The House Edge and Chuck-A-Luck

A casino has a built-in advantage over other players. Its "rake" (or "vig") can be as low as two percent. But millions of bets can bring in enough money to run the casino. It doesn't matter if it's a sting operation or a rogue player casinos have put a great deal of money into security. In order to prevent this, they have strict guidelines for players. They also invest in the latest technology.

The house advantage is among the…