Notes

Inside Vladimir Putin?s Private and Secret Casino.How Do Casinos Make Money?
Vladimir Putin is seemingly a staunch opponent of gambling. The Russian President heads a government that outlawed online gambling in 2006. He also oversaw the banning of all gambling outside of four designated zones in '09 2009 (five now).

Therefore, you might think that Putin would avoid any type of gaming in his personal life. New revelations, however, indicate he has a secret casino in his �1 billion ($1.4b) palace.

I?m going to discuss more with this private casino. First, though, I?ll cover the way the details on this secret, and likely illegal, gambling establishment got out.

Alexei Navalny Exposes Putin?s Black Sea Palace
Vladimir Putin has stayed in power since 1999. He initially served as Russia?s president from 1999 to 2008.

He then acted because the prime minister from 2008 to 2012. Then, Putin assumed the presidency role again in 2012?a title he still holds today.

He now has some competition, though, in opposition leader Alexei Navalny. An attorney and anti-corruption activist, Navalny has exposed what he believes are corrupt policies by Putin.

He took to his YouTube channel, which has 6 million subscribers, to discuss the little-known palace. The 44-year-old gets into this aspect around the 39:00 minute mark.


Lap Dances, Ice Skating, Casino Games & More
Built near Gelendzhik, Russia on the Black Sea coast, Vladimir Putin?s private mansion is a sight to behold. Estimated to be 39 times how big is Monaco, the estate covers a massive area of Russian wilderness. The home, meanwhile, measures a whopping 17,700 square meters.

As Navalny noted, ?This property isn?t a country house, not a cottage, not just a residence. It?s a whole city, or rather a kingdom.?

A number of the notable parts of the lavish vacation home include:

Arcade that also features slots
Bar
Casino with table games
Church
Helicopter landing pad
Ice staking rink/hockey arena
Private beach (w/ underground tunnel leading to it)
Spa
Strip club
Tea house
Theater
Tropical garden
Given that this is Putin?s retreat, the estate features a no-fly zone and many checkpoints. Anybody who enters the vast property must have special clearance.

Navalny claims that the palace has been paid for entirely with money funneled from the Russian people. The estate is believed to be worth �1 billion.

ADDITIONAL INFORMATION on the Casino
Many of the amenities mentioned above are interesting. Navalny was especially intrigued by the strip club. He poked fun of it by saying, ?The palace seems to have a striptease bar for Vlad to take pleasure from pole dancing.?

The part that I?m most thinking about, though, is definitely the casino. Housed in a posh room that could give Casino de Monte Carlo a run for its money, this gaming room is fairly impressive.

Judging from pictures, the private casino includes a roulette wheel and multiple tables for cards. This gambling establishment would fit into any elite London or NEVADA casino.

The arcade, that is separate from the dedicated casino area, features some slot machines. A row of slots?some of which appear to be variations of IGT?s Buffalo?line among the walls. Visitors can move from PAC-MAN to a slot machine in just several steps.

Collecting vintage slots isn?t uncommon, especially among extremely wealthy people like Putin. These slots, however, look fairly modern.

Is Putin?s Casino Illegal by Russian Law?
Russia features a number of the world?s strictest gambling laws. As covered earlier, it banned internet gambling in 2006 and followed this up with restrictive land-based gambling laws in 2009 2009.

Concerning the latter legislation, politicians originally permits four designated casino zones. These zones include Altai Krai, Kaliningrad Oblast, Krasnodar Krai, and Primorsky Krai. Recently, a fifth casino area was approved for Crimea, which Russia annexed in 2014.

Any gambling taking place outside of these approved zones is supposed to be illegal. No exception is perfect for Gelendzhik.

Therefore, Putin?s secret casino may be operating against the law. The question is, though, if it accepts real-money bets.

Perhaps the casino could easily get by on the premise that it only offers free gaming. Maybe visitors receive chips and tokens for the slots without actually risking anything of monetary value.

Even yet in this case, though, it seems as if Russia would outlaw the private ownership of modern slots, roulette wheels, and table games. Most American states have softer gambling laws than in Russia, yet don?t let private citizens own just any piece of gaming equipment.

My position is that Vladimir Putin?s casino is probable illegal whether it can or doesn?t take real-money wagers. But again, it could possibly pass the test if it only offers free gaming.

Navalny Not DOING THIS Good Lately
Opposing Russia?s firmly entrenched and powerful leader doesn?t come without hazards. Alexei Navalny went through some major struggles in recent times.

In August 2020, he was rushed to a healthcare facility after being poisoned with the Novichok nerve agent. He was taken to Berlin for a medical emergency immediately afterward and discharged one month later.

Vladimir Putin

Not surprisingly, Navalny blamed Putin and his allies for the nerve agent attack. The Kremlin vehemently denies the allegations.

He was recently imprisoned for parole violations stemming from the 2014 conviction. He didn't are accountable to the Federal Prison Service while sick from the Novichok nerve agent.

After finding a suspended sentence, Navalny was presented with two . 5 years in Vladimir Oblast prison. Human rights activists have accused the prison staff of torturing Navalny, whose health has deteriorated since going behind bars. Specifically, prison guards have allegedly forced the opposition leader into sleep deprivation.

