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Online Gambling

Reason I like Bovada #2:

Good Odds

Bovada online casino ad

The odds are always against you when you gamble, so it pays to play at a casino that offers good odds.  I spent quite a bit of time looking for an online casino with better-than-average odds, and the result is Bovada.  Let me first tell you about the competition, though.

Most online casinos are too greedy when setting the odds on their games.  They think they'll make more money by setting the games tighter, so the player has less chance of winning, but they're wrong.&nsbp; Most gamblers eventually gamble away all their playing budget anyway.  They're going to lose the same amount of money no matter what, the only question is how long it takes them to do so.  And when they play at a tight casino and lose quickly, they're less likely to return.

A casino which offers good odds will make just as much money as a tight casino, because the players will usually gamble away whatever they deposit anyway, no matter what the odds.  The only difference is that with better odds, they'll get to play longer before they go bust.  And that means they had more fun in the process, and they're more likely to return.

Bovada is one of they few casinos that understands this.  They offer games with good odds, knowing that if your money lasts longer, you'll be a happier, loyal customer.  Among their offerings are:

  • Two blackjack games returning over 99.8%
  • Single-0 roulette
  • Full-pay Jacks or Better (99.54%)
  • Nine other video poker games returning over 99%

You don't have to play at Bovada, but wherever you play, make sure they offer odds at least this good!

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Gambling problem?
  1. Call the 800-522-4700 hotline or get online help
  2. See these horror stories.
  3. Know that Parkinson's drugs encourage gambling.
Play these
free slots now

Gambling problem?
  1. Call the 800-522-4700 hotline or get online help
  2. See these horror stories.
  3. Know that Parkinson's drugs encourage gambling.

Las Vegas casinos are surprisingly unprofitable

Last update: March 2018

You'd be forgiven if you imagined that casinos rake in the profits hand over fist.  After all, every game is set up in the house's favor, so why shouldn't they?  Well, surprisingly, lots of casinos struggle, and a fair number actually go bankrupt.  While they take in a lot of customer money, expenses are high, including employees, utilities, and the loan payment on the building.  Here's a rundown of some notable struggles with profit.

Revenue is plummeting

One reason casinos are doing so poorly is that gambling revenues are going down.  This is attributed to older gamblers passing on and not being replaced by as many millennials.

Gambling revenue is plummeting

Las Vegas Nevada
Peak (2007) $6.8B • 49,891 machines $12.8B • 174,677 machines
2015 $6.3B • 42,703 machines $11.1B • 149,364 machines
More slots stats on the slots page. (IMGL)

Lucky Dragon goes bankrupt 15 months after opening

Lucky Dragon was the first resort property to be built from the ground-up after the Cosmopolitan in 2010.  It opened in November 2016, shuttered the casino in Jan. 2018, and filed for bankruptcy in Feb. 2018.  The hotel is still operating as of March 2018.  (LV Review-Journal)

SLS faces bankruptcy

SLS, which replaced the Sahara, hasn't turned a profit since it opened in 2014.  As of Dec. 2017, it's reportedly facing bankruptcy. (LVRJ)

Caesars files for bankruptcy

Caesars Entertainment, which owns 10 properties on the Strip and is the largest U.S. casino operator, filed for Chapter 11 bankruptcy in Jan. 2015, erasing about $10 billion in debt.  (It's funny how they can use legal maneuvers to get out of paying what they owe, while if you stole a $5 chip from the casino you'd go to jail.)  It emerged from bankruptcy in Oct. 2017.  (Fortune, LVRJ)

Riviera goes bankrupt and closes

A popular strip casino which appeared in several movies, it filed for bankruptcy in 2010, closed for good in 2015, and was demolished in 2016. (WP) 

MGM Resorts loses hundreds of millions of dollars

MGM Resorts, which owns a whopping 10 of the 29 strip casinos, suffered the following losses:

2015:  $448M
2014:  $150M
2013:  $157M
2012:  $1.8B
2010:  $2.2B
2009:  $2.0B
2008:  $700M     (Source: Amigo Bulls)

Other sources

LV Revealed's Las Vegas Casino Death Watch is comprehensive reporting on casino troubles and closings.