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chaunceyb3
chaunceyb3
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August 30th, 2013 at 4:32:32 PM permalink
Revel had their 48 cars in 48 hours drawing (still 28 cars to give away as of 8PM, August 30). I had a few earned entries and a comped room.



BAM.

Kelley Blue Book has the fair market value at closer to $15,775. I took the cash option.



#PickedTheRightDayToBeAPloppy

***UPDATE #1***
***UPDATE #1***
***UPDATE #1***

I earned about 80 more entries on Saturday, August 31. My name did not get called for the 12 drawings on that day. I returned on September 1st for the final 12 drawings.

This happened at 5PM.



UNBELIEVABLE.

I won ANOTHER 2014 Volkwagen Jetta S ($17,900 Value), and opted to take the $12,000 cash option again.



#WhenYou'reHotYou'reHot

***UPDATE #2***
***UPDATE #2***
***UPDATE #2***

Went back to Revel for a Cruise drawing on September 8, and hit this $2337.50 jackpot.



***UPDATE #3***
***UPDATE #3***
***UPDATE #3***

Colleagues and I decided to drive up to Foxwoods Resort Casino in Connecticut to gamble it up on September 9. I hate baccarat, but decided to keep them company. Bought in for $2,000, cashed out for $6,360.



***UPDATE #4***
***UPDATE #4***
***UPDATE #4***

I finally did win that "Pick Your Dream Cruise" drawing on September 29, valued at $10,000. I took the cash option of $6,500. There were 616 entries total, and I had 5 tickets in the drum.





***UPDATE #5***
***UPDATE #5***
***UPDATE #5***

Won another drawing in November at Revel, albeit for only $500 cash.



THE RUN GOOD CONTINUES.
Ibeatyouraces
Ibeatyouraces
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August 30th, 2013 at 4:36:20 PM permalink
deleted
DUHHIIIIIIIII HEARD THAT!
PlayYourCardsRight
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August 30th, 2013 at 4:37:12 PM permalink
Congratulations! That's a nice win! Shame that they only gave $12K when they value the car at $17. But I wouldn't complain too much at 12K!
tringlomane
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August 30th, 2013 at 4:41:39 PM permalink
Quote: PlayYourCardsRight

Congratulations! That's a nice win! Shame that they only gave $12K when they value the car at $17. But I wouldn't complain too much at 12K!



Considering how old my car currently is, I think I take the Jetta if I would be so lucky.

Nice win though!! And maybe more importantly, way to stick it to Revel!
aceofspades
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August 30th, 2013 at 4:42:07 PM permalink
Congrats Chauncey!!!
chaunceyb3
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August 30th, 2013 at 4:43:10 PM permalink
Quote: aceofspades

Congrats Chauncey!!!



Thanks ace!
aceofspades
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August 30th, 2013 at 4:44:58 PM permalink
Will you be taking the $12k and placing 2 bets at table max on Blackjack and videotaping it for the board?
chaunceyb3
chaunceyb3
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August 30th, 2013 at 4:56:01 PM permalink
Quote: aceofspades

Will you be taking the $12k and placing 2 bets at table max on Blackjack and videotaping it for the board?



No but I did take a check from Revel Entertainment Group.

I think the two have the same house edge.
EvenBob
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August 30th, 2013 at 4:57:12 PM permalink
Less taxes taking the cash.
"It's not called gambling if the math is on your side."
aceofspades
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August 30th, 2013 at 5:01:02 PM permalink
Quote: EvenBob

Less taxes taking the cash.




How so Bob? At the end of the year chauncey will receive a 1099-Misc. from Revel for the amount he was paid - cash or check.
ahiromu
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August 30th, 2013 at 5:04:07 PM permalink
Congratulations, that's frickin' amazing. You don't mind your real name being on the board?
Its - Possessive; It's - "It is" / "It has"; There - Location; Their - Possessive; They're - "They are"
chaunceyb3
chaunceyb3
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August 30th, 2013 at 5:09:50 PM permalink
Quote: ahiromu

Congratulations, that's frickin' amazing. You don't mind your real name being on the board?



Thanks ahiromu! I don't mind since the list of winners will be made public anyway.
EvenBob
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August 30th, 2013 at 5:14:24 PM permalink
Quote: aceofspades

How so Bob? At the end of the year chauncey will receive a 1099-Misc. from Revel for the amount he was paid - cash or check.



He would have had to pay taxes on what the car was
worth, $17K. Thats what kills Price is Right winners,
they have to pay income taxes on that crap they win,
full retail value.
"It's not called gambling if the math is on your side."
aceofspades
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August 30th, 2013 at 5:16:00 PM permalink
Quote: EvenBob

He would have had to pay taxes on what the car was
worth, $17K. Thats what kills Price is Right winners,
they have to pay income taxes on that crap they win,
full retail value.





