Casinos tap into a deep-seated human need for the thrill of winning big. They also entice people to try their luck by offering free drinks and a wide array of gambling opportunities.
The “Jobs to Be Done” Framework Explains Motivation
There’s a lot more to a casino than just its gaming facilities. They may have luxurious hotels, cutting-edge technology, flexible event and entertainment spaces, award-winning spa and health club amenities, and delicious restaurants on site.
The House Edge
Every game offered at a casino has a built-in advantage for the casino, which is known as the “house edge” or “vig.” This gives the casino a mathematical expectancy of profit. Over time and the millions of bets placed by its patrons, that edge is enough to finance elaborate hotels, fountains, giant pyramids and replicas of famous landmarks.
Bonuses and Incentives
When you lose a bet, casinos take the sting out of it by offering you rewards points that can be used to cover the cost of a meal or other expenses. These points can be earned by playing slot machines, table games, or video poker.
The “Sunk Cost” Fallacy
When you follow a losing bet with an even bigger bet, you’re telling the casino you’ve already spent money that you may not have had in the first place. This creates a sunk cost fallacy that keeps you gambling more.