What would you do with $100 in "free" chips?
I've read on the Wizard's pages that the single best one-shot bet would be the Banker in Baccarat. I've never played Baccarat, but it might be interesting to see what 4 $25 bets would do there.
I'm planning to play mostly craps, so figured I might just use the $100 to put out a bunch of $5 hard-way bets over the first session.
Finally, it would be fun to try a nice little progression scheme I've worked up for roulette playing the dozens.
After any one of these attempts, I'd take whatever was left of the $100 and roll it into my bankroll. On the off chance I actually made a profit, anything over $100 would be cashed out and stuffed in my luggage.
Any thoughts? Would it be better to plop all $100 on one bet?
Quote: edstI just found out that for the conference I'm attending next week, they're handing us $100 in chips "for free". While the room and conference are both on the pricey side, work pays for those -- so the chips really are essentially free for me. I know one smart thing would be to just add these to my total bankroll - amounting to an extra 10% to play with. But why not use that to buy into something riskier to see if I could turn it around?
I've read on the Wizard's pages that the single best one-shot bet would be the Banker in Baccarat. I've never played Baccarat, but it might be interesting to see what 4 $25 bets would do there.
I'm planning to play mostly craps, so figured I might just use the $100 to put out a bunch of $5 hard-way bets over the first session.
Finally, it would be fun to try a nice little progression scheme I've worked up for roulette playing the dozens.
After any one of these attempts, I'd take whatever was left of the $100 and roll it into my bankroll. On the off chance I actually made a profit, anything over $100 would be cashed out and stuffed in my luggage.
Any thoughts? Would it be better to plop all $100 on one bet?
This may not sound interesting, but I would take $100 less out of your bank account and replace it with the chips. That is what I do when I get bonuses. This way, you still have the exact same amount of fun you would have without the promo, but you Have turned the $100 into cash. I find that if I separate the bonus and play with it, it goes away quicker, because it's usually not much of a bankroll.
https://wizardofodds.com/chips
blackjack gives you the best return with those chips.
Quote: cclub79This may not sound interesting, but I would take $100 less out of your bank account and replace it with the chips. That is what I do when I get bonuses. This way, you still have the exact same amount of fun you would have without the promo, but you Have turned the $100 into cash. I find that if I separate the bonus and play with it, it goes away quicker, because it's usually not much of a bankroll.
^Exactly, I 100% agree. Take the cash, go home richer.
Quote: rudeboyoitheyre probably non-negotiable chips, meaning you cant cash them in.
https://wizardofodds.com/chips
blackjack gives you the best return with those chips.
I'm not convinced. I think they are just $100 in regular casino chips. Maybe the original poster can clarify.
Quote: cardsharkI'm not convinced. I think they are just $100 in regular casino chips. Maybe the original poster can clarify.
I had assumed they were $100 in regular chips because I've never seen non-negotiable chips otherwise. I thought it might be some kind of voucher for an extra $100 when you buy in, but that would be the same as regular chips. The wording isn't clear either way - just says we get $100 in chips for signing up early.
But cashing them out is boring! I want some free action here!
Why are you talking about it like it's free action and doesn't matter? If you win with those chips, are you going to give the winnings back to the boss?Quote: edstBut cashing them out is boring! I want some free action here!
"Free" money is no less valuable than "earned" money. While you may not be able to cash it, you can certainly bet it. And it therefore makes the most sense to treat it with all the respect as you give your earned money, and not to waste it on a foolish bet that you wouldn't ordinarily make.
Treat it like an addition to your bankroll.
As soon as you get it, its YOUR MONEY!
If you go home with $1000, you shouldn't say you broke even. You're down $100.
Quote: edstI just found out that for the conference I'm attending next week, they're handing us $100 in chips "for free". While the room and conference are both on the pricey side, work pays for those -- so the chips really are essentially free for me. I know one smart thing would be to just add these to my total bankroll - amounting to an extra 10% to play with. But why not use that to buy into something riskier to see if I could turn it around?
I've read on the Wizard's pages that the single best one-shot bet would be the Banker in Baccarat. I've never played Baccarat, but it might be interesting to see what 4 $25 bets would do there.
I'm planning to play mostly craps, so figured I might just use the $100 to put out a bunch of $5 hard-way bets over the first session.
