Appendix C - Major games of chance
Summary
In studying the financial economics of gaming, it is essential to have at least a cursory knowledge of how the major games are played. This appendix is designed to provide such knowledge, but it is by no means intended as a complete guide. Many other widely available books contain far greater detail concerning the finer points of play strategy and money management (i.e., the number of units wagered at each betting decision). Tax consequences may also have some relevance.
Blackjack
In blackjack, alternatively known as twenty-one or vingt-et-un, the player's goal is to receive cards totaling more than those of the dealer, but not exceeding 21 – and to do this before the dealer has to show his or her hand. An ace card can be counted as either 1 or 11, other numbers count as their actual values, and picture cards count as 10. Suits do not matter. The payoff to a winning player is equivalent to the amount bet, that is, even money – except in the case of “blackjack” (a “natural” 21 on the first two cards), when the payoff is three units to two.
The player is initially dealt two cards that must be compared against the dealer's two cards, which are positioned in front of the dealer, with one face down and one face up. Although casino rules vary, the dealer generally must “stand” (i.e., cannot draw another card) on the total of 17.
- Type
- Chapter
- Information
- Travel Industry EconomicsA Guide for Financial Analysis, pp. 192 - 212Publisher: Cambridge University PressPrint publication year: 2001