Also see Unnamed’s comment. Essentially, the answer is that a casino is not a market.
A single casino is not a market, but don’t all casinos and gamblers together form a market for something? Maybe it’s a market for entertainment instead of prediction ability, but it’s a market for something, isn’t it? Moreover, it seems, at least naïvely, to be a market in which a casino would attract more customers by offering more realistic odds.
Some casinos in Vegas have European roulette with a smaller house edge. I know this from a Vegas guidebook which listed where you could find the best odds at various games suggesting that at least some gamblers seek out the best odds. The Wikipedia link also states:
Today most casino odds are set by law, and they have to be either 34 to 1 or 35 to 1.
A single casino is not a market, but don’t all casinos and gamblers together form a market for something? Maybe it’s a market for entertainment instead of prediction ability, but it’s a market for something, isn’t it? Moreover, it seems, at least naïvely, to be a market in which a casino would attract more customers by offering more realistic odds.
Some casinos in Vegas have European roulette with a smaller house edge. I know this from a Vegas guidebook which listed where you could find the best odds at various games suggesting that at least some gamblers seek out the best odds. The Wikipedia link also states: