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Casino Loss

When I was in graduate school, Gary Lorden, one of my advisors, flew to Las Vegas one weekend every two weeks, as a consultant to gambling casinos.

His task: to check the stored output (numbers, winnings, losings, etc.) of every slot machine... looking for irregularities that could signal machine malfunction or tampering on the part of a user (abuser).

Also, on his return, he could never tell us any of his findings...though not sure why.

Recently, I found these statements in an old math book: "According to the Encyclopedia Britannica, each game gives the casino a mathematical expectancy of winning. Over the course of a year the odds of a casino ending up without a profit have been calculated at about 1 chance in 50 billion."

My first reaction is that these odds are actually higher than expected. Second, any idea how they would calculate such odds? And third, what the odds are for the casino earning a BIG profit?