Living In A Casino

WATCH: Inside Live! Casino in Westmoreland County. As Westmoreland County sees its highest number of COVID-19 cases, a major attraction is on the verge of finally opening its front doors. Live casino sounds to create the most realistic ambience possible; Multiple cameras to allow you to play from any angle; Chat functionality brings the social aspect of Vegas into your home; You can even tip the dealer; Experience the thrill of Las Vegas in your own home from the second you start playing live dealer games at Casino Las Vegas.

PHILADELPHIA (CBS) — The countdown is on for the long-anticipated opening of the Live! Casino and Hotel in South Philadelphia. The site opens next Tuesday for club members.

Live entertainment Get closer to the music and the artists that you love at Treasure Island Resort & Casino’s Island Event Center. From the fastest rising stars to bona fide legends, some of the biggest names in entertainment rock the stage at our 2,800-seat indoor venue.

Living In A Casino

Eyewitness News got a sneak peek today. The venue spans 510,000 square feet with slot machines, a luxury hotel, dining and entertainment space.

RELATED: COVID In Philadelphia: Restaurants To Be Allowed To Raise Indoor Capacity To 50% If They Pass Air Quality Test

The venue is expected to pump $2 billion into the local economy.

Visitors to the Live! Casino will have to undergo temperature checks on arrival. Owners say they spared no expense when it came to safety.

“We’ve installed software on the gaming systems that allow, when somebody sits down and plays, the machines on either side of them will shut off to force social distancing so that they have a space to themselves,” Cordish Gaming President Rob Norton said.

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The casino opens to the general public on Feb. 11.

If you are interested in joining the team, they are hiring.

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The first step to becoming a professional gambler is learning enough about probability to get an edge when betting. Casinos stay in business because they have a mathematical edge over most players. Your goal as a professional gambler is to only bet when you have anedge.

But how do you know if you have an edge or not?

You have to be able to do the math.

Luckily, it’s not hard.

Probability is just a mathematical way of looking at how likely certain events are. A probability of an event occurring is always a number between 0 and 1. If an event has a probability of 0, itwill never happen. If it has a probability of 1, then it will always happen.

Here’s an example:

You flip a coin. You want to know the probability that it will land on heads.

You determine that by dividing the number of ways you can achieve the result you’re solving for by all possible results. When flipping a coin, you only have one way of getting heads. You alsohave two possible results—heads or tails. So your probability of getting heads is 0.5.

That probability can be expressed as a fraction or a percentage, too. 0.5 is the same thing as ½, and it’s also the same thing as 50%.

When you bet on a particular event, you can compare the probability of winning that bet with how much you risk versus how much you stand to win in order to determine the expected value of thatwager. For most casino games, your expected value on each bet is negative—the casino has an edge over you.

Here’s an example:

You bet on a single number at the roulette table. The probability that you’ll win that bet is 1/38. If you do win, you get paid off at 35 to 1 odds.

One other way to express a probability is in odds format. That’s a comparison of how many ways you can fail versus how many ways you can succeed. Since a roulette wheel has 38 numbers, youhave 37 ways to lose and only 1 way to win. That means your odds of winning are 37 to 1.

If you got paid off at 37 to 1, you’d have an edge of 0, and so would the house. If you could get paid off at 38 to 1, you’d have an edge over the casino. But you only get paid off at 35 to1, so the house has an edge over you.

In all those cases, your probability of winning is low, but if you get paid off enough money, even a low probability bet gives you an edge over the house.

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Here’s why:

Suppose you play 38 spins of the wheel. You’re betting $1 on every spin. If you get results that mimic the mathematical probability, you’ll lose $37 and win $35. You lost $1 on 37 spins, and youwon $35 on one spin. That means your expectation is -$2 over 38 bets.

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You can divide that expectation by the number of bets to get an amount you expect to lose on average per bet. In this case, your expected loss per bet is $0.0526. You can express that as apercentage if you like, and in this case, that percentage is 5.26%.

Your goal as a professional gambler is to only place wagers where you have an edge. Since your statistical results over a large number of trials should near the mathematical expectation, you canexpect a profit if you play long enough.

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That’s the math that works for the casino, and that math can work for you as well.