The casino is a place where people can win cash without having to risk their money. Its name reflects that it is a place where people can lose their money without having to risk their money. Basically, a casino accepts all bets, as long as they are within the betting limits set by the casino. Therefore, players can never win more than the casino can afford to lose. There are mathematical expectancies on each game, and a casino rarely loses money.
In order to make money at a casino, it must understand the house edge and the variance of the different games. Knowing the house edge allows the casino to predict its profits and how much cash it can reserve. Gaming mathematicians and computer programmers are hired by casinos to do this work. These professionals are called gaming analysts. Since the casino does not have in-house experts, it outsources this work to companies with the necessary experience. But the results are always impressive.
To keep the casino safe, it has to make sure its players stay within the rules. In addition to the rules, it must ensure that it follows the house edge and variance. This way, the casino can maximize profits while minimizing losses. But it is important to remember that there is a limit to how much a casino can lose and it is possible to lose more than you can afford to lose. So, it is advisable to know the house edge and variance to avoid any unpleasant surprises.