10% rebate on losses

From the Wizard's review of Terrible's Hotel & Casino: "I have never in my life seen a casino with so many concurrent promotions going on.... Of all these, the one that merits the most attention is the rebate on losses for table game players. Normally, this kind of deal is only offered to the biggest of whales on the Strip; however, Terrible's offers it to any ordinary Joe who asks for it... The floor supervisor will add up your wins and losses over the 24-hour period ending at the time you make the request. You get a 5% rebate of losses of $500 to $999 and 10% for losses of $1000 and over. Each 24-hour period is considered independent, and I was told there was no minimum play required; even just one bet was okay..... If you are wondering how to maximize the value of such a promotion, the best strategy is to shoot the moon by going for a huge win or bust trying. For example, try to win $5000 or lose $1000, whichever happens first. It sounds paradoxical, but you don't get the value of the promotion unless you lose. The best way to achieve that goal is with a high winning goal. However, it doesn't take long for the expected cost of the house edge to outweigh the benefit of the rebate. The maximum bet in blackjack is $500, so your winning goal shouldn't be too high."

Doesn't the rebate change the house edge? Is their double deck blackjack game still 0.46% when combined with the rebate?

You can't just lower the house edge by a fixed amount due to the rebate. The longer you play, the less the benefit of the rebate, while the house edge stays the same. That isn't to diminish the value of the rebate, but trying to compare it to the house edge is to compare apples or oranges.

Thanks for asking about it, I was hoping somebody would comment on my Terrible's Review.

Funny, I think there was just a thread about loss rebates. It doesn't change the house edge, but in the long run, you will lose less. Say you take $1000 to the casino everyday, and play until you reach $5000 or lose it, making $100 bets. I'm not sure of the the probability of hitting $5000, but lets say you hit it 12% of the time.* All other times you lose $1000, but you get $100 of that back. So in the long run, over 100 sessions, you will have made $48,000 and lost $72,200 for a net loss of $24,200. Without the rebate you would have lost $8,800 more.

FWIW, I agree 100% with the Terrible's review. I have always found them be a solid value, and I love their tacky promotions. It is fun trying to take advantage of all of them. For a lover of coupons like myself, it is a bonanza. I think the 50 point bonus is for their reward items, like cigarettes, beer and gift certificates.

My favorite part of the review: "... the crusty old bats at other bingo rooms that stoically call "winner," as if they were entitled to the win."

*if someone knows the true probability of this please correct me.