Casino-Final-Exam - HM 386 Final Exam Summary PDF

Preview

Summary

HM 386 Final Exam Summary...

Description

Final Exam – 45 multiple choice

- Produces outcome with a ball and a wheel - Evolved from a game called hoca, which was played in Europe in the 17 th century. A hoca wheel featured up to 40 numbered pockets, including three pockets marked zero. The wheel had a center spindle with six spokes. - Three different versions of roulette: 1) American 2) English 3) European (a.k.a. French) - Not certainly restricted to the boundaries of their geopolitical namesakes. - Differences are related to the wheel itself, the layout, and the bets. American Roulette

1 to 1 8

1

2

00 3

4

5

6

EVEN

0

7

8

9

10

11

12

13

14

15

16

17

18

19 22

20 23

21 24

25

26

27

28

29

30

31

32

33

34

35

36

2 to 1

2 to 1

2 to 1

R E D

B L A C K

OD D 1 9 to 3 6

Played on double-zero wheel - contains numbered pockets ranging from 1 to 36 - pockets numbered zero and double zero - 38 pockets in total - offers the least number of bets due to differences in the layout - Most bets on American layout can be made on both English and French roulette tables Chips - are only used on roulette games. No other casino game uses chips - 6 to 8 different colored chips - 15 stacks of 20 chips for each different color - chips: used to imply an absence of permanent monetary value - Chips have no monetary value printed on them unlike casino cheques - Ex) when a player buys into a game, he will ask for chips of a certain denomination. The dealer will assign this player a unique color of chips. No other player on the game will have chipps of this color. At the time of issue, the dealer will mark the value of the player’s chips so that they can be purchased from the player, once he has finished gambling.

Outside and Inside Bets - the bets that pay 1 to 1 and 2 to 1 are known as outside bets - all other bets are referred to as inside bets - bets placed on the number grid ranging from 0 to 36 - sum of all the inside numbers on a roulette layout is 666 - 0/00 split bet placed on the line between the 2 nd dozen and 3rd dozen = regular 0/00 split - convenience for players at the far end of the table who would like to bet the ever-popular 0/00 split Snake or Crisscross Red - available to players on some games - win if numbered pocket corresponds to a number on line

- each of the 12 numbers is a red number - a winning snake bet is paid 2 to 1 Player Disadvantage - With the exception of the top 5 bet, all bets on a double-zero wheel carry a player disadvantages of 5.26%. The top 5 wager has a player disadvantage of 7.89%. - Outside Wager on Red: Any 18-number bet - (20/38) (-1) + (18/38) (1) = -0.0526, or -5.26% - Top 5 Wager - (33/38) (-1) + (5/38) (6) = -0.0789, or -7.89% Personnel - Standard American and English roulette games are administered by a single dealer. - When the game incurs unusually heavy betting action, a mucker might be assigned to the game. - Mucker: assists the dealer by sorting and stacking the chips won by the casino. A mechanical device known as a chipper is also available to aid dealers in the time-intensive task of separating and sorting the roulette chips. - Not all operators have a chipper English Roulette

