Gamblers wagering more than ever in Las Vegas as losses increase
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Gamblers are wagering more than ever on the Las Vegas Strip - with blackjack players losing almost $1 BILLION in the last year as casinos make these changes that favor the house
Gamblers are wagering more than ever in Las Vegas as casinos increase odds and reduce payouts in some of the most popular games.
Blackjack losses on the Strip were nearly $1 billion last year, according to official figures - the second highest on record after 2007.
The increase comes as casino bosses attempt to draw in 'higher value customers' while players with less cash to wager are priced out.
The huge blackjack losses in 2022 - following a massive dip during the pandemic - come as tables in some casinos lower the payouts for hitting 21 on the first two cards. They would traditionally offer odds of 3:2 on the hand, but several now pay 6:5.
That means a $10 bet now returns $12 if a player getsts blackjack, rather than $15 under the traditional odds.
Blackjack losses on the Strip were nearly $1 billion last year, according to officials figures - the second highest on record
Casinos bosses are trying to lure in higher value players, as changes to odds, payouts and minimum bets price out gamblers with less cash to wager
HOW CASINOS MAKE IT HARDER TO WIN BIG
Casinos in Las Vegas are raising the odds on games as payouts decrease
Blackjack: Tables traditionally paid 3:2 if a player got 21 from their first two cards. Many now pay 6:5.
That means player who bets $10 will win $12 instead of $15.
Roulette: Tables traditionally have wheels with 38 slots - the number 0-36, plus a '00'. Some now include a '000'.
This means the odds of the ball landing in a chosen number are slightly higher.
Roulette has also had odds increased in many places. The number of triple-zero tables - which add another slot to the wheel and increase the odds of hitting a chosen number - has increased.
Minimum bets are also rising, meaning players must risk more cash to play games.
The changes, reported in an analysis by the Wall Street Journal, also come as the overall price of a vacation to Las Vegas increases, with costs at hotels and restaurants also on the rise.
Tom Reeg, the chief executive of Caesars entertainment, told Wall Street analysts last month: 'You're bringing in higher value customers, and we're already full, so you're kicking out the lowest end. I see no reason that that needs to stop or would stop.'
Casinos on the Strip took a record $8.3 billion in gambling revenue last year - 25 percent more than before the pandemic - despite visitor levels that were lower than 2019.
John Mehaffey, who run Vegas Advantage, a gambling news website, with his partner Kristina, told the WSJ: 'People are figuring out something’s wrong, but it is just not obvious what that is.'
Data compiled by the couple said two-thirds of blackjack tables on the Strip now offer the worse 6:5 payout for a hand of 21.
Mehaffey said casinos also raise minimum bets from $25 to $50 on busy nights.
Some have also done away with $15 minimums entirely.
Casinos say that running manned tables is expensive so higher minimums are required. Many offer lower bets at unmanned computerized tables, which let gamblers play blackjack and roulette without dealers or croupiers.
Some gamblers have complained 'it is almost not worth flying to Vegas to play blackjack'.
Casino consultant Bill Zender said: 'If you go into a casino and gamble, and you lose your money fairly quickly, almost every time, you don’t feel you’re getting the bang for your buck.'