Finally, it would be fun to try a nice little progression scheme I've worked up for roulette playing the dozens.
After any one of these attempts, I'd take whatever was left of the $100 and roll it into my bankroll. On the off chance I actually made a profit, anything over $100 would be cashed out and stuffed in my luggage.
Any thoughts? Would it be better to plop all $100 on one bet?
I owuld say to put it towards whatever gives you the most enjoyment. If craps is your game, play those hardways if you like. If you don't enjoy Baccarat don't bother with it. And remember, all systems are useless. So if you think you will enjoy progressive betting go ahead, just remember the house edge remains the same.
For myself I'd play more blackjack or try my hand at some dice control (just to see if it mattered.)
Whatever you do, please don't just cash it in. I used to travel on business and when the conventions got too big for meal service we instead got a per-diem. We got it in spendable and foldable, brand-new bills! Most guys ate something that looked good to them. But a few losers went to McDonald's and pocketed the rest. My reaction was, "You are in Cancun, if the plane crashes on the way home do you want to die knowing you skipped having a good meal to eat at McDonalds and pocket a per-diem?"
Quote: gamblerI say live large and play those hardways in craps. Heck, get crazy and even play a couple of those single roll bets in the center for a $1 each. Whatever you do, have fun, laugh a lot and tip the dealer if you get lucky.
Or even the fire bet.
Quote: CroupierI personally would go for the High Risk, High Reward option. I take adavntage of match plays or free plays for slot machines here, then play the Max bet. The possibility of a large return for minimum input appeals to the gambler in me. So you could take the chips and put them into your bankroll as suggested, then use the extra $100 in the Megabucksor other Big JAckpot Slot. Technically it would be free action.
Man, I was going to say this, too, but I was afraid of embarrassment. I would play 10 pulls in the $5 WoF, or 4 pulls in the $25. If you lose, oh well; if you win, you win big on their dime!
I can see the other strategies, too. But going for the big bux is my nature. I have no problem with losing their $100 that way and going about my business, even though I wouldn't do it with my own $100.
Quote: cclub79Here's why I go back to what I said ("Do whatever you were going to do, but replace $100 with the free chips...") If you are going to do something more "fun" as some people have suggested because it's free money, then I question why you are going to be doing "less fun" gambling with your own cash. If those hardways and other bets give you the most enjoyment, then why are you only betting them with what you consider free money? (which we know is not what it is, it's YOUR money...all of it) All games have an edge...the price we pay for the fun. There's nothing wrong with giving up a few percent on the edge if you personally are enjoying your time a lot more. Don't convince yourself that because you are doing it with the free chips that it makes a difference. Use the money how you will most enjoy it. But do that with ALL of your money, not just the "free" chips!
I understand what you are saying. Here is my rationale:
I worked for my money; I earned it. The other money fell from the sky, and has no sweat equity attached to it.
Vive le difference, I think we both agree! If it fell from the sky, and you pocket it, it's still your $100. Both are good, do the one that makes you feel happiest, again I know we agree. But when sweat equity is attached to it, I just can't help remembering how hard it was to get it, and I don't make the risky plays that I would with "their" money. And that is why it is different, to me.
Quote: Mosca... and I don't make the risky plays that I would with "their" money.
Perhaps this is akin to pressing your bets when you are ahead (completely disregarding the topic of promo chips). The rationale might be that you are pressing with "house" money, or "free" money, and that it is fun to gamble more when (supposedly) the money didn't really cost you anything. If that is not part of the rationale for betting higher stakes when winning, then why weren't you betting more to begin with? or why don't you keep betting the lower amount, since all of it is "your" money being placed at risk?
make sure they have quarters at the table or you will end up paying $1.50 commission instead of $1.25.
if they dont have quarters at the table, youre better off betting 5 hands at $20 a piece than 4 hands at $25 a piece.
You're never playing with "thier" money. Once you win it, it's YOUR money!
Here's a scenario:
You're at the convention, walking down the hall of the hotel. You look down and see a $100 bill (or black chip).
Do you pick it up?
Do you gamble with it?
Do you make stupid bets because it's "found" money?
So I already had my bankroll and strategy pretty well figured out for the trip. But then I found out we're getting this extra bonus, so it really does feel like I found money on the floor.
