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