HOW DO Putin Afford an Estate 39 Times how big is Monaco?
Estimates vary wildly on exactly how much Vladimir Putin will probably be worth. One CEO believes that the president will probably be worth $200 million, while CelebrityNetWorth has him at $70 billion.

Assuming we take the center value, $135 billion, Vladimir will be the world?s fifth richest man behind Jeff Bezos ($195 billion), Bernard Arnault ($179b), Elon Musk ($175b), and Bill Gates ($132b).

Forbes, meanwhile, simply refers to Putin because the world?s ?most effective person? without estimating just how much he?s worth.

In any case, it?s safe to state that Vladimir can afford to build the previously described palace without going broke. Again, the estate is worth approximately $1.4 billion.

How this property was paid for remains a mystery. Navalny suggests that corrupt money funded what may be the world?s most-lavish palace.

Will Anything Be Done Concerning the Private Casino?
WHEN I discussed earlier, Vladimir Putin?s casino is probably not above board. After all, Russia is quite strict regarding its laws on gambling.

It technically doesn?t even allow online gambling and takes strong measures to bar it. The federal government has blacklisted many websites that revolve around casino games, poker, and sports betting.

These censorship efforts aren?t entirely bulletproof, which allows Russians to gamble at some offshore sites. However, they do lessen the amount of illegal gambling.

I highly doubt that anything will undoubtedly be done about Putin?s private gambling establishment. As Forbes? most effective designation hints at, the 68-year-old holds immense power in Russia and beyond.

No authority figure will risk their reputation and career to crack down on the Black Sea palace casino. Furthermore, Putin may be able to find a loophole in the laws, such as if the casino doesn?t take real-money bets.

Conclusion
Vladimir Putin is well known first and foremost because the long-running president of Russia. Now, he?ll also be referred to as one of the few people with an exclusive casino.

Spanning 17,700 sq. meters, Putin?s Black Sea mansion has a large gaming room with several tables. The arcade also features a few slot machines.

Gambling isn?t the only interesting thing that this estate provides. It features a church, hockey arena, spa, strip club, and theater too.

Whether this impressive palace was built on legitimate money remains to be observed. Nevertheless, it?s a significant spectacle and features just about everything that a guy could dream of having in his home.Everyone understands that casinos make crazy levels of money. A lot of people don?t understand just how and why casinos earn money, though.

When I was younger and knew nothing about casinos, I thought all the games were mathematically fair and that folks just lost their money since they didn?t bring enough money to the casino to withstand the vagaries of luck.

I also thought that they made more income from rooms, meals, and entertainment than they do.

As it works out, casinos offer games that are completely random but still make the majority of their profits from these games.

In this article, I explain at length how casinos make money.

The Effect of experiencing a Practically Infinite Bankroll
One way that casinos make money is by being able to afford more bets than players. Relative to a lot of the gamblers in the casino, the casino includes a bankroll that might as well be infinite. Some high rollers will be the exception, but they?re beyond the scope of this section of the post.

Most people underestimate the probability of having a big losing streak even though you?re playing a game where the it’s likely that fair. In the event that you only have a dollar, and you bet a dollar each time you guess the right outcome on the flip of a coin, you?ll almost surely go broke betting against anyone who has a $100 bankroll.

But this isn?t the only method casinos make money.

In fact, should they relied on this, they?d probably break even eventually as the nature of the casino is to deal with a large enough amount of bets that regulations of Large Numbers gets involved.

The Law of Large Numbers just indicates that whenever you?re dealing with something random. The more events you have, the closer you can the mathematically predicted outcomes.

For instance, red and black and roulette look like they?re equally likely, plus they are.

Nevertheless, you wouldn?t raise an eyebrow at the ball landing on red twice in a row. It happens continuously.

If the ball landed on red 100 times in a row, you?d be surprised, though. You?d even be surprised if the ball landed on red 90 times in 100 spins.

Then There?s the home Edge
The other factor which makes the casino money is the house edge. This is some fancy math, nonetheless it?s nothing you can?t handle assuming you have a basic grasp of normal arithmetic?addition, subtraction, multiplication, and division.

The house edge is really a long-term average that describes how much you?ll lose on a bet. It?s in line with the difference between the possibility of winning and the payout odds for the bet.

I mentioned roulette in the last bullet point and the method that you were equally more likely to get red or black. This is true because you have the same amount of red numbers (18) as you do black numbers (also 18).

But you do NOT have a 50% potential for winning this bet, and that?s because there are two more numbers on the wheel. They?re colored green.

Roulette

So, the probability of winning a bet on red is 18/38; you have 38 possible outcomes, and 18 of them involve you winning. The other 20 outcomes are losing outcomes ? black or green.

In the event that you made 38 bets and got all 38 results, you?d lose 20 units and win 18 units for a net lack of two units.

Average those two units over 38 bets, and that?s 1/19, or 0.052631579.

We convert that to a share to make it easier to understand, and we don?t carry those numbers at night decimal point, either. So, the home edge when you?re playing roulette is 5.26%.

