onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
  • Threads: 212
  • Posts: 8277
January 14th, 2014 at 9:24:54 PM permalink
1)
If the casino sold $1000 free play, what would a fair price be?

2)If a casino sold free play which included a free room Friday-Sunday worth $400, how much would a fair price be and how much free play would you have to buy?

Edit: You can play any machine which accepts free play. Lets pretend all do but the technologically outdated machines.
Edit again:strictly theoretical.
I am a robot.
AxelWolf
AxelWolf
Joined: Oct 10, 2012
  • Threads: 152
  • Posts: 20086
January 14th, 2014 at 9:33:45 PM permalink
Quote: onenickelmiracle

1)
If the casino sold $1000 free play, what would a fair price be?

2)If a casino sold free play which included a free room Friday-Sunday worth $400, how much would a fair price be and how much free play would you have to buy?

Are they doing this somewhere? The more you can buy the more I would pay for it. I would not care to go around buying $5 for $1 to much work.

U should be willing to pay 85% on the dollar, if you can buy it at large amounts or it may not be worth your time.
This would be only from a casino I would pay that high, I would never pay that much from an individual
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
  • Threads: 212
  • Posts: 8277
January 14th, 2014 at 9:36:28 PM permalink
Quote: AxelWolf

Are they doing this somewhere? The more you can buy the more I would pay for it. I would not care to go around buying $5 for $1 to much work.

U should be willing to pay 85% on the dollar, if you can buy it at large amounts or it may not be worth your time.
This would be only from a casino I would pay that high, I would never pay that much from an individual

No, it's only theoretical.
I am a robot.
sodawater
sodawater
Joined: May 14, 2012
  • Threads: 64
  • Posts: 3321
January 14th, 2014 at 9:36:55 PM permalink
Quote: onenickelmiracle

1)
If the casino sold $1000 free play, what would a fair price be?

2)If a casino sold free play which included a free room Friday-Sunday worth $400, how much would a fair price be and how much free play would you have to buy?

Edit: You can play any machine which accepts free play. Lets pretend all do but the technologically outdated machines.



It would be worth around face value because of full pay video poker. but you'd probably want a discount for buying it.

There's no such thing as a free room worth $400. If you put $1000 coin in in one visit they'd probably give you a room anyway.
AxelWolf
AxelWolf
Joined: Oct 10, 2012
  • Threads: 152
  • Posts: 20086
January 14th, 2014 at 9:43:38 PM permalink
Quote: sodawater


If you put $1000 coin in in one visit they'd probably give you a room anyway.

Ummmm....NO
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
Mission146
Mission146
Joined: May 15, 2012
  • Threads: 133
  • Posts: 15280
January 14th, 2014 at 9:55:37 PM permalink
Quote: onenickelmiracle

1)
If the casino sold $1000 free play, what would a fair price be?



It depends on the best game the casino offers that is applicable to the Free Play in terms of Expected Value, and also, whether or not (rare) the casino offers a game in which the Free Play could be straight-up liquidated.

IOW, if you could use it on Loose Deuces, then the expectation is 1000 * 1.016 = $1,016, which would be the fair price.

If you could use it on E-Craps (liquidation) then you would go $500 Pass, $500 Don't Pass and:

35/36 * 1000 = $972.22 which would be the fair price because you are looking to liquidate it without using your own money to effectively have a chance of doubling it.

If the result was actually 12 on the CO, I'm not sure if the Free Play could be cashed at that time or would need bet again, so that's why I don't finish the problem. If you could cash it, then:

500 * 1/36 = 13.89 + 972.22 = 986.11, which you see pretty much represents (500 * .0136) + (500 * .141) = 13.85 the $1,000 after the combined expected loss on the two $500 bets.

If the result was a 12 on the CO, and the $500 had to be played again, and you wanted to try to turn it into a grand by betting $500 on the DP again:

It would be the same 13.8, but then you also have the House Edge on the $500 needing re-bet, so:

13.85 + (500 * .014 * 1/36) = 14.044444444444444

So, in that scenario, the fair value would be about $985.96. The difference being the fact that the DP must resolve.

Quote:

2)If a casino sold free play which included a free room Friday-Sunday worth $400, how much would a fair price be and how much free play would you have to buy?



The value of the free play + $400, I guess, even though the room should only be, "Worth," $400 to the house. I can't imagine what should make the value of any room $400 to the player.

I don't know how much Free Play you would have to buy, couldn't you just buy the room for $400 if you wanted?
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
sodawater
sodawater
Joined: May 14, 2012
  • Threads: 64
  • Posts: 3321
January 14th, 2014 at 9:58:09 PM permalink
Quote: AxelWolf

Ummmm....NO



ha i guess the casinos im referring to are desperate
24Bingo
24Bingo
Joined: Jul 4, 2012
  • Threads: 23
  • Posts: 1348
January 14th, 2014 at 10:01:45 PM permalink
I think you're underestimating your play.

Regardless, "fair" is a very ambiguous term. I don't think I'd buy free play for more than two-thirds the amount, and then only if I could play it on VBJ or 8/5 or better JoB. Of course, if you could and were likely to, "fair" would be 97% or so.
The trick to poker is learning not to beat yourself up for your mistakes too much, and certainly not too little, but just the right amount.
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
  • Threads: 212
  • Posts: 8277
January 14th, 2014 at 10:32:16 PM permalink
Sodawater: You might be able to get future offers, but a casino would not wipe the bill out someone already paid upfront for to buy. It's often thought of as a we already have your money situation, so........no. When it's a ridiculous loss much more than the room cost, maybe but sometimes even no if a lot of coin-in and the player is still ahead.

Mission: Yes you could have the option of just paying for the room. In this scenario, the hotel wants to be sure you'll lose enough to comp the room upfront and the player wants to be sure as long as they play, the room will be free.

Although I cannot disagree with the valuations and think the casino would have to take precautions assuming people would play the best machines, the casinos would love people bringing ten thousand into the casino knowing once the money is inside their doors, it's at risk. If a casino sold free play this way, people would walk in not being able to play whatever they want. Although it's not a part of the original question, it would make sense before a casino offered this, they would probably consider it would have to be purchased in advance. Or maybe not, I am not sure.

I'm also kind of swaying with another idea maybe there isn't a fair price. If a player takes a higher house edge machine to play, such as a slot at 83%, the fair price would be much lower for them. Fair is subject to semantics I suppose.
I am a robot.
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
  • Threads: 212
  • Posts: 8277
January 14th, 2014 at 10:39:48 PM permalink
Quote: 24Bingo

I think you're underestimating your play.

Regardless, "fair" is a very ambiguous term. I don't think I'd buy free play for more than two-thirds the amount, and then only if I could play it on VBJ or 8/5 or better JoB. Of course, if you could and were likely to, "fair" would be 97% or so.

Such is the reason it's not done. You could buy $40 Free play online for $20 for some casinos which offer it at certain sites, but only once per person and thought of as a marketing expense just to get people there. Iirc, I believe the Palms does it and some casinos in Florida. I am unaware of the site offhand or the restrictions.
I am a robot.

  • Jump to: