Online games of chance have not been as popular as online poker. The majority of online players play poker, or other skill software like video games. But online casinos are becoming a better option for many gamblers now that the cost of living has seen so many increases in the last few years.

The online games of chance usually offer the player better odds than they’ll find in a live casino. You can find games like European Roulette or single deck blackjack easily online, games that would be nearly impossible to find unless you were in Vegas or Atlantic City.

With low costs, the online casinos can pay out at a higher rate than a regular casino can, passing the savings on to the players. When you add bonuses, huge progressive jackpots, and freebies, the online casinos become attractive to any gambler that wants an edge as they play.

A state report showed that the Nevada casino take is down 1.9% this June from last June. They still won $12.5 billion from gamblers; it’s just a bit less than what they made last year. The Vegas Strip’s revenues are down close to the same percentage, at 1.5% from 2007. The win came from a record $164.4 billion wagered last year.

This win is the amount of cash that’s left after winners get paid. It doesn’t include revenues from hotels, restaurants, or bars. The majority of the win came from the slots, with blackjack and baccarat in second and third, respectively.

This marks six straight months of decline compared to last year’s numbers. But the rate is not growing. In fact, May’s figures were worse, down 15.2% from May 2007. And let’s not forget that it’s profit that’s down slightly. The casinos are still raking it in, despite the downward trend.

At least that’s what Arelia Taveras is saying. The 37-year-old New Yorker (who now lives in Minnesota) had a successful career as a lawyer, a nice home, fancy clothes and an addiction to casino gambling that she feels is like being addicted to drugs.

“It’s like crack, only gambling is worse than crack because it’s mental,” said Taveras. “It creeps up on you, the impulse. It’s a sickness.”

After blowing her life savings and refinancing her house, she eventually lost her law practice, her apartment, her parents’ home, and she now owes the IRS $58,000. According to Taveras, much of the blame rests with the casinos so she’s suing them for $20 million.

“They knew I was going for days without eating or sleeping,” Taveras said. “I would pass out at the tables. They had a duty of care to me. Nobody in their right mind would gamble for four or five straight days without sleeping.”

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What do you make of this woman? Does she have a case or do you think she’s trying to milk money from the casinos to pay for her problems? Drop me a line!

A study out of Canada says that online gambling should be legalized and regulated so the money can be used to help problem gamers. The studies, conducted jointly by academics of the University of Western Ontario in Canada and the University of Nevada at Las Vegas, found that online gamblers wager more often than regular casino gamblers. Because they’re able to hide their activity easier, gambling can easily become part of their daily lives.

“When not seen as reserved solely as behavior for an outing or a special occasion, gambling is more likely to become a pernicious, insidiously integrated component of a consumer’s life.”

They also found that the industry is too big to attempt to stop it, so regulating it and using revenues to help problem gamers is the best choice at this point in time. And warning levels should be used after players lose a certain amount of money.

The world’s richest casinos are the Sands Group. Sheldon Anderson has made a billion-dollar fortune with casinos in Vegas, Atlantic City, and Macau. His casinos are worth over $15B, and he is worth over $26B, which makes him the third richest man in America. His casinos include the Venetian, Sands Macau, Venetian Macau, the Palazzo, Sands Bethworks, and Marina Bay Sands.

Anderson is able to stay ahead of the rest of the competition because of his superior knowledge of convention service. He won the coveted Singapore Gaming license last year, where he’ll build his $3.6B Marina Bay Sands.

Steve Wynn owns the other richest casinos. His properties included the Golden Nugget, The Mirage, Treasure Island, the Bellagio, the Wynn Macau, and the Wynn Las Vegas (above photo), but some have been sold to MGM Grand Inc. He’s worth $1.3B, not even close to what Anderson has accumulated in the casino business.