12

ODD

1 9 to 3 6

2 to 1 2 to 1 2 to 1

34 35 36

10 11 1 2 13 14 15

28 29 30 31 3 2 3 3

29

18

22

9

31

14

20

1

O r p h e lin s 21

2

25

17

34

6

6 9

22 23 24 25 26 27

7 4

33

16

24

5 10

T ie r s 27

13

36

11

23 30

8

5 8

19

4 7

15

E VE N

16 17 1 8 19 2 0 21

28

V o i s in s 32

3

35

1

0

0 2

3 26

1 to 1 8

C ro u p ie r

34 35 36 12

M

PAIR Even

C ro u p ie r

12

P

PASSE 19-36

B la c k

12

D

31 3 2 3 3

28 29 30

22 23 24 25 26 27

19 2 0 21

13 14 15 16 17 18

10 11 12

7 8 9

0 1 2 3 4 5 6

12

M

MANQUE 1-18

D

R ed

IMPAIR Odd

S u p e r v is o r

12

12

P

C ro u p ie r

European Roulette

0 1 to 1 8 E V E N

00 3 6

1 4

2 5

7 10

8 11

9 12

13

14

15

16 19

17 20

18 21

22 25

23 26

24 27

28 31

29 32

30 33

34

35

36

2 to 1

2 to 1

2 to 1

*Clear out the outside bets

R E D

B L A C K

O D D 1 9 to 3 6

- The same amount must be wagered on both hands Baccarat

4Questions - From the French word for railway (a.k.a. Chemmy: play against the players) Basics of Chemmy - Two hands are dealt: player & bank - Each will receive at least two cards, but not more than three cards - Objective: To wager on the hand that produces a terminal total closest to nine

- From the Italian “baccarat,” meaning “nothing” - Others claim it stems from “fa baccarat,” meaning “go bankrupt” in a Provencal dialect - In any case, the game takes its name from the worst hand total: 0 - Baccarat is a.k.a. punto banco in Europe and South America - Modern version of baccarat came from Argentina, migrating to Cuba in the 1950’s. In 1959, the Las Vegas Sands recruited personnel from Cuba and opened the first baccarat game in the United States. - Unlike chemmy, baccarat can accommodate wagers from a single and multiple punters on the same side. Baccarat punters make no decisions on the actual play of the hands. The rules are fixed - Players wager against the casino rather than each other - Unbalanced wagering allows losses to the game and volatility - Game of choice for premium players (a.k.a. high-rollers) - Top gaming win producer in Nevada (among table games), Macau, and Singapore - players = punters Producing the Game - 8 Decks - Slide and expose 1 card from the shuffled shoe; the value of that first card determines how many subsequent cards will be burned - Face-down baccarat game is handled by a punter and a punter must have wager on the banker hand and paly until the banker hand loses to the player hand - goes in the counterclockwise rotation of the shoe

Basics of Baccarat Player Hand Draw/Stand Rule - The player must draw to any two-card total less than six (0-5) - Alternatively, the player must stand on two-card hand totals of 6 through 9 Banker Hand Draw/Stand Rules - Stands on two-card totals of 7, 8, & 9 - Draws to any two-card total less than 3 (0-2) - Draws to any two-card total less than 6, when the player hand does not draw - When the player hand draws and the bank hand’s two-card total is 3, 4, 5, or 6, the banker’s draw or stand requirement is based on the value of the player hand’s third card

Understand the three bets and the impact on the house advantage - Banker has the greatest advantage to the punter. Because the banker hand’s probability of winning exceeds that of the player hand, the casino must pay winning banker-hand wager at a rate that is something less than 1 to 1. Such a payoff creates a house advantage on banker-hand wagers. Casinos charge a 5% commission. 0.95 to 1 - Tie has the least impact to casinos (the worst bet)

Contrast baccarat from other table games (how they are alike and how they are different) - Baccarat punters make no decisions on the actual play on the hands - Play against the house - 2 cards are dealt

4Questions Understand the technical terms from the various tools used during the drop & count process Drop - Act of collecting the various cash containers from gaming devices or locations on the casino floor - Performed by the drop team - Represents the net dollar-value Count - Process of counting the contents of the cash containers collected - Performed by the count team - Common for same employees to be members of both the drop and count teams Bill Validators - A.k.a. currency acceptors - Devices that are either imbedded in to a slot machine or attached to one - Allow currency to be directly inserted into a slot machine

