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Simple English definitions for legal terms
banking game
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A quick definition of banking game:
A banking game is a type of gambling where the house, or the bank, takes bets from all players. The bank pays out the winning bets and keeps the money from the losing bets. It's like a game where everyone puts their money in a pot and the bank takes a cut of the winnings.
A more thorough explanation:
A banking game is a type of gambling where the house, also known as the bank, accepts bets from all players. The bank then pays out winning bets and takes losses from other bettors.
- Blackjack: In this game, players place bets against the dealer, who represents the bank. The dealer pays out winning bets and collects losses from other players.
- Roulette: Players place bets on where they think the ball will land on the spinning wheel. The bank collects all bets and pays out winning bets.
- Poker: In some versions of poker, the house takes a percentage of each pot, acting as the bank. The bank pays out winning bets and collects losses from other players.
These examples illustrate how the bank in a banking game is responsible for accepting bets, paying out winnings, and collecting losses. The bank has an advantage in these games because it always collects a percentage of each bet, even if it loses some bets. This is how casinos make money.