Yes, you have it right.
Playing in a casino is a sure way to lose your money exactly in the way you describe it.
I do believe that they don't skew the odds more than is already known.
That would be criminal and I don't think they could afford the scandal if it came out.
It is known however that gambling machines have odds that are more skewed than 4%.
Still somehow people find a thrill in it.
Their elation when they win appears to weigh heavier than their frustration when they lose.