gambling in maryland and beyond: what to know dr. james karmel harford community college...
TRANSCRIPT
Gambling in Maryland and Beyond: What to Know
Dr. James Karmel Harford Community College
[email protected] 2013
Indian casinos in California
Macau casinos
Foxwoods Resort, Connecticut; Pequot-owned Indian casino
Maryland Casinos
• 1943-1968: legalized slots operated in five southern MD counties• 2007 - Maryland Assembly sets VLT tax is set at 67%, 2nd highest in
US• 2008 – MD voters approve five casinos (VLTs only)• 2012 – Maryland Assembly lowers VLT tax for casinos, adds table
games at 20% tax• 2012- MD voters approve addition of table games & 6th casino in
state• 2013- Maryland Live! (at Arundel Mills Mall) becomes most
lucrative casino in mid-Atlantic market (MD, DE, PA, NJ)• 2014-2016: Maryland will reach voter-approved threshold of six
casinos around state
2008, 2012: Maryland voters approve six casinos & table games
Rocky Gap State Park
Anne Arundel County
Worcester County (Ocean City area)
Cecil County
Baltimore City
Prince George’s County
live chicken tic-tac-toe- Mt. Airy Casino (2009)
Game House Edge
Roulette 5.3%
Craps 1.6%
Craps (double-odds) .6%
Blackjack (average player) 2%
Blackjack (6-deck basic strategy) .5%
Baccarat (no tie bets) 1.2%
Caribbean Stud 5.2%
Let it Ride (optimal strategy) 3.5%
Pai Gow Poker (ante/play) 2.5%
Video Poker .5-3.5%
Slots 5-10%
Robert Hannum, “Casino Mathematics”http://gaming.unlv.edu/casinomath.html, accessed 13 Nov. 2013
THEO (Theoretical Loss)=
average bet X hours played X decisions per hour X house advantage
THEO example for average blackjack player
average bet X
hours played X
decisionsper hour X
house edge = THEO
$20 3 80 .02 $96
Forum Shops, Caesar’s Palace, Las Vegas
Installing security cameras at Maryland Live!
Keith Taft & his wearable Blackjack computer from the 1970s
online gambling
Gambling in Maryland and Beyond: What to Know
Dr. James Karmel Harford Community College
[email protected] 2013