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How Much Do Casinos Make in the UK?

How Much Do Casinos Make in the UK?

Not including online gambling sites, The UK has 144 casinos and some London casinos generate as much as £57 million each year in revenues. In the last financial year, Grosvenor Casinos made £29 million. A great deal of this money is earned through 3642 electronic gaming machines installed across the UK casinos. These machines received just over £1 billion in bets, which made the casinos £141.9 million.

Do Casinos Ever Lose Money?

It is very difficult for Casinos to lose money as every single game on offer at a casino has a statistical probability in favour of the casino winning. Slot machine odds are the most unfair and range between one in 5,000 to one in around 34 million of winning the jackpot (when using the maximum coin play).

However, casinos certainly do lose money on rare occasions. The most notable example was when British casino “The Fifty Gambling Club” went bankrupt after a series of very big wins in 2009. They were forced to declare bankruptcy after 180 years of operation. The Fifty Gambling Club was famed for its high-end tables which made the business far more at risk than the average casino.

One of the biggest winners was Mike Ashley, a billionaire business owner and founder of Sports Direct, who took the casino for around £1.3 million when the ball landed in his number on the roulette wheel. The lucky winner is reported to have said, “That will do me nicely,” before leaving the table to collect his winnings. Winning and losing millions was said to be common on the tables of the Fifty Gambling Club, however, on this occasion they had a long run of losses.

What game do casinos lose the most money?

Many people do not realize that table games at a casino have much better odds than the slot games. On all games, the house has a built-in edge and the longer you play, the greater the chance you have of ultimately losing. Statistically, you are better making fewer larger bets than a series of smaller bets. Placing a big “one-time bet” may result is a short sharp end to your evening at the casino, but it gives you the very best odds of coming out ahead, as the house edge only works on your stake once.

Having explained that the house has an edge, we will compare the games that have the best (and worst) odds. The main goal of any form of gambling is to win, so choosing your game wisely makes a lot of sense.

  • Blackjack: Odds of winning are 49%
  • Craps: Odds of winning are nearly 50%
  • Roulette: Odds of winning are nearly 50%
  • Big Six Wheel: Odds of winning are between 26% to 39%
  • Slots: The odds on each game will be displayed on the game itself.

In the long term, the casino should not lose at all, since the odds are stacked in their favour. However, the game that can potentially lose the casino the most money will be a high stakes roulette game. In fact, high stakes games of any sort are riskier than where people play longer with low stakes.

What is the most money ever lost in a casino?

There have been some very big losers at casinos over the years. Mostly these individuals have been guilty of chasing losses or have been gambling addicts.

The amount an individual can lose is also affected by the ethics of the casino operator. If you are intoxicated then you are not supposed to gamble in the UK. The Casino is supposed to stop you.

There have been cases of very large amounts lost at Casinos, here are a handful of the most notable.

Harry Kakavas

Harry Kakavas lost $1.5 billion on high stakes baccarat games over 14 months in Australia. He later tried suing the casino saying they had taken advantage of his gambling addiction, but he lost that as well.

Maureen O’Connor

Maureen O’Connor, former Mayor of San Diego, lost $1 billion during a gambling binge which ended with her being charged with fraud.

Terry Watanabe

Terry Watanabe, a Chinese millionaire, lost $120 million in one year (2007). He became quite a tourist attraction as people would flock to the casino to see him play.

Kerry Packer

The famous Australian media icon, Kerry Packer, has the record for the single biggest UK losses over three weeks in 1999 when he lost £20 million.

Conclusion

In the 1990s all the talk about British casinos was very positive. It was the golden age for casinos in those days. However, as we start the 20s things in the UK have become much harder for casinos. There have been a string of casinos closing recently with talk of far more to come. While the big casinos in central London may well be immune from this, regional casinos are finding it much harder to get by.