Loss Rebates

I believe I recall reading an article at Wizard of Odds on calculating loss rebates but I can't seem to find it.

A small local casino is offering loss rebates on all of their slot machines (including video poker and video blackjack). Is there an easy formula to calculate a quitting point when ahead? For example their best machines pay back about 97.3% and if they were offering a 10% rebate per day for losses over $1000. How do I calculate the optimal quit numbers?

Edit: I don't know if this matters or not but their video BJ let's you bet a max of $100 per hand but also allows you to let your winnings ride to the next hand.

Thanks for all the help.

Old Terrible's 10% rebate thread with link to another Terrible's 10% rebate thread in it

Now I'm not sure if they still have that promotion but I think it was for table games only. Mind letting us know what casino it is?

Quote: DRich

I believe I recall reading an article at Wizard of Odds on calculating loss rebates but I can't seem to find it.

A small local casino is offering loss rebates on all of their slot machines (including video poker and video blackjack). Is there an easy formula to calculate a quitting point when ahead? For example their best machines pay back about 97.3% and if they were offering a 10% rebate per day for losses over $1000. How do I calculate the optimal quit numbers?

Edit: I don't know if this matters or not but their video BJ let's you bet a max of $100 per hand but also allows you to let your winnings ride to the next hand.

Thanks for all the help.

Variance is far, far more important than house edge (high variance is good for you). Do they have a TDB game? DDB? Forget video BJ; the variance is way, way, way too low. The last thing in the world you want is a break-even day when you are playing a loss rebate. You want to either win big or lose big, every single day.

Actual optimal quitting points are a pain in the ass to compute. There is no simple formula. Eliot more or less solved this problem for games where you can assume that your results are normally distributed, but this is NOT the case for games like VP over a short period of time (like 1 day).

If there was no limit on the amount of the rebate and I could play for real money ($5 denom VP or higher), and I thought I could take advantage of it for a long time before they told me "no more", I'd take the time to do Monte Carlo simulations for all the reasonable games that they offered ("reasonable" = high variance).

Thinking about this as well. Palms has a loss rebate for new members. 50% 'now' and 50% sometime over the next year. Not sure when I'll be back, so I'm focusing on the 50% now.

Looking at VPFree2 it looks like DB is their highest variance 'good' game (I don't know about DW as I never play that). I was hoping to do TDB or DDB for 2 dollars on my 1000 and then play JoB or Video Blackjack/etc for the resultant 500 dollars, thinking that at most I will be out 600 or so dollars for the chance to make a large sum.

Anyone have any idea if VPFree2 is correct for the palms? No DDB or TDB?

I play regularly at the Palms and it looks like the games listed in vpFREE2 are correct.

Don't know about TDB but they probably have some 9/6 DDB. It's not listed since vpFREE2 only lists the best games and there are so many better ones there including 10/6 DDB.

Note that some of the better games are "excluded from promotions" so probably cannot be played for the loss rebate.