As for the prop bets, I simply would never risk my hard-earned money there. The dealers tip? Sure! But not mine.
I read a piece (I think tied to this forum) recently about the concept of "buying variance". My general philosophy here is that I could play hours at blackjack and break even, but it's pretty boring -- I'm not paying much, and not getting much variance. Craps is more of a middle ground - especially with a conservative strategy until the table heats up. But with that $100, I'd like to "buy" a lot of variance. At worst, I lose $100 that I hadn't accounted for anyway, and wouldn't change my life if I cashed it out and brought it home. But I could get it up to $200 at Baccarat or maybe several hundred if I get lucky at Roulette or on hard-way bets.
I'm babbling, but the point is that with this chunk of chips, I would be willing to take on significantly more risk (for greater reward, even if it's not at even odds) than I would with a typical session bankroll.
Quote: MoscaI understand what you are saying. Here is my rationale:
I worked for my money; I earned it. The other money fell from the sky, and has no sweat equity attached to it.
Vive le difference, I think we both agree! If it fell from the sky, and you pocket it, it's still your $100. Both are good, do the one that makes you feel happiest, again I know we agree. But when sweat equity is attached to it, I just can't help remembering how hard it was to get it, and I don't make the risky plays that I would with "their" money. And that is why it is different, to me.
Very well put, and Doc, you are right about doing the same thing with winnings. It's the same concept when people consider their previous winnings "playing with house money", whereas the original was their sweat equity funds. This logic is what pays for the casinos. Few people consider the winnings theirs, so they lose it back with 1000x less regret than their original buy-in, which by then begins the dwindle as well. Hey, we all do it. Because no one knows when we've hit the peak of our return until we're done. I'm just saying that this guy would be better served to maximize his enjoyment by spending every 100 bucks with the games that make him happiest. It just sounded too much like he was considering the 100 from the house a "treat" and the normal gambling as, well, normal. All the gambling should be a treat! If the hardways get you going, play just the hardways! House Edge x Enjoyment = Which game you should play!
Quote: DJTeddyBearPressing bets is a different animal, since you're hoping that the win which prompted the press, is an indicator of the start of a hot streak.
I think it's the same animal (as I stated above). I don't look at it as the start of a hot streak, but rather that I now have a larger bankroll to risk for greater returns, which I would not have had without the previous win. You are most definitely on the mark that people consider the winnings "house money", and I firmly believe this is why the casino makes money. (Maybe even more than the house edge...) I'd like to see a casino with a 0% edge game on the floor, and the actual returns of that game. I feel confident it would still make good money, because of what I just said.
Edit: For example, it would be great to get data on that Field Bet with the Zero edge in ABQ. I know people think it's there because of the temptation to play other bets also, but I would think it does okay on its own.
Quote: ahiromuIf you went by straight logic and not feelings why go to a casino in the first place?
For the enjoyment of a quasi-fair game. Why go to a ballgame, an amusement park, or a movie? There's no logical reason to spend money on those things when you are not getting anything tangible in return. There are so many people out there trying to "beat the house" and losing their pants. I'd rather go in knowing that if I can win a bit I'll be happy, and otherwise I'm going to ENJOY THE GAME. This has been said countless times on these boards, but for me, I love shooting dice. if I lose a couple of hundred dollars, then I lost, but I enjoyed my time. Some people spend that much or more on a bottle of wine. I have no desire to do that. Plus, if I buck the odds a bit, I can actually come out on top, and I had the enjoyment and the victory. If you are gambling and doing it to make money and consider it a chore and just don't enjoy it anymore (more common in the poker rooms I think), then perhaps you should think about a new hobby or occupation.
Sure, you can waste it, spend it, nvest it, keep it, loan it, lose it and even give it away. What you do reflects your values, priorities and personality.
Quote: cclub79For the enjoyment of a quasi-fair game. Why go to a ballgame, an amusement park, or a movie? There's no logical reason to spend money on those things when you are not getting anything tangible in return. There are so many people out there trying to "beat the house" and losing their pants. I'd rather go in knowing that if I can win a bit I'll be happy, and otherwise I'm going to ENJOY THE GAME. This has been said countless times on these boards, but for me, I love shooting dice. if I lose a couple of hundred dollars, then I lost, but I enjoyed my time. Some people spend that much or more on a bottle of wine. I have no desire to do that. Plus, if I buck the odds a bit, I can actually come out on top, and I had the enjoyment and the victory. If you are gambling and doing it to make money and consider it a chore and just don't enjoy it anymore (more common in the poker rooms I think), then perhaps you should think about a new hobby or occupation.
