How Do Casinos Calculate Comps
Posted : admin On 4/12/2022Financial Ratios How do you calculate loan to value ratio?, How to calculate Loan To Value Ratio?, How to define Loan To Value Ratio?, Loan To Value. As a gambler, the word “comp” is perhaps one of the sweetest words to hear or read other than “winner”, “jackpot”, or “I’m leaving Brad Pitt for you.” “Comp” is short for “complimentary”.
Do you know how to spot the best online casinos? Discover what it takes to be labeled the best and what to expect from them; from perks to customer support! All gamblers enjoy receiving comps at the casino. Do you want to learn how to earn more comps when you gamble? Here the 6 best ways to earn more casino comps. Rewards are given as prizes, comps,. If regulation becomes federal law than it is very likely these united companies will casino in and take casinos.
Most people have figured out by now that best casinos in the US will give you “free” stuff if you come into their property and gamble. Free stuff is usually called “comps.”
It’s not really free, though, because the casino expects you to lose money over time. You might not lose money yourself, but the mathematical expectation is that the action from all its players will result in winnings for the casino and losses for the player.
Smart gamblers figure out ways to get more comps at the casino than they might otherwise. Consider this a guide to being a smart casino gambler and getting more comps.
1 – Join the Players Club
You can enjoy free drinks at most casinos without being a member of the players club, but that’s pretty much the only comp you’re eligible for if you’re not a member of the players club.
Joining is easy. You can ask anyone at the casino where the players club desk is. When you find it, you’ll present your ID and fill out a membership application.
If you happen to be in Las Vegas, know that all the popular casinos have some sort of players club. Be sure to compare the top Las Vegas loyalty programs to see what your favorite casino has to offer.
They’ll give you a card to insert into the slot machines and other gambling machines when you play. It will track how much money you’ve gambled during your time at the casino. Most casinos award freebies at a rate of about 0.2% of your total action.
If you play slots at 600 spins per hour and bet $3 per spin, you’ve put $1800 per hour into action. You get $3.60 worth of comps based on that.
Of course, if you understand that most slot machines have a house edge of at least 5%, your expected loss is $90 per hour, making the slots club hugely profitable for the casino.
But don’t forget that you get the comp points whether you win or lose. They’re based on your action not your losses. Even if you win, you’re entitled to your comps.
You also present this card at the tables when you’re playing table games. The pit boss will evaluate how much you’re betting on average and award you comps based on that estimated action.
The easiest way to get more comps is to just join the players club and use the card every time you gamble. And if you lose your card, just ask for a replacement.
2 – Look for Player Club Promotions
Most casinos offer time periods where they award double or triple points for your play. This is usually during hours where they don’t see a lot of action. If you make sure to play during those hours, you’ll see more comps faster.
In the example in the last point, where you’re a slots player betting $3 per spin, you’re looking at getting $7 or $10 per hour in freebies instead of just $3 or $4 in freebies.
You can find other promotions that entitle you to more freebies. The casinos advertise these by sending you emails and snail mail flyers. Look for them and take advantage of them.
If your goal is to get more comps at the casino, paying attention to the promotions is crucial.
3 – Think About Playing Games With a Lower House Edge
This won’t directly affect how many comps you get. Though, it will affect how much money you’re going to lose in an attempt to get those casino comps.
Remember how I mentioned the expected loss on that slot machine? Let’s assume you put that money through a video poker machine instead. Let’s also assume that the video poker machine has a house edge of 0.5% instead of 5%.
The trick with this is twofold:
- You need to be able to recognize the video poker games offering the best pay tables.
- You need to be able to play those video poker games with close to optimal strategy.
Some frugal gamblers even find situations where their expected value per hour on the video poker games is positive rather than negative.
4 – Try to Optimize Your Play at the Tables
Suppose you’re playing blackjack instead. The house edge, if you’re playing the right games, with basic strategy is only 0.5%, so 0.2% in rebates is a big deal. But you can do even better than that.
When you’re playing table games, the casinos aren’t tracking your action dollar for dollar like they are when you’re playing gambling machines. They’re estimating the number of hours you’re playing and how much you’re betting per hand.
If you can get them to estimate that you’re betting more per hand, you’ll get rewards based on their estimate rather than your actual action. If you can also play fewer hands per hour, you can get even more rewards for less play.
How do you do that? If you’re playing a table game, vary the size of your bets. Ask the dealer and pit boss what they have you rated at per bet. If you’re betting more than that on average, ask them to consider revising your rating.
