Ouch, big money gambling!

[P.V.]

In the case of legendary Las Vegas whale Terrance Watanabe, New Jersey gaming regulators decided earlier this month to fine Caesars Entertainment Corp. $225,000 for its role in the matter, making all the major parties involved look pretty lousy.

Watanabe, a wealthy self-professed gambling addict, lost more than $120 million at the high-stakes tables in 2007, but claimed that the casino maliciously loaded him up with alcohol and pain medication. Those allegations came forth when he was charged in Nevada with not paying $14.7 million loaned to him by the casino company. Caesars denied those accusations and maintains that Watanabe was lucid when taking out credit and blowing millions.

News:

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[dunover]

Jesus. Manna from heaven for a casino. An extremely wealthy stoner and addict without the ability to play even a basic blackjack strategy. Even gave him 30% cashback on losses. You wouldn't see cashback on losses in an online casino, would you?

 

[threescatters]

You wouldn't see cashback on losses in an online casino, would you?

Ive been offered cash back on losses over a weekend, week or month before quite often.

 

[jstrike]

Ive been offered cash back on losses over a weekend, week or month before quite often.

normally if you're gettin' more than 10% cashback you should be able to take the casino. If you're playing perfect strategy.

But talking about this is like ...ah, making me prone to go gamble... I need to go to a meeting

 

[Nate]

Jesus. Manna from heaven for a casino. An extremely wealthy stoner and addict without the ability to play even a basic blackjack strategy. Even gave him 30% cashback on losses. You wouldn't see cashback on losses in an online casino, would you?

Some places offer Cashback. You can negotiate deals with the respective places. I get Cashback at a few places I play at.

Nate

 

[dunover]

Some places offer Cashback. You can negotiate deals with the respective places. I get Cashback at a few places I play at.

Nate

I was being sarcastic - I know casinos online offer cashback on losses, either occasionally or regularly for high-rollers. To me it's almost a gesture of contempt from the casino. "We're so confident we'll rumble you we'll even subsidize your next stake."
Or "we'll even pay you to lose here"

 

[Nate]

I was being sarcastic - I know casinos online offer cashback on losses, either occasionally or regularly for high-rollers. To me it's almost a gesture of contempt from the casino. "We're so confident we'll rumble you we'll even subsidize your next stake."
Or "we'll even pay you to lose here"

Lol - My bad.

I broker my own deals and it's not the standard offer - So no, I wouldn't lump most places that offer Cashback together. Cashback is effectively a comp and trust me, its appreciated

Nate

 

[jstrike]

I was being sarcastic - I know casinos online offer cashback on losses, either occasionally or regularly for high-rollers. To me it's almost a gesture of contempt from the casino. "We're so confident we'll rumble you we'll even subsidize your next stake."
Or "we'll even pay you to lose here"

By no means is it meant to be a gesture of contempt. Everybody strikes out sometimes. Regular cashbacks over 10% are more than enough to give players an edge on the house in a lot of cases. They nullify the house edge. So If a casino is going to let players get something back for losing, that's a gesture of respect and appreciation for the player's loyalty. It's basically a way of giving your longest-standing players a higher RTP. Most players, for obvious reasons, don't want to find themselves in the situation of losing a whole deposit, so they're not going to be gunning for a cashback. And if you walk into any random casino, you don't expect them to give you a free chip if you walk out empty. So what's wrong with giving preferred players something back?

I devised a system in my place that increases cashbacks based on player points, so in the highest category 90% of the house edge is mitigated by that cashback. Statistically of course we still have an edge, but instead of a 1% edge it's an 0.1% edge on the top VIPs, because they play more. That's good for us and good for them. It gives top players more play time for their buck, reduces their losses and they appreciate it and let people know about the casino. Some of my biggest players have come out more or less even over time because of our cashback policy, even after being down $5k or more, and y'know what? It's great marketing because I'd rather comp that guy $5k over time and end up with 10 of his friends, than have him lose it and not come back.

If you're sore that casinos always win in the long run, there ain't much anyone can do about that, that's what they're in business for. But a casino that gives cashbacks is trying to signal appreciation for its players loyalty, not that it's got them by the nuts. You're always free to walk away or not play. If you're going to put your money down it's nice to know they have your back a little bit.

 

[dunover]

By no means is it meant to be a gesture of contempt. Everybody strikes out sometimes. Regular cashbacks over 10% are more than enough to give players an edge on the house in a lot of cases. They nullify the house edge. So If a casino is going to let players get something back for losing, that's a gesture of respect and appreciation for the player's loyalty. It's basically a way of giving your longest-standing players a higher RTP. Most players, for obvious reasons, don't want to find themselves in the situation of losing a whole deposit, so they're not going to be gunning for a cashback. And if you walk into any random casino, you don't expect them to give you a free chip if you walk out empty. So what's wrong with giving preferred players something back?

I devised a system in my place that increases cashbacks based on player points, so in the highest category 90% of the house edge is mitigated by that cashback. Statistically of course we still have an edge, but instead of a 1% edge it's an 0.1% edge on the top VIPs, because they play more. That's good for us and good for them. It gives top players more play time for their buck, reduces their losses and they appreciate it and let people know about the casino. Some of my biggest players have come out more or less even over time because of our cashback policy, even after being down $5k or more, and y'know what? It's great marketing because I'd rather comp that guy $5k over time and end up with 10 of his friends, than have him lose it and not come back.

If you're sore that casinos always win in the long run, there ain't much anyone can do about that, that's what they're in business for. But a casino that gives cashbacks is trying to signal appreciation for its players loyalty, not that it's got them by the nuts. You're always free to walk away or not play. If you're going to put your money down it's nice to know they have your back a little bit.

Yes yes, I can see it from a customer service and business perspective. As you say it wouldn't happen in wasn't statistically and commercially viable. Like giving the drunk his last drink 'on the house' before he staggers home or collapses, hoping he'll come back in your pub and get pissed again tomorrow night.