a question about giveaways

Ok I have gotten involved I'm this discussion with another casino manager. If a casino runs a promotion that gives out non-negotiable chips as a free bet(i.e these chips are taken as losers weather the bet wins or loses), what is the actual cost to the house. I feel that they have half their face value, as the initial bet is collected regardless of win or lose. Eg therefore the initial bet would effectively pay 1-2 on an even chance wager, not 1-1. This would effectively half their value in terms of what the player would take, as opposed to if we have out normal cash chips. My colleague believes we would only retain our regular percentage hold of around 20% therefore the value would be around 80% of what we gave away. With my way if thinking it would be around 40%. Anyone can help would be appreciated.

They're worth about 48% of face value if restricted to even-money bets. (51% if you can use them at blackjack)

https://wizardofodds.com/gambling/promotional-chips/

I wonder how the other guy get a job as the "casino manager"
how hard could this be? a guy had 100 dollar of those sticky chips, bet 50 on red, 50 on black, and walks away with 50 in cash 97% of the time.
Thats roughly 50%.