Casinos are a booming industry clothed in myth and legend. Apart from being a key economic driver bringing in billions in revenues, they also provide legitimate entertainment that attracts millions of gambling enthusiasts.
People worldwide love the thrill casinos offer; whether it is a physical casino in Monaco or Las Vegas or an online casino like SlotXO, casinos continue to draw in the crowds.
But, did you know that apart from the big wins, not all facts about casinos are well known? We bring you the top five unknown and surprising facts about the casino industry to give you a better idea of why they remain so popular (and intriguing).
5 Top Unknown Facts About the Casino Industry
Las Vegas Casinos Saved FedEx
Did you know that the founder of FedEx saved his struggling company by gambling in Las Vegas? As crazy as this sounds, it’s true!
In 1973, FedEx had only $5000 to its name; founder Frederick Smith decided to go to Las Vegas and gamble with the money in the hope of scoring a big win. He won $27,000 playing blackjack, which saved the company, allowing it to operate until 1976 when FedEx raised $11 million in capital and eventually went into the black.
US Casinos Consistently Generate $20+ Billion Annually
US Casinos are a major economic driver generating $20 billion annually. Total gross gaming revenues in 2020 reached $29.98 billion, and the state of Nevada reported gross gaming revenues of $7.87 billion in the same year.
In 2020, casino industry revenues (including online revenues from platforms such as SlotXO) topped $227 billion. Because approximately ten million Americans gamble every day, experts predict that these revenue figures will continue to rise.
The World’s Smallest Casino Operates Out of a London Black Cab
The “World’s Smallest Casino,” the Grosvenor Casino in London, is a mobile casino operating out of one of London’s famous black cabs. It has no address and features a gaming table, bar, dealer, and TV screen.
This PR stunt has been very effective, allowing riders to go anywhere in London for free as long as they go to the casino or make a charitable donation.
Monaco Citizens Can’t Legally Gamble in the Monte Carlo Casino
While Monaco is renowned for its casino-heavy tourism, its citizens can’t engage in this lucrative activity. Princess Caroline forbade her citizens to gamble in the Monte Carlo Casino in the mid-1800s. Any revenues generated could only come from foreigners.
However, there is some good news for Monaco citizens: They don’t have to pay income taxes because Monaco uses the revenues from casinos to fund the state.
The Bulk Source of Casino Revenues May Surprise You
You might expect that high rollers are the best revenue-generating customers for casinos; this isn’t true. Casino gamblers make an average loss per visit of $80, with 75% of a casino’s win by convenience coming from 5-cent, 10-cent, and 25-cent slot machines instead of table games.
We hope you enjoyed reading these interesting and surprising facts about the casino industry. With the rise of online casinos like SlotXO, the casino industry looks set to top revenues and break records, making the news with many more interesting occurrences.