TigerWu
TigerWu
Joined: May 23, 2016
  • Threads: 21
  • Posts: 4022
March 31st, 2017 at 9:45:30 AM permalink
Quote: Wizard

Thank you.



Looking back at my reasoning, I should have also said that the "spread" of the prize packages is also a crucial determinate.

A guaranteed $5,000 prize in a $2,000 to $10,000 spread is a no-brainer to me, personally.

But that same $5,000 in a $4,000 to $2,000,000 spread would be an incredibly stupid choice (again, to me, personally).
babyyeespoppy
babyyeespoppy
Joined: Mar 31, 2017
  • Threads: 1
  • Posts: 3
March 31st, 2017 at 12:52:03 PM permalink
Quote: ThatDonGuy

(a) Are the five prizes in the bag equally likely;


Yes, the five prizes in the bag are equally likely.

Quote: ThatDonGuy

(b) What table games are available;


Blackjack with good rules, single & double zero roulette, baccarat etc

Quote: ThatDonGuy

(c) Are there any special conditions in the chips?


The chips are not promotional nor match-play. See below link for more on Non-Negotiable Chips.
/gambling/promotional-chips/

Thank you for taking the time to reply. =)
babyyeespoppy
babyyeespoppy
Joined: Mar 31, 2017
  • Threads: 1
  • Posts: 3
March 31st, 2017 at 1:05:09 PM permalink
Quote: Wizard

I assume the "non-negotiable chips" are the use till you lose type. There needs to be consistent terminology but here in Vegas a "Non Neg" as they are called in the industry are the use till you lose type. The term for a "use once" chip is usually a "free play chip." Unfortunately, you still hear "promotional chip" a lot and there is not consistency in which type of chip that is.

That said, the value of a Non Neg chip is about 98% of face value, depending on the games available. So, I put the value of a random bag at a little under $6000. That is more than $5000 so I would definitely take the bag.



Hi Wizard

Firstly, I want to say that I am a BIG fan of your site. It is so so so informative. I just love it!

And, thank you for taking the time to respond. I didn't expect to get a respond from the wizard himself, what a pleasant surprise!

I ended up choosing a bag and won $2,000 cash (the missus is not happy with my decision, lol). Can't complain though.

Have an awesome day!

Cheers.
DiscreteMaths2
DiscreteMaths2
Joined: May 4, 2016
  • Threads: 13
  • Posts: 241
March 31st, 2017 at 1:13:30 PM permalink
Just to throw a tax number out there (everyone's will be different) but let's say 25% because that's not an unreasonable rate. For the $5000 prize at 25% you would be taking a $1250 hit so your actual take home is $3750. So in that case all the prizes would be better with the exception of the $2000 cash one. If you can still generate comps from the chips thats an even further bonus. I would go with the random bag unless you have an important expense to pay off that the guaranteed prize is worth it (but if thats the case you probably wouldn't be in a casino anyway).
Assume the worst, believe no one, and make your move only when you are certain that you are unbeatable or have, at worst, exceptionally good odds in your favor.
Wizard
Administrator
Wizard
Joined: Oct 14, 2009
  • Threads: 1390
  • Posts: 23413
March 31st, 2017 at 3:30:20 PM permalink
Quote: babyyeespoppy

Hi Wizard

Firstly, I want to say that I am a BIG fan of your site. It is so so so informative. I just love it!



Thank you!

Quote:

And, thank you for taking the time to respond. I didn't expect to get a respond from the wizard himself, what a pleasant surprise!



You caught me on a slow day.

Quote:

I ended up choosing a bag and won $2,000 cash (the missus is not happy with my decision, lol). Can't complain though.



As my tag line says, it isn't whether you win or lose, it is whether or not you made the right decision/bet. However, you'll never get Mrs. Wizard to agree with that. I would have caught hell too if I picked the $2,000 bag and she witnessed it, which I would make every effort to avoid.
It's not whether you win or lose; it's whether or not you had a good bet.
Keyser
Keyser
Joined: Apr 16, 2010
  • Threads: 35
  • Posts: 2057
March 31st, 2017 at 3:40:40 PM permalink
I'd pick a bag. But only if it also came with a free room and a buffet! And the buffet better have crab legs. And ice cream. And some lip balm. The Las Vegas air is very dry.
AxelWolf
AxelWolf
Joined: Oct 10, 2012
  • Threads: 151
  • Posts: 19995
March 31st, 2017 at 5:04:26 PM permalink
Since Casinos have been known to pull various shenanigans, there is a chance I would just take the cash and get out while the getting is good, at least in this situation.
♪♪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♪♪
Keyser
Keyser
Joined: Apr 16, 2010
  • Threads: 35
  • Posts: 2057
March 31st, 2017 at 5:32:36 PM permalink
Good point.

  • Jump to: