History’s Most Notorious Casino Scams
Frequently Asked Questions (FAQ)
The question should actually be “do casinos cheat?” Every casino has a built-in advantage on its games, referred to as the house edge. It represents the percentage of the player’s bet kept by the casino as a profit on average over the long term. Casinos actually “win” because the odds are stacked in their favor.
Other than that, reputable casinos have no reason to cheat. Regardless of the way games are set up, the casinos are already guaranteed profits, by simply paying less than what the bet is really worth. This practice could hardly be classified as a casino scam – at best, it could be called unfair.
If you consider gambling an alternative way to generate extra money, you should think twice before exchanging your money for chips, and thus selling away your only advantage over the casino. True, casinos can offer lots of fun and great shows (even fake casinos with no license and obscure game selections), but in the long run, you’re more than likely to lose to the house.
In casino cheating, slot machines have widely been considered a tough nut to crack, but a few sharp-witted scammers have succeeded in beating the machine. Tommy Glenn Carmichael with his infamous “light wand” and Dennis Nikrasch – who robbed about $16 million from several casinos in Las Vegas- are two examples of this.
The Roselli Brothers are widely considered the biggest and most successful casino scammers ever, mostly because the authorities never actually caught them and their identity remained a secret. They pulled off the mother of all casino scams by stealing people’s identities, which helped them take $40 million.