Exactly, enjoyment. We (Most people who visit this site and an unfortunately small amount of the public) know the odds are against you when you walk in. Personally I play PL/odds as well as placing the 6/8 sometimes or buying the 4/10 with only a post-win vig. I would be lying if I said that I didn't throw down some money on the hi-lo sometimes or a craps check. The fun of hitting those is more than worth losing it most of the time. So, if I can find $100 that I didn't plan on I'm going to have as much fun as I can have with it. This compares to my general strategy which accounts for immediate fun AND longevity.
Quote: DeMangoPut a nickle on midnight. Throw the twelve. Parlay. Throw the twelve. $4805 and down please! Pass the dice! Color coming in!
There should be a "like" button for this entry.
I doubt that you can cash them in. Most promotions are designed to get you to the casino floor to gamble.
Quote: pacomartinI like hardways bets. They are simply fun to me even though the probabilities are not the best. I get a thrill if they hit over and over. For me I would use my own money on pass line and free odds bet, and I would use my given chips to make five different bets for $5 to cover the hardways.
I doubt that you can cash them in. Most promotions are designed to get you to the casino floor to gamble.
I used to avoid the hardway bets but now I just throw a buck out on them and then parlay them one or twice. The hardways for 4,6,8,10 all pay 8 for 1 here, not sure if this provides the lowest HA or not. If the shooter is hot then I might bump them up a buck each time a number pays well or if the point hits with odds on it. I leave them off during the come out roll. If I've got place bets on those four hardway numbers then I might take a buck off the win if I hit it easy so I can get the hardway back up again.
I've focused on 6 and 8 place bets and the passline with odds due to the helpful advice given by several members. I might cover all the inside numbers if my bankroll has been added to enough over the course of the game.
When the table has been "hot" a couple times I was playing it seemed like hardway numbers were coming up. This past Sunday a lady threw 3 or 4 hardway 6's in a row. One guy had a small amount on that hardway and ended up with 270 some odd dollars by parlaying.
At the time I had no idea what parlay meant so I was just taking the money every time or adding another buck.
No casino pays 8 to 1 on a hard 6 or 8. But all of them give you 8 chips if you win.
I'm not always in the same mood; I've taken the free money and played conservatively with it, sure. I don't like losing, and I really like leaving the casino at even or better. But I really, really LOVE winning big, and quickly, in one strike. It's what pushes my fun button.
At the same time, I'm not stupid, and I'm not addicted to gambling. I know the feeling of having lost all my bankroll by 10AM on the first morning, and I HATE that, more than I love the big strike win. It sucks to walk the boardwalk. It sucks to fight the desire to hit the ATM (I've only done that once, and I felt like a loser, a REAL loser not a game loser).
I've written it lots of times; if I wanted to make money, I'd have gone to work that day. Taking that statement and the previous two paragraphs together, along with what I've learned from the Wizard, my way of playing is to manage my bankroll slightly aggressively for my first session, and if I get up a decent amount (say, $500) I'll "pay for variance". I'll go to the 3 Card table and play $25/bet, or 4 Card table and play $15/bet. I'll drop $100 in a $5 slot. If I win, if I get a straight flush or a big spin, I get my shot of juice, and I get it early so I can enjoy it (more on that later). If it loses, I'm back to even. (Getting ahead late in the trip is more problematic. Up $500 with an hour to go, I'm not a fool; I'm going home up somewhere around $500. The buttons have been pushed enough over the last day or two, and I know when to stop.)
If that doesn't work, and it often doesn't, I pull back, play $5/2x craps or sit next to Mrs and play .25 slots. But if it works, I get to feel GREAT! I'm not a high roller; I go to the casino when I have put aside enough to play $500 per session, a session being the time between meals. That money has to last. I worked hard for it.
So anyhow, that's a long-winded, round about way of saying that the first thing I'd do with $100 that wasn't part of my bankroll would be to take 3 minutes to see if I could make it $5000. Because if I took $100 out of my first session bank and ran it through a $5 slot, then I have essentially blown 20% of money that has to last 3-4 hours in about a minute. If I blow the free money, oh well. I still have my bankroll plans intact. But if it hits, OH BOY!!!!!
