Here's why Casino regulation is not foolproof

[DaBurglar]

Implicit, and central, to all the would be true believers here is that casino oversight and regulations are so tight and stringent, not to mention supposedly perfectly followed and executed, that fraud, cheating or any other malfeasance is/are extremely unlikely....

Clearly, casinos are currently highly regulated (even though modern day conservatives insist that LESS government is better, since everyday Americans know better than the government how to ensure the right things get done and the wrong things are prevented or fixed...which theoretically means casinos shouldn't have any oversight since it's entirely in their best interest to do the right thing every time without government telling them or breathing down their necks wasting time, tax money and resources...right?!?)

Guess again.... here's a well known story involving SEVERAL highly regulated, watched and audited industries (or at least they are supposed to be highly regulated, for all the obvious reasons involving public safety and security, not to mention other important issues): Securities & Investing, Healthcare, Health Insurance, Pharmaceuticals, and CorporateTaxation! Despite ALL these vital segments and spheres being involved, despite the high stakes and dollars involved, one of the largest fraud cases of all time materialized and came to fruition:

https://finance.yahoo.com/news/blood-te ... 00909.html


Unbelievable...where was all the supposed stringent airtight oversight and regulations to prevent this, or at least expose it long before it reached such epic proportions and time frame???

This is why it's absurd to think casinos wouldn't or couldn't (or haven't or currently are not) in some way cut corners, or otherwise cheat or avoid regulations if they perceive they can get away with it for a certain length of time, etc. In today's morally compromised world, nothing is beyond contemplating....

[Eduardo]

Of course, based on your past posts you are talking about video poker in casinos in atlantic city.

And what's also important? Theranos got caught!

Why would casinos risk ending up like Theranos by tampering with a product that is already proven to be quite lucrative, sporting casino-favorable pay tables that are even more so?

The answer of course, is greed. But the fact that greed exists, and conspiracies exist, is not evidence.

Citing evidence in completely unrelated industries to instill doubt is poor form. Your eternal conspiracy theory just doesn't add up.

Theranos was taken down because evidence was found against it. Not because someone simply said "some companies might be greedy."

Show some evidence for your accusations besides the fact that you lost money in a game designed to take it from you.

[billryan]

Fire, Ready, Aim.

[Tedlark]

This example shows that it's just as absurd to think that casinos WOULDN'T get caught when cheating too.

[DaBurglar]

Sure they were caught, lonnnnnng after a crapload of damage was done (BILLIONS were lost, and more frightening, peoples' health was compromised), damage that was supposed to be minimized and prevented by the strict stringent oversight and regulation...but that isn't really the most important issue nor is it why I made this post.

It's about PEOPLE.....Human beings who, because of delusion or ego or desperation or pride act (& react) in irrational, illogical ways....or they just screw up and make mistakes. And like it or not, as cliche as it sounds, systems and regulations and integrity itself are only as good as the people claiming to adhere to them, as well as the people performing the oversight. You cannot get around that fact and you cannot deny people sometimes act irrationally or erroneously....in fact, overtime, it's a certainty that someone will do something wrong (intentionally or unintentionally)...how much of a mess or how big the damage depends on the person/people who are supposed to catch/prevent it....etc.

The real purpose and benefit to having regulations and laws etc. is DETERRENCE....by preventing malfeasance from occurring in the first place, you achieve the goal of oversight. It is when people (whether an individual, a handful of individuals or entire organizations or departments) decide they should perpetrate something for whatever selfish irrational reason that problems happen. And this really can never fully be prevented to a certainty....the idea is to make the oversight (and consequences for malfeasance) as complete and effective as possible.

Ergo, my point is that despite the admittedly extensive oversight casinos receive (and they clearly do) it is illogical to think nothing can or will happen out of sorts with regulations or "fairness"....and because of the nature of Casino gambling being reliant on "trust" and "faith", there actually is incentive to keep any incidents of malfeasance quiet, to minimize or prevent knowledge or word from ever spreading simply because of the damage such info might do the general perception....

[Tedlark]

So if laws against robbing banks are on the books to act as deterrents and just because it takes a year to catch the bank robber(s) do they get a pass because they weren't caught right at the moment of committing the bank robbery?

In these days whistleblower laws have been strengthened and as such do you think that a person would or would not be more prone to report an illegal act being committed by their casino employer if that person knew it was going on?

If I owned a casino and if a competing casino in my market were found to be cheating you darn well better believe I'd want to get word out that "Casino X" was found to be cheating players. This would be the easiest marketing plan to create.

[tech58]

Casinos have what amounts to a license to steal!! Most of the people who come thru their doors don't stand a chance and the casinos know this.
Why would they risk that license to fleece grandmas $35 ?

I second Eduardos sore loser comment.