I was looking over the Fitz tournament information. Winner gets $25K cash and $10 K in promo chips. Also says that "All players making the Semi Final Round and not making the Final table will be awarded a $500 Promo Chip". I admit that I don't have a lot of experience, but when I have received an award of A promo chip, it had to be played As Is and could not be broken into smaller denomination promo chips. You are paid any wins in "real" chips, but I'm not ready to play $500 with one promo chip and then get A,2 and the dealer show a 6. Also are we going to end up seeing another post like the Hilton promo chip story by Joep about the winner of the Fitz tournament?
This is true at most casinos. I have heard of a exception but the casino involved quickly reversed itself after one person was able to "color down" the promo chips. The norm, and there are rare exceptions, on promo chips is "use once", "no coloring down", and can only be used on "even money bets" - "even money bets" mean, for example, you cannot use a promo chip to bet on a number in roulette although you can use them to play either black or red. Whether you win or lose your bet, the promo chip is taken back by the house. So, assuming you play the promo chip in a game that has a low house advantage, the chip has an expected value of slightly less than 50%. Ya, the idea stinks but it seems to be spreading like a cancer. As for your comment about the Hilton, that's not likely to be repeated at another casino. The person in question was given a letter giving him special use of his promo chips - he could use them until lost. When he attempted to play they denied him that privilege in spite of having it in writing. I have first hand knowledge that the matter was straighten out on a subsequent date and he indeed was allowed to play his promo chips until lost as originally promised. I doubt any casino will make this exception again. So if you win any promo chips, count on the "use once" rule.
The optimal strategy for these use-once promo chips is different from normal strategy. If you want to get every dollar of value out of them, you might want to study the article "Beyond Coupons" at James Grosjean's site: http://www.beyondcounting.com
Even Money If you can only use such a promo chip for even money bets, what happens if you get a natural? Will they only pay you even money?
I have some In front of me now for "table games" It clearly says ... <Coupon will receive even money on all winning wagers>
At one time they paid 3 to 2 on blackjack I have received payment of 3 to 2 on my blackjacks before while playing the promo chips (at both the MGM and NYNY in Las Vegas). Now whether or not this is the norm I am not sure, but I was paid the 3 to 2 on my blackjacks. Note: this was about three years back and at the time the promo chips were allowed to be played over and over again, until they lost. With most promo chips being the one and out type now days, they may have changed the payouts as well. Matter of fact, the ONLY location that I have heard resently that still allows the players to keep replaying their promo chips is the River Palms in Laughlin, NV.
Red Or Black If the even money on naturals stipulation were true then blackjack would be one of the worst games to use your promo chip on, because your EV would only be 44%. Roulette would give you much better odds.
Yes I see. These are for sure, that I have on my desk, they are Match Play. So prob my bet would be paid 3:2 and the Match Play coupon would be paid even money.....if I got a BJ... at least the coupons clearly say they pay even money. Upfront like.
I suppose we can speculate all day (and night) on how a casino will handle promo chips since the casino can handle them as they please. The best policy is to get the rules from the suits in the pit where you want to play the chip(s) to avoid the unexpected. Just be aware that on some occasions the same game may be handled differently by different suits as far as promo chips are concerned.
As an extra add-on is no problem I'll be the first to admit I am not crazy about the one and out style promo chips, but if they are just an add-on bonus for prizes I see no problem with them. For example, if a casino wanted to offer some of these one and out promo chips for any of my TBJPA/TBT events, I'd jump on them. The players would be getting more then just the normal cash prizes, why not offer them if I could get them? Now if a casino wanted to payout part of the normal prizes with these one in out promo chips and withhold half the cash prize fund (as being done at some locations), I would not be a happy camper, nor would I be playing in such an event, at least ways not if I had to pay an entry fee!
The More the Merrier Promo chips -- the more the merrier. Toolman, you’re corrrect sir. All casinos handle this matter differently. As far as I can remember there have been casinos that used exclusively, or mostly, “bad promo chips” where you could play them only once and the chips were collected regardless whether you won or lost your play. However, I have never seen promo chip valued $25 or more being collected after a push (or no decision) -a decision had to occur. In a blackjack game the edge for funny chips is much closer to 50% depending if you can double with real money, bj pays more than even money, how surrender option is treated, and so on. Other games may offer much better return, once again for great variants on this see Grosjean “Beyond Coupons”. There are casinos that offer promo chips that are as good as the real chips except you can’t exchange them for cash at cage. And there are casinos that simultaneously have different promotions with different rules. And finally there are rules that don’t clearly specify how some aspect of promotions should be interpreted, so you will get different options based on pit and/or shift personnel. From the casino point of view and their interest it makes almost no difference if you get one $500 promo chip or twenty $25 chips. They should only be concerned how much edge they retain which stays mostly the same, and to rather insignificant degree how much time they need to invest to resolve the game. More important should be that casinos are a service business and they should try to make players’ time in casino as enjoyable as possible. For the players it should be a priority to find the best return on the promo chips and at the same time one that fits their personal/psychological comfort level. It may be too much risk to wage $500 on a single roulette number (if casino allows multiple payoffs), but the return ($460.52) would be absolutely the same if the player was allowed to bet all 38 (37) spots for $13.15 in promo “chipettes” or bet one spot for purple action. The difference is a “guarantee” feel. Either you lose the chip most of the times and win $17,500 every 38th try, or win $460 every time. For most games this example becomes less drastic as wins happen close to half the time and the value of the chips is halved. Many players get promotional chips/coupons not just once in their lifetimes so the “guarantee” feel becomes even less important. Does it really make that much difference if one collects $100 dollars every year of $500 once every five years? Sandy, let’s assume you just won a $500 bad promo chip as a prize in the tournament. Its real cash value is just under $250. Now, you got A2 vs. dealer 6. If you double down with real money, 52 times out of 100 you win $1,000 but the downside is that 43 times you lose your own $500, for total value of about $320. If for personal reasons you think it is too much gamble then just hit that hand and you will win $500 even more often than when doubled with zero downfall of losing any cash, for total value of $292. Probably only one in fifty hands would lower your ev by more than 15% as result of playing it safe and not splitting or doubling. Not much difference, so I wish you good luck and a blackjack, or at least A2 vs. dealer 6 on your next promo chip. S. Yama
promo chips My wife and I are going to each get a $100 promo chip this week at the Tunica Grand. I was thinking about having her bet $100 on "Don't Pass" while I bet $100 on "Pass" and $5 on 12. we will end up with $95 or 30 to 1 on the $5 dollar bet. What do you think about the idea? tgun
Actually... I like the idea, but you will actually come out better then just the 30 to 1 should the 12 hit. You'll win the $150 from your $5 bet, bet only lose the passline bet. Your Don't passline bet will be a push and you'll get another chance to bet that $100 chip. With any lucky, hitting the 12 could make you up to $245.00 in profit. Best of luck, hope you get that 12...LOL
Fitz tourney Hey all, Just signed up for the Fitz tourney in Tunica JUNE 29 Sounds like a fun time. Anyone else going???? Lou & I are. Soozziec & LHENRYC
Does it get any better? T-gun, Swede21, LHenryC, Soozziec, and added chip's to the prize pool. Good company and a open blackjack tournament, it just doesn't get any better...LOL!
Fitz Tourny I'll be there. Just left the Fitz and was told by the shift manager that this tournament would be table elimination with 2 advancing instead of the hybrid I posted on the calendar. He said he didn't think there would be rebuys. Have never known Adolph to have anything but hybrid tournaments. Will be back this weekend and see Adolph and find out for sure.
