The Psychology of Gambling
Casinos have been a public fascination since the Rat Pack made Ocean’s 11 and they continue to fascinate even those who don’t gamble. Their flashy lights and one-armed bandits attract millions of dollars that pass through their doors every day. There are also major concerns about fraud, from counterfeiting money and phony credit cards to card counting and other shady activities. That’s why casinos spend so much time and effort on security. They employ pit bosses, fraud experts and alert security personnel to make sure that all goes as planned. They have cameras and monitors to watch the floors, paper shredders to keep customer records secure and a whole host of other equipment to protect the establishment and its customers.
Gambling is the heart of any casino, but there are other aspects to the business that are interesting as well. For example, some critics argue that the economic benefits to a community from casinos are offset by the cost of treating problem gambling and lost productivity from compulsive gamblers.
The term casino is derived from the Italian word for “little factory.” Casinos still rely on machines and chance to generate their billions in profits each year, but they have expanded to include restaurants, hotels, shopping centers and a whole lot of other attractions to draw people in. Despite their glitz and glamour, casino owners need to understand the psychology of gambling in order to keep patrons interested and coming back for more.