I'm new, need help with figuring edge

Most of you will probably LOL, but I really need to understand this. I'm wanting to learn how to figure an "edge" in a VP game. Simple stuff, I know, but I'm simple. :)

Let's say I have a full pay JOB game (99.5%) and I was told that on a 10x day my edge would exceed 1%, maybe 2% since I can take 1/2 comps back in cash. ($50 max comps per day on multiplier days) The simple question is how was this edge (that I was told) figured and how do I go about figuring the edge on a regular day? I'm not a math guy so please be detailed in responding, along with example. Once I know the formulae, I should be able to work this out in the future on my own.

Any responses will be greatly appreciated.

Well, obviously it would be best if you had specific numbers to give you an exact answer.

Let's say that on a 10X day that 9/6 JoB would give you a 1.04% edge. This means you gained 101.04% - 99.54% = 1.5% edge on a 10X day. So on a normal day, video poker gives you 1.5%/10 = 0.15% back in comps or cash.

I have to assume that tringlomane's figures, immediately above, are reasonable.
If so, it certainly shows that the bonus points and comp modifications can make a difference but its still a "narrow margin". Given everything else being equal, it would be more sensible for you to play on a 10x day than to play on a 1x day. Though it seems that any change in meals, comps, gasoline charges, etc. would eat into this 10x day's value.

So it remains that Comps are a mere sweetener and are not that substantial a lure.

Still, if each of two days is equally convenient to you then going to the casino on a 10x day makes sense.

Answers here are correct.

Take CZR. They give you 1 point for $10 in VP in. 100 points = $1 dollar. Therefore $1,000 = $1 dollar and their comp rate is 0.1%.
Take Fallsview. They give you 1 point for $40 in VP in. 100 points = $10 dollars. Therefore $4000 = $10 dollars and the comp rate is 0.25%.

You add the comp rate to the EV to get your true EV.

And then you need to take into account the gas it takes to get to the casino, plus wear and tear on your car. Then there's always the value of your time.

Quote: boymimbo

Answers here are correct.

Take CZR. They give you 1 point for $10 in VP in. 100 points = $1 dollar. Therefore $1,000 = $1 dollar and their comp rate is 0.1%.
Take Fallsview. They give you 1 point for $40 in VP in. 100 points = $10 dollars. Therefore $4000 = $10 dollars and the comp rate is 0.25%.

You add the comp rate to the EV to get your true EV.

Thanks, but let's say I put through $5000 coin in on a 99.5 JOB. Since I'm losing 1/2 of 1% does that equate to a loss of $25? If that's true (which I'm not sure it is) how do I equate that into the actual percentage EV so I can add the comp rate to it in order to get the true EV? Can you show me an example using Fallsview above of 0.25% comp rate?

I not only appreciate your response but everyone who has taken their time to give me some input.

Quote: Subterfuge21

Thanks, but let's say I put through $5000 coin in on a 99.5 JOB. Since I'm losing 1/2 of 1% does that equate to a loss of $25? If that's true (which I'm not sure it is) how do I equate that into the actual percentage EV so I can add the comp rate to it in order to get the true EV? Can you show me an example using Fallsview above of 0.25% comp rate?

I not only appreciate your response but everyone who has taken their time to give me some input.

Basically yes. But that's a $25 loss on average. Any given session of $5000 coin-in could be anywhere. You just add the coin-in rate to your return, so if you get 99.5% return playing JoB, then a 0.25% comp rate will make your return 99.75% now instead. So for $5000 coin-in, your expected loss would be $25, but you would also get $12.50 worth in comps, and if you value those comps as good as cash, then you would have a net loss of $25 - $12.50 = $12.50. The same result can be found by taking (99.75% - 100%)*$5000 = -$12.50 (i.e. a $12.50 net loss)