And that's why gaming is fun for me.
Quote: pacomartinNo casino pays 8 to 1 on a hard 6 or 8. But all of them give you 8 chips if you win.
Uh,... that's not been my experience at all. When I place a $1 hard 6 that hits, they always pay me $9 and keep my $1 in play (unless I call it down or press/parlay it). I have never been paid 8 chips for a hard 6/8 win.
Edit: Perhaps I should note that some table felts are marked that the hard 6/8 payout is 9 to 1 and some are marked 10 for 1, which is the same thing. Every one that I have ever seen pays the same way. Now the hard 4/10 pay 7 to 1 and/or 8 for 1, (because they are less likely to lose than the hard 6/8) so you could get an 8-chip payout on one of those if you took your bet down.
Quote: edstWhat would you do with $100 in "free" chips?
I like all of edst original schemes.
- Play a new game. Use this found money to learn Baccarat, something I wouldn't normally do.
- Use it as an adrenaline booster in games I already like [HARDWAY BETS]
- Have fun with a betting system, just don't let its outcome sway my perception of the success of said systems over the long haul.
I personally get a lot of enjoyment on the sucker bets at a BJ table or the Fortune Bet at Pai Gow Poker. I have played three different sessions of PGP. I ended last two sessions with nice Bonus Payouts ($125 on 4oaK, and $250 for a Straight Flush).
So I guess my suggestion would be to use my sweat equity built bankroll to play the base table games of BJ or Pai Gow Poker, then supplement my entertainment of sucker bets with the new found $100. I know that this suggestion is very similar to the hardway bets originally mentioned, but I just wanted to add the option of other games.
Quote: rudeboyoijesus christ this whole thread deserves one big facepalm.
Why? There's no one answer that fits everyone. The $100 buys fun, and fun is defined differently depending on the player. The discussion of different choices has been rational and respectful. What don't you like about it? Do you just not like discussion?
Quote: DJTeddyBearPressing bets is a different animal, since you're hoping that the win which prompted the press, is an indicator of the start of a hot streak.
Here's an example of when the fallacy of streaks might cause someone to bet more than he/she would otherwise. There is no "indicator"!
Cheers,
Alan Shank
Cheers,
Alan Shank
Quote: MoscaWhy? There's no one answer that fits everyone. The $100 buys fun, and fun is defined differently depending on the player. The discussion of different choices has been rational and respectful. What don't you like about it? Do you just not like discussion?
no. no discussion here has been rational. theres no such thing as "free" money. money is money however you come about it. just because someone gives you something you werent expecting isnt a justification for pissing it away. hes been paid extra by his work for having to be away from home. whether they decide to pay him in chips or pay him in cash, it doesnt make a difference. the whole point of this site is to make educated decisions when it comes to gambling. all the advice given here is absurd. the concept of buying variance? thats not a concept, thats just an excuse for making a sucker bet.
Quote: rudeboyoino. no discussion here has been rational. theres no such thing as "free" money. money is money however you come about it. just because someone gives you something you werent expecting isnt a justification for pissing it away. hes been paid extra by his work for having to be away from home. whether they decide to pay him in chips or pay him in cash, it doesnt make a difference. the whole point of this site is to make educated decisions when it comes to gambling. all the advice given here is absurd. the concept of buying variance? thats not a concept, thats just an excuse for making a sucker bet.
It's an educated decision regardless; it's the value of it when turned into fun that is different. For you, it's fun to keep the $100. For me, it's fun to blow it.
A few years ago, I earned a Rolex at work; two of them, actually, one for me and one for the wife. Now, I would never, ever, ever in my life actually buy a Rolex; I've never spent more than $100 for a watch. But I never once considered selling the watches and taking the money instead. Why not? Because we have something that we would never have otherwise.
I would never, ever take money I worked for and put it in a $100 slot machine. But if you gave me $100 while I was standing in front of one, I might do it. Or I might toss it on 00, or a hard way. Because that's fun I wouldn't have any other way.
