambler’s fallacy. Gambler’s fallacy is the notion that if something has already occurred in the gambling world multiple times, such as the roulette ball landing in red, that the ball is more likely to land in black. This notion is not true, and the roulette ball landing in red or black is as likely to occur no matter what has happened in the past.
On 18 August 1913, an instance occurred where a roulette ball landed on black a grand total of 26 times in a row. This is so unlikely that the chances are well below 1%, but this does not mean it is an impossible occurrence. On that day in 1913, players were in awe, watching the events unfold in growing confusion. So convinced were they that the next spin had to result in a red, that scores of people lost enormous amounts of money constantly against black. Millions were lost during the anomaly, from the frenzied excitement and confusion that occurred. And no, nothing was wrong with the roulette wheel. Black coming up 26 times in a row is something that just sometimes happens.
2.Mind Blowing Success
It is a commonly argued debate as to whether a person can make a consistent living off casino games. And, assuming you are good enough at your chosen games, and play them by strict rules, the answer is; yes, you can make a consistent living off casino games. This notion was proven without question by a man named Archie Karas. Playing only casino games, the Greek gentleman turned $50 dollars into $40 million dollars in just a few years.
The story goes that Archie started his remarkable success story at The Mirage Casino in Las Vegas. He had just $50 in his pocket, and not a penny more. When he left the casino he had turned $50 into $30,000, but didn’t stop there. In the years that followed, playing mostly poker and baccarat, the $30,000 became $40 million. His reputation as a winner eventually became his downfall, as soon many casinos and professional card players refused to be his opponent. With that much money in the bank, however, one has to assume Archie didn’t care much.
3.Banned For Life
Archie Karas is part of this story as well. He is on the banned players list in casinos all over the world, although in his case there is no reason given. It has never been proven that he counts cards or cheats in any way, but casinos are allowed to refuse business to whomever they prefer. Casinos are, after all, businesses, and this gives them right of admission. There are 32 others on the official banned player list, and the reasons for their banning are far easier to understand.
Many of the people on the banned players list are members of organised crime syndicates, known card counters, or cheats. Card counting, although not technically illegal, is one of the easiest ways to get banned from a casino for life. For those unaware, card counting is the practice of mentally keeping record of all the cards that have currently been played in a game, hence allowing the player to know which cards still remain. This gives the card counter a huge, unfair advantage over the casino.
4.Monaco Casino Laws
Speaking of being banned from casinos, in the city of Monaco it is illegal for a citizen of Monaco to enter a local casino. Foreigners may enter casinos and play games, and citizens may even work in a casino, but if a local Monaco citizen walks into a casino in their own country, they will be thrown out. Plus, if it is found a citizen has entered a casino and taken part in a game, they will be thrown in jail.
This unusual situation dates back to a highly unusual decision made by the Prince of Monaco in 1856. So terrified and paranoid of casinos was the prince, that he was convinced his citizens would be bankrupted in moments if allowed to enter a casino. So, in what he thought was a genius solution, he banned his own people from entering casinos, but allowed foreigners to do so at their will.