The whole gambling industry is built on games of chance, meaning that the outcome of any particular roll of the dice or turn of the card is uncertain. At the same time, the underlying probabilities for the relevant events—drawing 21 at blackjack or spinning red in roulette—are known. When the underlying probabilities favor the casinos (as they always do), we can be increasingly certain that the “house” is going to come out ahead as the number of bets wagered gets larger and larger, even as those bells and whistles keep going off.