Yes Bob - I read your post after I read chauncey's post that he took a check - so I thought you were referring to his taking a check versus cash
no harm no foul
EvenBob
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August 30th, 2013 at 5:18:28 PM permalink
Quote: aceofspades


no harm no foul



You would have taken the car, right?
"It's not called gambling if the math is on your side."
wudged
wudged
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August 30th, 2013 at 5:18:51 PM permalink
Quote: EvenBob

He would have had to pay taxes on what the car was
worth, $17K. Thats what kills Price is Right winners,
they have to pay income taxes on that crap they win,
full retail value.



Not to mention registration, insurance, gas, inspection, emissions... or the hassle of trying to sell it...
aceofspades
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August 30th, 2013 at 5:19:09 PM permalink
Quote: EvenBob

You would have taken the car, right?





Yeah right LOL CASH BABY CASH!!!
Ibeatyouraces
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August 30th, 2013 at 5:25:10 PM permalink
deleted
DUHHIIIIIIIII HEARD THAT!
EvenBob
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August 30th, 2013 at 5:27:11 PM permalink
Quote: Ibeatyouraces

Take all cash, their check may bounce!



They should let you cash the check at the cage,
they want you to lose it all back ASAP.
"It's not called gambling if the math is on your side."
ahiromu
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August 30th, 2013 at 5:27:44 PM permalink
I only see one circumstance one would take the car: If you were already saving up for a new car and just happened to win it. If you have no need for the car, I doubt you'd get even 60% of its value in cash, anywhere. Plus there's that whole thing about coming up with $4500 for taxes (my situation, can you guess which bracket I'm in?). Even if you could find someone willing to pay 80% of face value for the car, it just doesn't seem worth the hassle and risk.

Again, congratulations, and I hope you spend/lose it in a frivolous yet entertaining way. If you decide to be responsible and stash more than half of it, then shame on you.
Its - Possessive; It's - "It is" / "It has"; There - Location; Their - Possessive; They're - "They are"
aceofspades
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August 30th, 2013 at 5:29:21 PM permalink
Quote: ahiromu

I only see one circumstance one would take the car: If you were already saving up for a new car and just happened to win it. If you have no need for the car, I doubt you'd get even 60% of its value in cash, anywhere. Plus there's that whole thing about coming up with $4500 for taxes (my situation, can you guess which bracket I'm in?). Even if you could find someone willing to pay 80% of face value for the car, it just doesn't seem worth the hassle and risk.

Again, congratulations, and I hope you spend/lose it in a frivolous yet entertaining way. If you decide to be responsible and stash more than half of it, then shame on you.




I hope chauncey wins big with it!
Ibeatyouraces
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August 30th, 2013 at 5:32:07 PM permalink
deleted
DUHHIIIIIIIII HEARD THAT!
Mission146
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August 30th, 2013 at 5:45:35 PM permalink
Chaunceyb3,

THAT IS AWESOME!!! Congratulations!
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
chaunceyb3
chaunceyb3
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August 30th, 2013 at 5:47:52 PM permalink
Quote: Mission146

Chaunceyb3,

THAT IS AWESOME!!! Congratulations!



Thanks Mission! $100 slot pull is back on the to do list!
Mission146
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August 30th, 2013 at 6:12:23 PM permalink
And another $12,000, let's hope!
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
Mosca
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August 30th, 2013 at 6:16:43 PM permalink
Quote: EvenBob

He would have had to pay taxes on what the car was
worth, $17K. Thats what kills Price is Right winners,
they have to pay income taxes on that crap they win,
full retail value.



Not just income tax, but also sales tax, title and registration in his home state. They won't give it to you on an MSO. And then you would have to market it and sell it. Cash is the better choice.

And congratulations!
A falling knife has no handle.
EvenBob
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August 30th, 2013 at 6:49:11 PM permalink
Quote: Mosca

Not just income tax, but also sales tax, title and registration in his home state. They won't give it to you on an MSO. And then you would have to market it and sell it. Cash is the better choice.

And congratulations!



I read decades ago that almost nobody took the prizes
on Price is Right. Especially the cars. The show didn't
expect them to, the prizes were just paid ads by the
company giving them away.
"It's not called gambling if the math is on your side."
Wizard
Administrator
Wizard
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August 30th, 2013 at 8:13:51 PM permalink
Let it be known if anyone wins a car in Vegas and gets a lousy cash offer, I'd be interested in buying it. I'm in the market for a new car, but looking for a "nice guy" price.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
aceofspades
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August 30th, 2013 at 8:45:29 PM permalink
Quote: Wizard

Let it be known if anyone wins a car in Vegas and gets a lousy cash offer, I'd be interested in buying it. I'm in the market for a new car, but looking for a "nice guy" price.