-Converts the currency into game credits - Once the currency is inserted, it resides in the currency container - Customers with currency were required to obtain change or gaming tokens from a slot attendant prior to bill validators - Also accept wagering vouchers Wagering Vouchers - Tickets used in a VIVO system (technology) - Voucher-In – Voucher-Out - Allows slot players to receive paper tickets when they cash-out slot credits - Simply insert the bard-coded voucher (or ticket) when players want to switch machines - Various names: Ticket-In – Ticket-Out (TITO), Qwikets (voucher-based gaming instrumentalities) Hot Cans & Cold Cans - Hot Cans - Currency containers collected from slot machines - Warm to touch when removed from the interior of the machines - Usually contain currency and wagering vouchers - Cold Cans - Replaced, new, empty currency container - Stored in air conditioned metal carts and are relatively cold to touch - Performed by the drop team Drop Boxes - Cash containers collected from table games - Contain currency and other items as well - Drop boxes are also referred to by some as hot and cold cans - Performed by the drop team Wand - A.k.a. dolphin: match cans to specific slot machines; a bar code reader; stores can-machine pairings - The cold can bar code is read before it is placed in the slot machine - The count team uses the wand to upload this stored information to the slot accounting system Currency Counter - Counts and straps currency - Strap: a 100-note bundle - Some are able to bag the counted bills - Transparent bags usually consist of 2,000-note bundles - Bagged currency resembles a brick or small block of notes wrapped in transparent plastic - Expensive; $240,000; another $35,000 per year for the machine’s service contract - Worth it because as the labor savings provided by the device far exceed these costs Transport Carts - A.k.a. money carts, drop carts, storage racks, and trolleys - Used by the drop team to transport cold cans and empty drop boxes to the casino floor - Also used to transport full drop boxes and hot cans from the casino floor to the count room Common Elements of Drop & Count Processes

Drop & Count Schedules - Management must file drop and count schedules with the gaming regulators - Usually filed annually in Nevada - Drop or count must not begin before or after the scheduled time - Can be revised with proper notice - Purpose is to allow gaming regulators to observe the drop or count without notifying management Count Room Surveillance - Heavily regulated and monitored -Tremendous amounts of unverified cash and gaming cheques are handled by the employees inside - Video and audio records are stored by the Surveillance Department and available for review - A security officer must be present during all counts Count Team Uniforms - Either wear special jumpsuits or pocketless smocks - Purpose is to deter theft Reporting Structure - The drop and count teams usually report to the Finance Department or some other department independent of the revenue-producing and security departments - Purpose is to reduce the likelihood of theft by way of employee collusion Number of Count Team Members - Must be performed by a minimum of three employees - For the table game count, three-member teams must be rotated on a consistent basis - Count team can be comprised of the same three individuals on no more than 4 days per week Currency counter Test - The currency counting machine must be tested prior to both the currency container count and the table game drop box count - An authorized count team member feeds a known sum of money through the counter to ensure that it produces the correct count. This is repeated by a second count team member. - Test currency must be from a source that is separate from the currency to be counted on that day - Accuracy of the currency counter is tested for each denomination of currency to be counted - Includes all forms of wagering instruments (vouchers) Theft - Not uncommon - Management teams battle theft regularly - Usually not publicized Slot Drop - Bill validators have become so common they have essentially eliminated coin from casino floors - Las Vegas strip resorts rarely have all slots dropped on the same day - Most drop between 400 and 500 machines per day - Many attempt to drop each machine a minimum of one time per week - Nevada gaming regulations require that all currency containers must be dropped at least once a month Maximizing the Drop - Traditionally, the drop schedule was based on section/area of the floor (collected currency = minimal)

- Nevada’s MICS do not require casino management to identify which particular slot machines will be dropped on a particular day - Management is required to report whether slots will be dropped by - denomination - section of the floor - percentage of the floor - By choosing the percentage-of-the-floor, management is afforded the most latitude with respect to which specific machines will be dropped - To minimize the number of days that money sits uncollected on the floor, management query the slots system to identify the games with the most cash in them – The best demonstrated practice Drop Team - Usually comprised of three members - 1 from the Security Department - observer - gurads the cart that contains the cash cans - 2 from the Finance Department (count room) - one uses the door key to open the games, while the other uses a release key to remove the hot cans and loads them on the transport cart Drop Day Staging - The slot drop for a given day actually begins on the previous day - The carts are loaded with the appropriate complement of cold cans and secured in the count room. - Larger casinos will prepare 3 to 4 carts for a 400 to 500 machine drop Keys - 2 keys needed to access the count room - 1 issued to officer from the Security Dpt. / 1 issued to a count team member from Finance Dpt. - Slot machine access keys are issued to count team members from Finance Dpt. - Keys to the transport cart padlocks are issued to a count team member from Security Dpt. and a count team member from the Finance Dpt. - 2 separate keyed padlocks that secure the doors of the transport cart, so both keys are required to unlock a properly secured cart Process - A cart loaded with cold cans is removed and wheeled to the casino floor - Motorized vehicle known as tuggers are used to pull the heavy transport carts - Some casinos have cart paths Slot Drop Process  Slot machine door is opened by count team  Hot can is pulled and placed in the transport cart  Cold can is wanded  Machine is wanded  Cold can is inserted into the machine  Machine is closed/locked  Process is repeated until the cart is full

