Gambling loss rebates
Can You Claim Gambling Losses on Your Taxes? Limitations on loss deductions. The amount of gambling losses you can deduct can never exceed the winnings you report. Krigman and Pronovost used slightly different mathematical approaches to analyze loss-rebates for blackjack, To receive his free Casino Gambling Catalog. Oct 09, · So, I understand that mid rollers and whales in Vegas are generally given generous loss rebates - these players are defined as having $k LOC or.
loss rebate at casinos - Las Vegas Forum
DaveNJ 15, forum posts. Jan 2, Likes: Mickey Crimm , Jul 30, Sep 20, Threads: Usually when they stick their foot in it they lose 6 figures, maybe into 7 on a really bad one. IrishFan 60, forum posts. Do you consider yourself a big, medium, or small time player?
Current Loss Rebates in Vegas
The offer applies to action on slots, video poker, and electronic table games. There are threads on Wizard of Odds, VPfree, and several blackjack sites. I am sure that casino consultants will weigh in very shortly. You may be able to do this in 10 trips if say the new week begins on Monday you can schedule your trips so that on Sunday you collect for week 1, and then after midnight collect for week 2. But this would still mean making 10 trips to AC. But there is a bigger problem. Casinos often have promotions that give away money.
They often cost themselves more than they realize, and many players take advantage of these promotions. Usually when they stick their foot in it they lose 6 figures, maybe into 7 on a really bad one. This promo has the potential to cost them tens of millions of dollars. There is a long history of casinos changing the rules in the middle of a promo, or even after the fact.
So if you live fairly close to AC and want to give it a shot, by all means. Revel has the potential of a loss, but what do they gain in return? They will have a windfall in July not only in slot returns but all of the other activities that high limit slot players will engage in and pay for.
Also all the buzz, advertising, and good PR. And think of all the AP's that will avoid other advantage plays at Revel during this time so as to not jeopardize the slot rebate. I think tnis will be a disaster for Revel so what… they're now synonomous with disaster!
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If you remember, his deal allowed him to play a six-deck game with liberal rules. Therefore, let me explain how this works with a simple coin toss. Here are the rules. With these rules, who has the advantage? Dan Pronovost, who analyzed and wrote two articles on loss-rebates in the BJI www. For example, if he took the rebate after one coin flip, he would have a 9. What the data shows is that a player would have an initial edge over the casino in this coin-flip game, but this edge would gradually decrease as he continued to play before taking the rebate on losses.
Shame on the casino for offering this game, without first doing the math! BJI contributing writer Alan Krigman was the first to analyze the loss rebate deal that Johnson was granted. The standard house edge for this roulette bet can be calculated by multiplying the probability of winning times the payoff, minus the probability of losing times the amount lost.
Pronovost confirmed this result in his article in the July issue of BJI see table below. If a player were to continue to play, the house edge would gradually increase as the number of spins increased, and eventually it would bottom out at The key is to get the casino to apply the loss-discount after the fewest number of wagers possible.
Krigman and Pronovost used slightly different mathematical approaches to analyze loss-rebates for blackjack, but both came to nearly the same conclusion. Krigman assumed a —0. Using that as the starting point, he used combinatorial analysis and estimated that Johnson would have a 9. The results were somewhat surprising.
The bottom line is this: Krigman and Pronovost have proven that high-stakes players can get the edge over the casino when they negotiate a liberal deal on rebate on losses as Johnson did, and play as few hands as possible.
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