Wiz - is this still you searching for a car for your wife to "make up" some passport snafu?
beachbumbabs
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August 30th, 2013 at 9:58:17 PM permalink
Really nice win, Chauncey! Congrats!
If the House lost every hand, they wouldn't deal the game.
chaunceyb3
chaunceyb3
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August 30th, 2013 at 10:38:06 PM permalink
I'll be back to Revel tomorrow and Sunday. 24 more drawings to go!

If I calculated correctly, this promotion is surprisingly a +EV one.

There are 12 drawings per day, one every hour from noon to 11PM for a $17,300 prize.

For Thursday and Friday, average entries for each drawing was 12,000.

Equity per entry: $1.44.

Assuming you are here for all 48 drawings, your equity is about $72 per entry. Even if we assume Sat/Sun will bring twice as many entries, still an equity of about $52.

5 earned comp dollars = 1 entry.

Comp rate is about 25% of expected losses (table games). So $20 in expected losses gets you a $72 entry. You can swap percentages with others I guess, to increase your chance of winning a prize.

For the first 24 drawings, 6 drawn names did not claim their prize (presumably because they got tired of waiting and left the casino), and alternates were drawn, which adds to your equity. One woman who had a mere 6 entries won 2 drawings (you can win multiple prizes). Another gentleman had about 600 entries and has whiffed on every single drawing thus far.
tringlomane
tringlomane
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August 30th, 2013 at 11:01:15 PM permalink
Quote: chaunceyb3



For Thursday and Friday, average entries for each drawing was 12,000.



Did personnel give you this info? Is that standard if you ask?
chaunceyb3
chaunceyb3
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August 30th, 2013 at 11:07:23 PM permalink
Quote: tringlomane

Did personnel give you this info? Is that standard if you ask?



The three employees working the laptop did. I guess it is standard but they knew I had won a prize earlier and one of them signed the paperwork.
tringlomane
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August 31st, 2013 at 12:59:07 AM permalink
Quote: chaunceyb3

The three employees working the laptop did. I guess it is standard but they knew I had won a prize earlier and one of them signed the paperwork.



Since they gave it to you after the fact, I dunno if I would call it "standard". It probably wouldn't be standard for the chick that won it twice. They would generally tell winners probably out of curiosity though if requested. 12,000 entries sounds lower than I would have thought.

How much slot or video poker coin-in (if you know) creates an entry? Revel should have a boatload of players currently. ;)
chaunceyb3
chaunceyb3
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August 31st, 2013 at 2:15:58 AM permalink
Quote: tringlomane

Since they gave it to you after the fact, I dunno if I would call it "standard". It probably wouldn't be standard for the chick that won it twice. They would generally tell winners probably out of curiosity though if requested. 12,000 entries sounds lower than I would have thought.

How much slot or video poker coin-in (if you know) creates an entry? Revel should have a boatload of players currently. ;)



You're probably right that the information is on a upon request or discretionary basis. I think the fact that players have to activate entries manually in 5 or 6 steps (not just inserting their card or playing a machine/table game), and the fact that you have to be present at specific times, shuts out many potential winners.

Re: Slots and video poker coin-in

I'm have their middle tier card, so it may be different. Video poker is $4 for 1 base reward credit. Slots (penny) are 75 cents for 1 reward credit.
teddys
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August 31st, 2013 at 6:11:29 AM permalink
Did you play slots or table games for your entries, chaunceyb?
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
Mission146
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August 31st, 2013 at 7:36:01 AM permalink
Quote: chaunceyb3



I'm have their middle tier card, so it may be different. Video poker is $4 for 1 base reward credit. Slots (penny) are 75 cents for 1 reward credit.



That's pretty intriguing, it's tough to know for sure, but depending on their best VP game, your Theoretical Loss might be better on the penny slots for entry chasing.

For example, if it were 8/5 JoB @ .97298434, then you lose $2.701566 per $100 bet and get 25 points.

In contrast, $100 bet gets you 133.33 Reward Points on Penny Slots.

If you get 25 points for a theoretical loss of $2.701566, then your cost per point is 2.701566/25 = .10806264

In order to have a loss per point of .10806264 per point on the Penny Slots, you look at x/133.33 = .10806264, and solving for x gives you x = 14.4079917912. In other words, a theoretical loss of $14.4079917912 per $100 bet, or return per $100 of $85.5920082088.

