I just got an invite for this one, anyone else? It states that winnings are paid out with promo chips. I inquired about this and the girl said that means casino chips which can be cashed out. Does anyone here have anymore info on this tourney and if there are any strings attached to these promo chips? The offer is free entry, free room, etc. All I have to do is fly out there in December. Any feedback is appreciated.
A little more info Take a look at the "Event Calendar" on this site. This tournament is posted with limited additional information. As to the Promo Chips, I seriously question the accuracy of the answer you received as to their value - why use Promo Chips if they can be cashed out like regular casino chips. Normally, Promo Chips must be played at a "live" table to get normal casino chips: 1) If you lose a hand while betting a Promo Chip, it will be taken away.2) If you win, different casinos have different rules. First of all you will be paid for your win in with normal casino chips. Some casinos will then allow you to keep the Promo Chip and you can play it again. Other casinos will take the Promo Chip even if you won the hand. Assuming you use solid Basic Strategy, if you can keep the Promo Chip after a win, then the Promo Chips are worth near their face value. If you lose the Promo Chip when you win a hand then the Promo Chips are worth about 1/2 their face value - basically the same as a MATCH PLAY COUPON. Hope this helps a little. GOOD LUCK if you go and let us know how you do.
Yep, gota bet it In a word, YES (see PS below). I'm not sure but this may be done for the player's tax benefit. Receiving PROMO CHIPS instead of cash or the equivalent (casino chips) may not require the casino to issue a W2G form. Like I said, not 100% sure. Is there anyone out there that knows about the tax consequences of PROMO CHIPS issued for tournament winnings? PS: If you win, you will be issued a lot of PROMO CHIPS totaling your winnings. Not just one $70,000 chip.
Promo Chip Tourneys Two thoughts: 1. I'm no accountant but I would assume that for U.S. residents, any winnings gained utilizing promo chips in the form of regular chips that one can cash out would be taxable, just as any gambling winnings are. 2. I'm also interested in this line of questions re tourneys which pay in promo chips. i.e. Although by executing perfect basic strategy play one can theoretically cut the house advantage down to about 1/2% or so depending on exact rules, that is a long run advantage statistic. In the flux that could occur before the long run is reached, one could easily do considerably more poorly than attaining that 99.5% return on bets made. This could result in a hard fought tourney win that is paid in promo chips being worth considerably less if negative flux comes into play. Conversely, one could also do better due to positive or favorable flux, parlaying those promo chips into a larger fortune than that received originally. Anyone have thoughts on whether this makes tourneys that pay this way a bad deal? It obviously makes them more of a gamble--that's for sure!
Geez. Can anyone point me to a good link that explains promo chips? I still have no clue what this means
Tilt, The best thing to do is to call the special events or promotions department at the Aladdin and ask them what kind of promo chips they use. In most cases they will use the ones that are good "once" only. In other words.....If you win, they will give you $70,000 in chips.....not one chip, but many ....you will be able to play the chips, one at a time would be best, at any even money game....BJ, craps line bet, roulette....etc... If you lose....you lose the chip...if you win ..they will take the promo chip away, and give you the same amount in live chips....which you can cash... having said that, they may make the chips...match play, which means you will need to match the value of the chip with live money/chips on each bet.. Ask when you get into the tournament, and hope that you need to worry about what kind of chips you won.
Promo Chips & Aladdin Tournaments Swog is absolutely correct.The promo chips at the Aladdin are 1 time use chips,wether you win or lose,if you push you do get to use them again.I am very familiar with the Aladdin tournaments.They are run fairly well,very strict on making a decision,how much to bet,hit,stand,etc.The Aladdin tournaments also have 5,I repeat,5 rounds,which basically penalizes the individuals who have won their tables thru play.There is re-buy opportunities in the 1st & 2nd rounds,wild card drawings a plenty.it's just a way for the Casino to keep you there playing open play.I have very mixed feelings about the Aladdin tournaments even tho I have had some success there.Well enough rambling,if you do go to the Tournament just be prepared for a long haul & some pretty strict rule enforcements.
Promo Chips One of the best ways to use these 1-use promo chips is to use them on straight-up (35-1) bets on roulette.
Not Roulette!!!!! play them on the 'don't come' at the craps table - this is a 1.2% house advantage - and with less variance than bj - so is your best bet for cashing them out at 50% of face value
Why not roulette? It seems to me by putting 1 promo chip on each of the 38 numbers of the roulette layout you will lose 37 of them but receive 35 good chips for the number that comes up (the casino keeps the promo chip on the winning number). That's a 35/38 return. However I think promo chips can only be placed on even money betting propositions. .......................BlueLight
Rulette I've tried to bet pro chips on the numbers in roulette. Depends on the casino and the suit on duty. Most of the time, the suit says no but sometime you get lucky and a suit may say OK. But for the most part, seems that even money payout bets are the only ones allowed for promo chips. BlueLight: Your idea about betting on all the numbers seems like a great idea. That's an incredible way of converting 92% of promo chips to actual casino chips. I never thought of that. If I ever win enough promo chips, I'll see if I can get away with it. This method would best be played with promo chips that are taken away if you win or lose your bet. If you get to keep the promo chip when you win, then it seems to me that one should play BJ. Play perfect basic strategy, flat bet the smallest amount you can so you can play a lot of hands to give the house advantage of only 1/2 % the best chance to work. This naturally requires more time playing but you should end up getting reasonably close to converting all the promo chips to casino chips. But again, this only works if you get to keep the promo chip when you win.
craps what about beting 1 chip on PASS and 1 chip on DON'T PASS! or 1 on any 7 and any craps! Forget it! tgun
