$100 rebate offer

Hello everybody. I'm new to this forum. I was just taking the Cosmopolitan, LV, up on their offer. I was with a friend and felt rushed so I played a 7/5 bonus poker game. I was playing 8/5 strategy at $5 a hand. ( I incorrectly looked at vpFree2 to find out if the Cosmoplitan had better VP games and overlooked that they did.) I lost $100 on both my and his rebate offer ( he doesn't play VP), and went to get the $100 ( $200) rebate. I played the rebate through and wound up losing $5 total for both of us . I was wondering if anyone knows the best strategy. If playing a $100 rebate offer at what point (amount won) is it best to just take the win and forget about the rebate? On my first rebate offer I bought-in for $100 and was at one point up $70. I had the feeling I wanted to win about $120 before just cashing out. Also, as soon as I lost my $100 buy-in I quit playing and collected the rebate. Is this correct, or should I have endured more of a loss before I sought the rebate? I've seen some speculation in other posts on these issues, but I would think there would be only one right answer for the best EV. Thanks for your replies.

Greasyjohn

The Wizard has some good numbers over here.

Quote: AcesAndEights

The Wizard has some good numbers over here.

Whoops that page is for slots. If you're playing VP, here's that page.

Hi AcesAndEights,

Thanks for the link. I read it carefully but have some misunderstanding. Since the 8/5 – Max Loss = 25 Units is the closest approximation to what I did, can you clarify how to interpret the info?

Since I bought in for $ 100 and was playing $1 VP betting $5 per hand that would be 20 Units ( if I’m looking at this correctly). So is the chart saying that the optimal strategy is to try to win 130 units ( $ 5 X 130 = $650? This doesn’t look right? What do the numbers under “Win Goal” and “Expected Win” mean in a $5 per bet game ( max coins) on a $1 VP game?

Quote: Greasyjohn

Since I bought in for $ 100 and was playing $1 VP betting $5 per hand that would be 20 Units ( if I’m looking at this correctly). So is the chart saying that the optimal strategy is to try to win 130 units ( $ 5 X 130 = $650? This doesn’t look right? What do the numbers under “Win Goal” and “Expected Win” mean in a $5 per bet game ( max coins) on a $1 VP game?

Yes, that's what it is saying. You will fail a lot, but it still leads to the best average win.

And fwiw, these charts aren't as good for the Cosmo loss rebate, because you don't have to lose the $100 on your first day. So for the Cosmo promo only, the ideal win goals are much smaller than this since you have the benefit of "retrying" the loss rebate if you quit a winner. I would have personally quit a $70 winner and returned another day unless time didn't permit you to do so.

Thanks Tringlomane,

I didn't know you could come back at a later date if you left a winner. I thought, mistakenly, that if you don't use the rebate on the first day you lose it. And I guess what you're saying is is that if you quit the first day with a $70 win, and you come back, say, a couple days latter, you need only loose $ 100 on that future day to get the rebate. Whereas, if you don't take the $70 win you would have to lose $170 on the first day to get the rebate ( so the rebate is easier to achieve at a future date since the $70 first-day win doesn't apply).

Quote: Greasyjohn

Thanks Tringlomane,

I didn't know you could come back at a later date if you left a winner. I thought, mistakenly, that if you don't use the rebate on the first day you lose it. And I guess what you're saying is is that if you quit the first day with a $70 win, and you come back, say, a couple days latter, you need only loose $ 100 on that future day to get the rebate. Whereas, if you don't take the $70 win you would have to lose $170 on the first day to get the rebate ( so the rebate is easier to achieve at a future date since the $70 first-day win doesn't apply).

Yeah, it's basically this. At cosmo, every "Identity" member can claim a $100 loss rebate for one gaming day in their life (or until they end the promo). We signed up in May, my g/f didn't take her rebate until September. She racked up about 6 small wins before finally losing $100 in a day. Most loss rebates are NOT like this though, and the tables the Wizard has are based on not being able to re-attempt the rebate.