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Gambling in Maryland and Beyond: What to Know Gambling in Maryland and Beyond: What to Know

Gambling in Maryland and Beyond: What to Know - PowerPoint Presentation

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Gambling in Maryland and Beyond: What to Know - PPT Presentation

Gambling in Maryland and Beyond What to Know Dr James Karmel Harford Community College jkarmelharfordedu November 2013 Indian casinos in California Macau casinos Foxwoods Resort Connecticut Pequotowned Indian casino ID: 773312

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Gambling in Maryland and Beyond: What to Know Dr. James Karmel Harford Community College jkarmel@harford.edu November 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%, 2 nd 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 & 6 th 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

l ive 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 decisions per 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

o nline gambling

Gambling in Maryland and Beyond: What to Know Dr. James Karmel Harford Community College jkarmel@harford.edu November 2013