It's Getting More Expensive to Gamble in Las Vegas, And the Odds of Winning Are Lower Some casinos have made changes that favor the house, such as imposing higher minimum bets for blackjack, a broader initiative by some companies to bring in "higher value customers."

By Madeline Garfinkle

Sean Pavone | Shutterstock
Las Vegas, Nevada.

They say the house always wins. And it looks like some new changes will keep things that way.

At some Las Vegas casinos, the odds of winning just got lower, and the buy-in more expensive. A new report in the Wall Street Journal said that Las Vegas casinos are making subtle changes that put the house at an advantage, such as raising the minimum bet for blackjack during busy times and decreasing the payout for winning hands.

The outlet reports that Caesars Entertainment Chief Executive Tom Reeg told Wall Street analysts it's a move to make Las Vegas a destination for more upscale visitors.

"You're bringing in higher value customers, and we're already full," Reeg reportedly said. "So, you're kicking out the lowest end. I see no reason that that needs to stop or would stop."

According to Nevada Gaming Control Board data, blackjack players lost nearly $1 billion to casinos on the Strip in 2022 — the second-highest recorded loss since 2007.

Related: I Do Bottle Service for a Las Vegas Nightclub and Can Make Thousands in Tips Each Night — But the Job Is A Lot Grosser Than People Realize

John and Kristina Mehaffey, owners of the news and data company Vegas Advantage, told the WSJ that blackjack historically has a payout of 3:2 (meaning the player gets $3 for every $2 they bet), however, two-thirds of casinos on the Strip are issuing payouts of 6:5 (meaning players get a $12 payout for every $10 they bet, as opposed to $15 with a 3:2 ratio).

Among the casinos that have reduced their payout to gamblers are MGM Grand and Caesar's Palace, the WSJ reported.

While casinos on the Strip have been raking in record profits ($8.3 billion in 2022 according to Nevada Gaming Control Board data), some experts warn that the practice of favoring the house may hurt business in the long run.

"If you go into a casino and gamble, and you lose your money fairly quickly, almost every time, you don't feel you're getting the bang for your buck," Bill Zender, a casino consultant, told the WSJ.

Madeline Garfinkle

Entrepreneur Staff

News Writer

Madeline Garfinkle is a News Writer at Entrepreneur.com. She is a graduate from Syracuse University, and received an MFA from Columbia University. 

Editor's Pick

Related Topics

Business News

Taylor Swift Reportedly Pays All Restaurant-Goers' Checks to Clear Out Restaurant For Her and NFL Star Travis Kelce

The star was spotted at Arrowhead Stadium for the Kansas City Chiefs game Sunday night alongside Kelce's mother.

Business News

'Please Fix This': Elon Musk Frantically Emails Employees During Livestream Glitch

Musk attempted to livestream his visit to the U.S.-Mexico border.

Leadership

A Guide to Effective Crisis Leadership — Key Steps to Lead Your Team Through Turbulent Times

The essential strategies and skills required to be a successful crisis leader and guide your organization through difficult times.

Business News

Costco Isn't Facing Devastating Surges in Theft Like Target and Walmart — and the Reason Is Very Simple

The retailer's CFO revealed its strategy during a fourth-quarter-earnings call.

Money & Finance

Want to Become a Millionaire? Follow Warren Buffett's 4 Rules.

Too many entrepreneurs are counting too heavily on a company exit for their eventual 'win.' Do this instead.