Most of the time, betting more than normal and being prepared to lose all your money quickly aren't part of the strategy for a fun gambling trip.
But that is the way to take advantage of a “loss rebate” offer, says a publisher renowned for pointing gamblers to the best casino deals.
With a typical loss rebate, a casino uses free play to reimburse a player's losses on a first visit, up to a preset maximum. The player must return to the casino to redeem the free play.
“They're very good promotions for the customers,” says Anthony Curtis, a former professional blackjack player and publisher of Las Vegas Advisor, a monthly guide to all that Sin City has to offer. The publication, available in print or online at lasvegasadvisor.com, is known for its monthly list of the Top 10 values in Vegas.
Meadows Casino in Washington County is offering what is believed to be the first loss rebate offer in Western Pennsylvania. Marketing Director Kevin Brogan says new members of the players club can get free play to offset first-day losses of $50 to $1,000 at table games, slots or both. The program started in November and will last through Jan. 31.
“This is a real gambler's proposition,” he says.
Players who come out ahead for the day enjoy their winnings. Those with net losses receive two mailed coupons for free play, each equal to half their loss and good for a week. The coupons can be redeemed for free play at slots and video-poker machines or for match-play coupons at table games.
Curtis tells Player's Advantage that loss rebates are “juicy” for players and expensive for casinos. He's familiar with the Meadows promotion because it's similar to one being offered by the casino's parent company at the Cannery and Eastside Cannery in Las Vegas. While each Cannery offers a $500 maximum rebate, Meadows doubled that.
Curtis says the best approach for most gamblers using a loss rebate is simple: “You want to lose all your money or hit something big.”
Pros have mathematical formulas to determine “optimal win” with loss rebates, but he says most gamblers should set a goal that “makes them happy,” whether that's $100, $200 or $400.
If your luck goes the other way, hang in there until it turns or until you loose the maximum eligible for reimbursement.
“You don't want to stop in the middle,” Curtis says. “The power is in the free roll that you're being given.
“To take that one step further, I always recommend that you play a much higher denomination than you normally play. It helps to hit that limit faster if you're losing, and it helps to hit a good win faster if you hit something good.”
For example, people who usually play quarter video poker should play at least $1 per credit and consider $2 or $5 per credit, he says. However, remember that an unlucky run at high denominations might take you to the maximum loss before you're ready to quit playing.
Video poker is the best play during a loss rebate, because it offers the chance for big payouts and has a low house edge for those who follow the accepted strategy for the game. Curtis says loss rebate promos are good for slot players, too, even though video poker has a better overall return. Table games require several wins in a row to rack up a big score.
Curtis says those who wind up redeeming the free play should return to their normal betting level. He thinks video poker is the best way to use the free play because it returns more to players on average than do slot machines. In the Meadows promotion, video poker also beats table games because the free play has a better expectation for the player than do match-play coupons. In the long run, match-play coupons are worth slightly less than half their face value.
Brogan says anyone with questions about the program should check with a players-club representative. Curtis emphasized that players need to “read the fine print” and understand all the rules of the promotion.
“The worst thing in the world is to play a loss rebate and lose the money and find out you don't qualify,” he says.
Mark Gruetze is administrative editor for Trib Total Media. He can be reached at 412-320-7838 or players@tribweb.com.
