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Financial aspects of gambling business

Accounting in the gambling business is the heart of the company. Accountancy of gambling establishment is fundamentally different from the accountancy of trade or industrial companies. Commercial income and expenditure tracking is not really a serious problem if the work process is properly organized. Financial management of gambling establishments is much more complex process. Here we are dealing with a huge number of transactions that can be tracked by special tools only.

Casino accounting is similar to banking accounting. Whole business life depends on the competent organization of its procedure. The gambling establishment with an incorrect algorithm of accounting procedures is a “ship with a leaky bottom” which cannot be saved by any marketing.

In case of gaming cafes, financial management has additional complexity (in addition to the number of transactions per unit of time). Money is converted into chips and it is almost impossible to keep track of the percentage of chips that are repaid and the ones that end up in the player’s pockets as gifts. In addition, it is difficult to account the money that passes through to the game on card tables since bets are not fixed in writing there.

Besides that, an effective accounting system policy should prevent theft, because staff, as a rule, start to use the “holes” in the accounting system that quickly become apparent to them.

Of course, the director can independently control the financial flows in one particular gaming cafe. It actually can be carried out in the “manual” mode with minimum automation. Novice entrepreneurs are forced to do so for the following reasons: first, because there are no finances and no need for more stringent registration at the first stages; secondly, when you start to conduct business, you need to understand and feel your own needs, in other words, to formulate the requirements for the controlling mechanism.

Towards the opening of the second enterprise, the director knows exactly how he wants to organize accounting of resources. By that time the awareness of processes automation necessity comes. There arises the question of purchasing programs capable to perform the necessary functions.

At the present market there are enough software manufacturers for financial accounting in the casino. Therefore, the best option would be to apply to several manufacturers and present them your specific requirements to the program. Then you will be able to adequately assess financial investments and not to overpay the programmers for adding new features.

At the same time, it is important for the director to soberly assess his own strength. Surely the business has to be expanded and new business places must be opened. In this process a good businessman can be distinguished by the ability to delegate his responsibilities to subordinates in time. Direct local accounting will have to be passed into the hands of other people. It is therefore important to look for employees who are initially ready for such work.

Gambling business in Albania. Short review.

When it comes about the gambling business, Albania is associated primarily with a luxurious casino Hyatt Regency that has 240 slots and 22 gaming tables. It was founded in 2005 as the first land-based gambling establishment in this country. Currently local authorities pay due attention to this business and its development in the country. Let’s find out how things are going with this kind of “gambling industry” in Albania.

Perspectives of the state

The Government has approved the issuance of permits for construction of six premium level resorts and casinos in the region. Future resorts will consist of five-star hotels, ordinary residential buildings, as well as entertainment infrastructure. Gaming cafés will be located there, as well as other gambling establishments that can provide a large influx of tourists.
It should be noted that Albania, or rather its government, reduced the size of the license fee for entrepreneurs who want to open a land-based casino, because they are interested in the development of this direction. For example, it will require one billion lek to create a normal casino and if it’s going to be built altogether with the five-star hotel – 70 million lek.

Changes in the legislation
On February 5, 2016 the law “About Gambling” that acts on the territory of Albania has been amended. According to the revised version of the gambling law, the location of establishments that accept bets on the outcome of sporting events is allowed at a distance of 200 meters from the kindergartens and schools. In addition, the distance between such establishments must be at least a hundred meters. It is allowed to advertise betting shops and bookmakers in sports facilities only.
It should be recalled that the Albanian authorities decided to move Tirana, the gambling capital of the state, to the suburbs which is explained by the presence of the gambling industry to adversely affect the lives of citizens. All gambling houses that haven’t moved by March of 2013 are a subject to an additional tax.

Current situation

Currently this state is actively developed in the field of gambling. Gaming cafe in Albania can be found in the vicinity of almost any city. Based on tax collections, residents of Albania spend about one hundred million at the casino every year. The most popular and largest casinos are located, of course, in Tirana; they delight visitors with a rich assortment of different games from video slots and card games to roulette. During the last few years in the country a lottery called “Lotaria Kombëtare” is also popular, and sports fans actively place bets on various sporting events in the betting shops.

The most popular methods for playing roulette

First of all, this guide will be helpful for the beginners. Roulette is one of the most popular gambling games. The rules are simple, the process captures from the first bets.

At the heart of the game there is a roulette itself, on which a small ball “jumps”. The wheel is divided into 37 or 38 sections. Cells with even and odd numbers are painted in black or red, the cell with zero is green. During the game the ball “jumps” on the divisions and stops at one of them. The cell where the ball landed determines the winner.

The player is left alone with her majesty Fortune and his only weapon is a well thought-out strategy of bets. Only a balanced and rational approach allows to hope for fruitful game, otherwise, all the advantages are on the side of the casino.

The basics of strategy implementation

Roulette rules are simple but to win regularly you need to follow some rules:

  1. You must be sober to play. You cannot drink alcohol or use drugs in any case while gambling. The situation is similar to driving under the influence, and not health but the budget is under threat.
  2. Limit the budget. It is necessary to carefully monitor the budget that you put into the game. It is especially important when playing online. Do not spend more than you can afford.
  3. Many players, making a number of unsuccessful bets, start to expect to win on the basis that a lot of losses have happened. Of course, it is a misleading based on an erroneous premise.

Let’s consider the basic strategies of the game, proven by time. They are especially good at playing online roulette.

Martingale Strategy

Simple and effective strategy. If the bet wins, the following one should be two times lower, and vice versa: if the bet loses then the next one should be two times higher. In this case, it is better to use the “50/50” positions or “red / black”.

Fibonacci Strategy

Fibonacci method can be considered as a variation of the Martingale strategy. It is recommended to put on “50/50” positions too.

Fibonacci series are used here, i.e. the sequence of numbers in which each number is the sum of two previous ones: 1, 1, 2, 3, 5, 8, and so on.

If you win, you just place bet on the next number in the sequence (won at three, bet on five). At loss – you make two steps back (lost at five, bet on 2).

Magic Eight

The method is based on the use of a sequence of eight dropped out roulette numbers. For example, we have the sequence 2, 32, 3, 15, 25, 10, 6, 27. The next bet is placed on 2. We continue to place bets on the next numbers of our series. If you have not won and all eight numbers were already used, the sequence should be increased by taking 11 numbers instead of eight. If a certain number brings win, then you start to place bets on the numbers of the same sequence, starting with the first one. If you win placing bet on the number 15 of our series, the next bet should be placed on 2 and so on.