A casino, also known as a gaming establishment or a gambling house, is a place where people can gamble by playing games of chance or skill. Some casinos specialize in particular kinds of games, such as baccarat or roulette, while others offer more varied selections. Most casinos also offer other types of entertainment, such as live shows and concerts. These other activities can bring in additional revenue for the casino.
In a casino, patrons bet money against the house, which earns a profit from games that have a mathematical expectancy of losing, and wins by offering inducements to big bettors that are equal in amount or less than the expected value of their wagers. The mathematical advantage of the casino is known as the house edge, and it can vary from game to game. In games such as poker where players play against each other, the house takes a fee from each pot, called the rake.
Although gambling is illegal in some jurisdictions, many countries have legalized casinos. Many of these are built near or combined with hotels, restaurants, retail shops, and other tourist attractions. The casino at Monte Carlo, for example, has been a major source of income for the principality of Monaco since 1863. The MGM Grand in Las Vegas, meanwhile, is a storied casino that has been drawing hardened dollar spinners and curious newbies alike for decades.