For example, if you’re playing real money blackjack for $10 per hand, try placing occasional $20 and $40 bets. Your goal is to convince the pit boss that you’re playing for an average of $20 per hand instead of an average of $10 per hand.
You should also take occasional breaks and sit out some occasional hands to reduce the amount of action you’re giving at the table.
How Do Casinos Determine Comps
5 – Speak up and Ask for Free Stuff
One of the best tips, and one of the easiest, is to speak up and ask for comps. The trick is to be charming and demanding at the same time. Pissed off casino employees are less likely to give you something for free.
I had some big fun going back and forth with the cardroom manager at Planet Hollywood Resort & Casino several years ago. I was trying to convince him that the casino should buy us all hot dogs from Pink’s. It didn’t work, by the way.
Want to know why? It’s simple! We were playing at the lowest stakes tables in the room. The rake on those games isn’t high enough to warrant freebies.
He did tell us if we started playing for higher stakes that he’d buy us all hot dogs. That’s not true at all casinos, though. I also used to play poker during the day shift at Excalibur Hotel & Casino. It was mostly low rollers and older men playing.
But we got a free lunch every day, and it was always excellent. In fact, that was some of the best clam chowder I’ve ever had.
6 – Read These Books
Anyone who’s committed to getting the most comps possible from the casino should invest in and read the following two books:
- Comp City by Max Rubin
- The Frugal Gambler by Jean Scott
Comp City mostly covers how to use a combination of basic strategy in blackjack with some techniques for slowing down your rate of play to get more comps than the casino would expect to give you for the amount you’ll lose. Rubin’s big idea is for you to become a “comp wizard.”
The Frugal Gambler, on the other hand, focuses on using coupons, video poker, and the players club to gamble for free and enjoy vacations that don’t cost a lot of money.
Comp City is aimed at a higher-end audience, while The Frugal Gambler is focused more on low rollers. But you should read both of them.
Conclusion
I want to close this post with a single caveat… Don’t believe that the free stuff in Vegas or another casino destination is really free. These comps are just a small rebate on your expected losses.
Sure, on the occasional visit to Vegas, you’ll beat the odds. But in the long run, the casinos will always make a profit on any comps they award you.
Different casinos calculate comps differently. Usually, points are based on the games you play, the average amount you...
How Do Casinos Calculate Comps
Comp points or complimentary points are bonuses given by casinos to its patrons. Rewards redeemed from comps include hotel accommodations, playing chips, meals, sport event or show tickets, watches, and even plane tickets for free. VIP programs and online comp, however, only offer free playing credits.
So, whether you are a high roller or not, you are entitled to comp points whenever you have spent and played enough.
• Why do casinos have comps?
The only reason casinos give out comps is to keep you coming back and spending more money. However obvious as this may be, you need to take note that you probably will not be offered freebies if the house thinks you will not be coming back. One interesting fact is that 75%-85% of all comp points go to people who are not high rollers, but who are regular players.
• How can I get rated?
If you play casino games online, you get rated automatically. If you do not, then you need to avail of a “comp” card from the casino before you can get rated. Once you have your card, remember to always use it whenever you play because this is the only way the casino will know that you are spending money. Inserting your card in slot machines will get you rated automatically, but getting comps on tables is a manual process. You need to hand your card or give your card details to the dealer prior to playing.
• How are comps calculated?
Different casinos calculate comps differently. Usually, points are based on the games you play, the average amount you bet, and the time you play. For example, if you spent an hour on a table and spent around $300, you would roughly get 25%-35% of that in the form of points. If you play at a table for 15 minutes and betting $100, you will not be getting any points nor if you play for an hour and betting a total of $10 for the whole time. In the case of online casinos, most offer 1 point for every $10 spent, and $1 for every 100 points. So, this gives you a cash back rate of %0.01.
• Are there ways to get more comps?
Basically, comps are rewarded to regular players. However, if you want to increase your chances of getting more points you can do the following:
• Always remember to use your comp card.
• Don’t forget your manners, especially when playing on tables. Because comps on tables are given manually, being nice will leave a good impression on the dealer, thus, increasing your chances of gaining more points.
• Play at tables for at least an hour.
• Charge extra casino or hotel services to your room.
Everybody loves to get freebies, and the idea itself is appealing enough to make people want to spend. So, keep in mind that comps are not exactly free; it does not make much sense to keep on spending just for the sake of getting more points. In other words, gambling for comps should not be done for the sake of making money.