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Best way to play promo chips

Discussion in 'Casino Gaming' started by boxcars, Jan 15, 2013.

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  1. boxcars

    boxcars High-Roller

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    My friend and I have promo chips to spend in the casino on our upcoming trip. I only have a $100 and $25 chips, but he has a $500 chip a few smaller ones to spend! These are "play 'til you lose" chips, and I'm not sure whether they're going to pay even money regardless of bet type, or pay like regular bets. I say this because on my last trip, they paid me 3X on a $25 promo chip on the craps table field bet with a 12 being rolled (pays triple). I think it depends on the dealer though, because I'm almost positive it's supposed to be an even money bet regardless.

    So the pressing question is... How do you bet a $500 promo chip???

    I instantly thought chancing it with something like $500 promo chip on maybe red, and a real $500 on black on roulette, or pass-don't pass on craps table. Of course you're risking 0/00 with roulette and a roll of 12 on the dice (push on don't pass, lose on the line.) However, even with a win/lose, I imagine they'll just push the promo chip back to you.

    Anybody have experience with this or betting ideas???
     
  2. mike_m235

    mike_m235 Tourist

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    Most places just let you make an even money bet, however often they look at the field that way on the craps table. Much like you can get paid 3:2 on a blackjack.

    The wizard of odds has a whole section on how to play promo chips, complete with the math, which will definitely be more accurate than anything you are going to read here. This is a great forum, but much bigger on 'gut feelings' than math.

    Bottom line, there is an exact correct answer to your question.
     
  3. RebelDiceMan

    RebelDiceMan High-Roller

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    The best thing about those chips is that they are "play until you lose". Many of the promo variety are play one time and it is taken up win or lose. I hope you on a hot streak right off the bat and really get some value from them.
     
  4. given2gamble

    given2gamble Low-Roller

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    answer

    play till you lose chips = treat them just like cash/regular chips.

    play once only = play roulette and pick numbers not black/red. some casino's wont allow this however.
     
  5. Big Tip

    Big Tip VIP Whale

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    Baccarat, on banker. You'll never be so happy to pay a commission in your life when it wins.
     
  6. boxcars

    boxcars High-Roller

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    I thought about Baccarat too.

    I guess the big issue is to somehow convert the $500 promo chip into a real $500 chip. If I do Baccarat or the other games mentioned, I think the dealer would just always slide the promo chip back to you, taking the real $500 chip. That is, if I bet on 'both sides'.

    Guess what I'm really wondering is how best to hedge that large chip.
     
  7. boxcars

    boxcars High-Roller

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    And I know at the Golden Nugget, where we get the chips, you keep the chip until you lose it. They don't covert it to a real chip if you win. They give you the real chip(s), and you keep the promo chip. You keep playing it until you lose it.
     
  8. sabre

    sabre Low-Roller

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    Hedging is for losers
     
  9. WrongWayWade

    WrongWayWade VIP Whale

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    Because it's play until you lose, it is EXACTLY like cash, so you really shouldn't be thinking in terms of hedging. It's part of your gambling bankroll, the only reason it isn't cash is because you must gamble it. The only other limitation is that they are forcing you to make a single $500 bet (and they aren't going to let you get around that.) I wouldn't complain and play it on Banker at Baccarat. You have a better than 50% chance to be a winner (less the $25 commission, of course). If the tie comes, you push and play again.

    Roulette black/red is much weaker, in my opinion, because of the 0/00 losses.
     
  10. Kickin

    Kickin Flea

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    Are you sure you can only play it as a $500 chip? What casino is this? I've gotten the $500 promo chips at MGM and had them give them to me as 5 $100 chips instead. If they allow that and $100 is more at your level then just play them as you normally would play. If they substitute for normal chips you would have used than they are 100% equivalent to cash. Otherwise, the baccarat bet on both player and banker is your best bet. Just make sure to bet the promo chip on player so if you win on banker you pay the commission once and lose the promo chip. If you play it on banker and win you'll pay the commission but still have the chip to play again so you lose the option of walking away after 1 win. So there's some option value in playing the promo chip on player only.
     
  11. WrongWayWade

    WrongWayWade VIP Whale

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    Kickin'Chicken is also right. If your goal is to just insure that you convert the chip to cash (and I assume never gamble with the winnings again), then hedge at Baccarat this way. If your goal is to have $500 extra to gamble with, just know it IS cash and wager it.
     
  12. boxcars

    boxcars High-Roller

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    This is at the Golden Nugget. The $100 chips and lower... no problem. I'll play those like regular. My friend is the one who has several $100 chips and the one $500 chip. He won a golf scramble and was paid in chips. I think he had the option of taking chips or paying taxes up front on winnings, but not positive.

    The bankroll is not the problem here, although we play at $100 or lower.

    The biggest question is how to play the chip if they pay even money only.

    Thanks for the suggestions!
     
  13. boxcars

    boxcars High-Roller

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    Yes, it'll be played like a real chip, although the real goal is to convert the $500 to 5 $100 and then play it out. I think Baccarat is the best option. That used to be the only game I played.
     
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