 When the cart is full, the wand is placed inside the cart  Cart is padlocked and wheeled to the count room  Once the cart arrives at the count room, a cage employee counts the number of hot cans on the cart  Count team member counts the number of hot cans on the cart  Information on the wand is uploaded to the slot accounting system  Cart is padlocked and locked inside the count room for the duration of the drop  Count can begin (for this cart’s contents), if three count team members are present in the count room  Next cart is wheeled on to the casino floor  The process is repeated until the last cart has completed its journey Slot Count & Cage Transfer  Hot cans are removed from the transport carts  Hot cans are arranged on the counter top to be scanned  Hot cans are scanned to create header tickets to be read by the currency counter  Header tickets, currency, and wagering vouchers from the corresponding cans are placed in a plastic tray  Contents of plastic trays are fed through the currency counter  The currency is counted manually by count team members  The currency counter uploads the counts to the slot accounting system  The currency counter’s count sheet is signed by all who participated in the count  A transfer slip is completed to move the currency from the count room to the cage Bagging & Strapping Money - Advanced currency counters are able to directly load the contents in the cash cassettes in kiosks - Break bills - ATM transactions - Redeem slot machine wagering vouchers - Credit card cash advances Table Drop - Win can only be computed after the drop and count are conducted Table Drop Team - Can consist of as few as 2 members - A security officer: handles the drop boxes - A floor person: observer Drop Frequency - Drop the tables once daily: 24-hour table game drop - No longer require to drop table games that have not been played in the 24-hour period Drop Time - Same time as the gaming day rollover time - Per Title 31, the drop must correspond with the end of the gaming day Table Drop Process  Floorperson manually counts the cheques in the trays and creates closers

Appropriate keys are obtained by the drop team Transfer carts loaded with empty drop boxes are retrieved from the count room Security guard places empty boxes next to the appropriate games Closers are dropped into the table game drop boxes and the boxes are pulled The boxes pulled from the games are loaded on the transfer cart New empty boxes are placed in the table games Openers are dropped into the new empty drop boxes Once the last drop box has been loaded on the transfer cart, the cart is returned to the count room where it is secured Creating closure - The gaming cheques for each denomination on each table game are counted by a floor person and recorded on a multi-part form called a closer Transfer Carts Retrieved - On the day before the current day’s drop, the transfer carts are loaded with the empty drop boxes Placement of Empty Boxes - Once the transfer carts are unlocked on the casino floor, the security officer unloads the empty drop boxes and places them next to the appropriate table games Closers Dropped - The closer is dropped into the drop box on the game and the paddle is not replaced in the drop slot Loading the cart Empty Boxes Inserted Openers Dropped Transfer Cart Returned        

Table Game Count Process  Count team assembles outside the count room  Controlled keys needed to complete the count process are obtained  Count team accounts for all drop boxes listed on that day’s drop schedule  Drop boxes are opened  Drop box contents are sorted (currency and paperwork)  Currency is fed through the counter  Paperwork is reconciled to the casino system  Currency is manually counted by count team members  Once the contents of all boxes have been counted, the count team signs the Master Game Report (MGR) Assembly Keys Box Inventory Boxes Opened

Box Contents Sorted - Marker issue slips - Openers - Fills

- Marker redemption slips - Closers - Credits

Computing Table Win from Drop  Win = Drop – Cheques Missing  Drop = Dollar-value of Currency in the Drop Box + Doll...