In other words, if you don't include anything else except for cost per point, then a machine would have to return worse than 85.5920082088% to have a higher cost per point than 8/5 JoB. Of course, they might have a better VP game than 8/5 JoB, do you happen to know what their best game is?

I guess you'd have to factor in the value of whatever else you get as well as the Expected Return of each point, in terms of the entries, to figure out whether losing $0.10806264 per point is a worthwhile play. If it helps, on that .855920082088 return for penny slots, if they have the $0.01/denom Quick Hits Platinum machine there, that's worse than that machine's lowest setting, so they can't even possibly pay that bad or worse.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
beachbumbabs
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August 31st, 2013 at 8:52:52 AM permalink
Math is SO interesting. I would never have guessed I'd see the proof that a penny slot would provide better EV than VP on here. Cool.
If the House lost every hand, they wouldn't deal the game.
thecesspit
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August 31st, 2013 at 9:26:02 AM permalink
Quote: wudged

Not to mention registration, insurance, gas, inspection, emissions... or the hassle of trying to sell it...



Or the fact it's a VW jetta. I love VW Golfs, but the Jetta is an economy car with all the personality of a worn leather boot.
"Then you can admire the real gambler, who has neither eaten, slept, thought nor lived, he has so smarted under the scourge of his martingale, so suffered on the rack of his desire for a coup at trente-et-quarante" - Honore de Balzac, 1829
chaunceyb3
chaunceyb3
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August 31st, 2013 at 9:43:20 AM permalink
Teddys: tables mostly.

Mission: the best games are $1 and $5 9/6 JoB, single line.
Mission146
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August 31st, 2013 at 2:52:47 PM permalink
Quote: chaunceyb3

Teddys: tables mostly.

Mission: the best games are $1 and $5 9/6 JoB, single line.



800/50/25/9/6?

That's definitely the better choice, barring any Progressive slot paying just under 98%, or better, in terms of cost per point.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
chaunceyb3
chaunceyb3
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August 31st, 2013 at 5:09:44 PM permalink
Mission: yes.

Baccarat high rollers are absolutely destroying today's drawing. One whale has won 3 out of 9 drawings.
tringlomane
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August 31st, 2013 at 6:25:31 PM permalink
Quote: chaunceyb3

One whale has won 3 out of 9 drawings.



Sick life.
Boz
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August 31st, 2013 at 6:47:42 PM permalink
Congrats on the win. Now get out on the floor and take them for everything they have left so they have to sell it to a decent set of owners who understand how to run a casino. Oh yea, I still wish nothing but bad things for Revel and already gave them a 2nd chance, and they BLEW it again.
chaunceyb3
chaunceyb3
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August 31st, 2013 at 9:16:57 PM permalink
Striked out on day 3, but I have earned an additional 70 or so entries (got lucky enough to find not 1, but 2 WMS must-hits with playable major jackpots). +$300 on the day, will be back for day 4.
Mission146
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August 31st, 2013 at 9:29:31 PM permalink
Quote: chaunceyb3

Striked out on day 3, but I have earned an additional 70 or so entries (got lucky enough to find not 1, but 2 WMS must-hits with playable major jackpots). +$300 on the day, will be back for day 4.



Nice work on the WMS machines, and the points at $0.75 bet per point to go along with it!
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
tringlomane
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August 31st, 2013 at 9:47:12 PM permalink
Quote: Mission146

Nice work on the WMS machines, and the points at $0.75 bet per point to go along with it!



Great stuff! I didn't think chauncey "Wonged" those!
chaunceyb3
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September 1st, 2013 at 3:35:52 AM permalink
Quote: Mission146

Nice work on the WMS machines, and the points at $0.75 bet per point to go along with it!



Hah thanks! $350 in comp dollars earned is also a nice bonus!

tringlomane: I will wong crane vending machines at the arcade if they are +EV! Maybe. If the mailers are good. 😃
SanchoPanza
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September 1st, 2013 at 6:24:03 AM permalink
Quote: chaunceyb3

Hah thanks! $350 in comp dollars earned is also a nice bonus! tringlomane: I will wong crane vending machines at the arcade if they are +EV! Maybe. If the mailers are good. 😃

Do you have a marina slip for the yacht you will win in the September drawings?
s2dbaker
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September 1st, 2013 at 7:03:00 AM permalink
When I saw the thread title, I thought that the thread was about the car promotion at Revel, not about one of the people here actually winning one.

Congratulations!! That's a much larger win than I've ever had. It must feel pretty awesome.
Someday, joor goin' to see the name of Googie Gomez in lights and joor goin' to say to joorself, "Was that her?" and then joor goin' to answer to joorself, "That was her!" But you know somethin' mister? I was always her yuss nobody knows it! - Googie Gomez
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