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Greasyjohn
Greasyjohn
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December 16th, 2013 at 1:09:43 PM permalink
from a prior thread that remains unanswered: When you say "If you get to play a chip until you lose, you want to do it on an as-even-money bet as you can find, so you have the best chance of it hitting more than once before it's lost." Does this mean that betting a one-way chip (play it till you lose it) would have better value on, say, betting 13-36 on roulette than a 50-50 wager?
AxiomOfChoice
AxiomOfChoice
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December 16th, 2013 at 1:17:03 PM permalink
Quote: Greasyjohn

from a prior thread that remains unanswered: When you say "If you get to play a chip until you lose, you want to do it on an as-even-money bet as you can find, so you have the best chance of it hitting more than once before it's lost." Does this mean that betting a one-way chip (play it till you lose it) would have better value on, say, betting 13-36 on roulette than a 50-50 wager?



That statement is incorrect. If you get to play it until you lose, it has the same value as cash (except that you can't cash it out). You want to play it as you would play cash -- on the bets with the lowest house edges.
Beethoven9th
Beethoven9th
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December 16th, 2013 at 1:18:20 PM permalink
FWIW, whenever I've played with promo chips like that, the casino only let me make even money bets. (Somebody who has more experience with this can probably give a better answer though)
Fighting BS one post at a time!
AxiomOfChoice
AxiomOfChoice
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December 16th, 2013 at 1:19:58 PM permalink
If you can play it until you lose, there's no reason to limit it to even money bets -- it has the same value no matter how you bet it.

If you can play it once only, then limiting to even-money bets makes sense (in that it makes the chip worth half it's face value, less the house edge)
Ibeatyouraces
Ibeatyouraces
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December 16th, 2013 at 1:21:29 PM permalink
deleted
DUHHIIIIIIIII HEARD THAT!
AxiomOfChoice
AxiomOfChoice
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December 16th, 2013 at 1:49:25 PM permalink
Fair enough (I had actually read that before)

I was working under the assumption that you were going to play anyway (ie, you are willing to play with cash as well, even in a -EV game, for entertainment purposes). In that case, you should use it as you would use regular cash -- it is worth the same as cash to you.

If you are just looking to cash the chip in as fast as possible and never play again, then, yes, you want to minimize edge x expected # of hands until a loss.
beachbumbabs
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beachbumbabs
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December 16th, 2013 at 2:48:08 PM permalink
Quote: AxiomOfChoice

That statement is incorrect. If you get to play it until you lose, it has the same value as cash (except that you can't cash it out). You want to play it as you would play cash -- on the bets with the lowest house edges.



What is incorrect about that (my) statement? You and I said exactly the same thing, assuming the house is not offering +EV in the base game of a bet (which they "tend" not to do). The bets with the lowest house edge are, by definition, an even money bet, aka 50/50, or as close to it as you can get.
If the House lost every hand, they wouldn't deal the game.
Greasyjohn
Greasyjohn
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December 16th, 2013 at 2:57:55 PM permalink
Quote: beachbumbabs

What is incorrect about that (my) statement? You and I said exactly the same thing, assuming the house is not offering +EV in the base game of a bet (which they "tend" not to do). The bets with the lowest house edge are, by definition, an even money bet, aka 50/50, or as close to it as you can get.



I just realized the error in my post so I've deleted it to save anyone from wasting time reading it.
aceofspades
aceofspades
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December 16th, 2013 at 3:10:56 PM permalink
I am hoping I can answer this question by the end of the week :)
Wizard
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Wizard
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December 16th, 2013 at 3:23:51 PM permalink
Usually "play until you lose" chips are valid in even-money games only, including blackjack. That said, they are worth roughly face value less double the house edge of the game played on. For example, if played on the pass line in craps, the house edge is 1.41%, so the value of the chip would be 100% - 2*1.41% = 97.18%.
It's not whether you win or lose; it's whether or not you had a good bet.

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