If you don't understand it, that's fine. But that doesn't make it less fun for me. And it doesn't make it wrong, or worthy of derision. I know full well what I'm doing, I have my eyes wide open. It's MY $100 that fell from the sky, and if I want to set it on fire, I can (although THAT might be worthy of a facepalm, I would agree).
Quote: rudeboyoino. no discussion here has been rational. theres no such thing as "free" money. money is money however you come about it. just because someone gives you something you werent expecting isnt a justification for pissing it away. hes been paid extra by his work for having to be away from home. whether they decide to pay him in chips or pay him in cash, it doesnt make a difference. the whole point of this site is to make educated decisions when it comes to gambling. all the advice given here is absurd. the concept of buying variance? thats not a concept, thats just an excuse for making a sucker bet.
Are you trying to tell us that you have never made a sucker bet for the hell of it? You have never thrown a $20 into a slot machine in hopes to get lucky? You've never purchased a scratch or lotto ticket? What we are saying is that having $100 that you did not plan on lets you indulge a bit more in these guilty pleasures. For most gamblers, $100 is a decent chunk of change but something you can easily live with losing. A world that was strictly rational, like one that didn't have indulgences like a seafood buffet or having the Yankees win the World Series every year, would be a terrible place to live in. Terrible.
Quote: MoscaIt's MY $100 that fell from the sky, and if I want to set it on fire, I can (although THAT might be worthy of a facepalm, I would agree).
Cmon, you know you want to help inflation...
Basically I am agreeing fully with Mosca.
To be clear, this $100 isn't coming from my job (they're way to cheap for that kind of 'gift' - even if my T&E budget is astronomical, it's all accounted for). It's either coming from the hotel as a gift to folks who are part of the show, or from the group putting on the show. I suspect it's from the hotel because they're getting full rates for the rooms and want to make sure all us computer geeks spend some time on the casino floor. However, this show is being driven by one of the richest companies in the universe, so it may be from them as well.
I've just been brushing up on Fortune Pai Gow, something I consider kind of a carnival game and would never usually play. I'm currently thinking that Pai Gow isn't too bad at all to play, so may use some of my bankroll to sit there for a while. And I'll use the $100 for the Fortune bets until it's gone, rolling in whatever winnings my come from those 20 $5 bets. So it lets me have some fun with with a game that has some decent variance, but I wouldn't usually play.
Quote: rudeboyoiits not an educated decision and he did work for this money regardless of how they chose to give it to him. and what you are speaking about is not the value of money but the utility of money. u(having fun making stupid bets) > u(keeping the money or making smarter bets).
I think you are seriously underestimating the intelligence of people. It is an educated decision if you know the facts before you choose, and are willing to take on the odds for enjoyment.
I also think that the utility of money is not relevant for the arguament and is subjective for every single person here.
The real question is of how much you are willing to trade in terms of good odds for more of a thrill.
if you want to gamble in the pits, do it intelligently. look for good rules and low HEs, weak dealers who are prone to make mistakes in your favor, and take advantage of casino promotions.
Quote: rudeboyoii dont have a problem doing things for fun. i have a problem calling money free. calling your decisions logical, rational, or educated. the concept of "buying variance" or "sweat equity".
if you want to gamble in the pits, do it intelligently. look for good rules and low HEs, weak dealers who are prone to make mistakes in your favor, and take advantage of casino promotions.
Well, since we're in the area of opinion now, my opinion is that your way of doing it isn't any fun, and is in fact a drag and a buzzkill. If I wanted to maximize the time/income equation I would have gone to work. My car would have hubcaps instead of alloy wheels, I would never eat steak at a nice restaurant, and I would push a lawnmower instead of pay someone to cut my grass. It doesn't matter one whit to me that my neighbor pushes a lawnmower and has an extra $30 a week. I ain't pushing.
The goal isn't to "gamble in the pits"; the goal is to have fun, preferably to have a stone cold blast. It's an entertainment budget, not a gambling budget, and it can be used for a trip to Vegas, a cruise, for Disney World, for taking flying lessons, for season tickets to a pro or college football team... whatever. If we each win a pair of football tickets, it really doesn't matter that you think football is stupid and want to sell them on Stubhub, and I see tickets to Notre Dame vs Pitt. It's an opportunity that I didn't have before and have now, that I wouldn't have paid for but would rather have than the money. Same with the free $100 worth of play; it represents an opportunity I didn't have before.
