There’s no doubt about it, gambling means big business. Casinos in the U.S. raked in $62.8 billion in 2011, according to Spectrum Gaming Group, a research and professional services firm.
But with the good comes the bad for the gaming industry — cheating is also a big money maker for those who find ways to deceive the house. Thanks to technology, it’s getting harder to pull off. Casinos have cameras trained on every table and are always on the lookout for anything suspicious. But some people still manage to do it. Casino cheating expert George Joseph of Worldwide Casino Consultingestimates the industry loses tens of millions of dollars a year in scams.
The scams can be pulled off with age-old sleight-of-hand tricks or with the aid of high-tech devices. Either way, they are illegal and could mean time behind bars for those who are caught. However, penalties vary from state to state. In Nevada, for example, someone convicted of cheating faces one to six years in prison, or a fine of up to $10,000, or both.
So what are some of the ways people cheat in casinos? CNBC.com spoke with Joseph, who is author of “The 101 Most Asked Questions About Texas Hold’em and Poker Cheating,” to compile a list. Some are common cheating methods; others are employed less frequently but can result in a big payday.
Click ahead to see 10 ways scammers have been able to trick casinos out of money.
By Michelle FoxPosted 13 June 2012
Watch “American Greed”every night at 10 p.m. and 1 a.m. ET.