What Happens in the Short Run Doesn?t Matter to the Casino
In the event that you?ve spent several gambling session at the roulette wheel, you already know that it?s impossible to lose 5.26% of a single even-money bet. You either win or lose the amount that without a doubt. That?s an extreme exemplory case of a short-term result.

Even though you do two bets in a row, it?s impossible to reduce an average of 5.26% of every bet. The only real possible outcomes are these:

You win the initial bet and lose the second bet.
You lose the initial bet and win the second bet.
You win both bets.
You lose both bets.
In the cases of #1 and #2, you break even. In the case of #3, you win two units. And in the case of #4, you lose two units.

This would seem like a break-even situation, too, nonetheless it?s not for just one simple reason:

The probabilities of each of these outcomes differs. The likelihood of winning both bets is only 22.44%. The probability of losing both bets is 27.70%. Combined, that probability is 50.1%. The probability of losing a bet AND winning a bet, then, is 49.9%.

Which means that the fewer bets you make, the likelier you're to see results other than the mathematically predicted results. To be able to win at roulette, the target is to do a hit and run. You create a couple of bets and quit once you get ahead by way of a few units.

The casino, though, is dealing with two to four roulette tables with between one and seven players at all of them at any moment. The common casino spins the wheel 40 times per hour.

So, just how many bets may be the casino making?
3 tables x 4 players x 40 bets each hour is 480 bets per hour. And because the casino is open round the clock, you?re looking at the casino averaging 11,000 to 12,000 bets per day.

A good small casino with only one roulette table is probably seeing 3,000 to 5,000 bets each day. During the period of a month, that?s a wide array of roulette bets.

Guess what happens once you?re dealing with that many events?

The specific outcome starts to check a LOT like the predicted outcome, which means that the casino expects to win an average of 5.26% of the action on the roulette tables.

The numbers work differently on other games, but the principle may be the same. The casino games pay out at lower odds compared to the odds of winning.

What Is ?The Handle? That Casino Personnel Mention?
The handle is probably the most important items that a casino manager talks about.

It?s just the total amount of action, or money bet, throughout a specific time period.

Any bet at any table game contributes to the handle regardless of whether the bets win or lose. In addition, it doesn?t matter if the bets are created using chips or cash. And it doesn?t matter what the payout it’s likely that for the bets. If the money gets bet, it?s counted as part of the casino?s handle.

Casino Gambling

This is NOT the same thing as ?the drop,? that is another term you?ll hear casino management bandying about. The drop is the sum of money that the casino gets in trade for chips.

If you sit down to play at a blackjack table and purchase $100 worth of chips, the $100 in cash gets ?dropped? into a metal box by the dealer. That?s where in fact the name comes from. You?ll see some people utilize the terms drop and handle interchangeably, but they won't be the same thing.

WHAT'S the Hold Percentage?
The house edge is a theoretical number. It?s a mathematical prediction using the probability of winning and the payout odds.

The hold percentage, on the other hand, can be an actual number. It?s the amount of money that the casino wins compared to the drop, not to the handle.

For example, if the casino has $10,000 in the drop at the roulette table at the end of 24 hours, the hold percentage is the amount of winnings they have on that, usually about 20% in the case of roulette. It wouldn?t be unusual for the casino to win $2,000 on $10,000 because casino players will continue steadily to put money into action repeatedly.

The house edge pertains to the amount of the action or the handle. The hold percentage applies to the amount of the amount of money used or the drop.

WHAT'S Time on Device and just why Does It Matter?
You?d think that ?time on device? only applies to the gambling machines, however in fact, it pertains to any of the games being played. The bigger enough time on device is, the more income the casino wins from the ball player regardless of any other factors.

But the average bet sizes also make a big difference. It is possible to predict the amount of money a game can make for the casino by averaging the number of bets made at that game by the common size of that bet. You multiply that by the house edge, and you have the predicted profit for that game.

So a casino makes more money at a casino game played for the same stakes when the player makes more bets per hour or once the player plays longer.

A casino can increase those profits further by raising the size of their minimum bets. This is why games with a low house edge, like blackjack or craps, often have an increased minimum bet than $5. On the Strip in NEVADA, for example, some casinos don?t even offer table games for under $10 per bet.

How Do Casinos Make Money from Poker?
Savvy readers might recognize that in a casino game of real cash poker hosted by way of a casino, the players are playing against each other, not contrary to the casino. If another player at the game takes care of my bet or wins my money, the casino doesn?t win that.

To create poker profitable, the casinos take a percentage of every pot before awarding it to the winning player. Normally, this is 5%, and, in most games, it offers a clause that if there?s no flop, there?s no drop. In other words, the casino only takes this percentage whenever a hand goes past a particular point.

This amount that the casino takes out of every pot is called ?the rake,? and the rake is the way the casino makes money from poker.

Conclusion
So how exactly does the casino earn money?

It?s not by cheating or using games which are rigged. The casinos make money by offering bets where in fact the payouts aren?t proportional to the chances of winning.

It?s that simple.

You can think about the home edge as a tax on your own action that only averages out on the long run. For the casino, the long term happens every day.

But also for the players, the long run only happens over the course of weeks, months, or years.
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