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Do Sports book betters get comped anywhere?

Discussion in 'Comps' started by AceRothstein80, Jul 8, 2012.

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  1. AceRothstein80

    AceRothstein80 Low-Roller

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    I just got back from vegas, the last 2 trips I made out there including this one, for UFC fights...I have bet on the fights. 2 years ago at MGM, and this time at Mirage where I was staying. Now, Im not expecting much anyways cause I did not bet much, but neither book said they took Mlife. years back, I know with total rewards, they swiped mine at Caesar's , Flamingo, and Harrah's when I bet on basketball, football, and even horse racing..at small stakes.

    Do they still do that with TR? And if you were a big time sports better, say you were gonna wager thousands of dollars in the book or more in your trip, would MLIFE somehow keep track to comp rooms, food, or shows? Does any other properties?
     
  2. CaptainJack

    CaptainJack Low-Roller

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    Quick answer: No.

    Long answer: The major strip casinos are pretty weak when it comes to sportsbook comps outside of drink tickets. Bottom line is the bottom line. Casinos don't make much from a sportsbook, especially if they look to balance action (which most do). Like a poker room, a sportsbook is there to get players into their casino to lose money at house-banked games. CET has a very low tolerance for winning sports bettors, so you'll find low limits ($500) for anything but the standard NFL spreads. MGM takes more action, but uses players cards only to track players for CTR purposes. Cantor run books (Cosmo, V/P, others) is terribly risk-averse, despite advertising the contrary. They'll take large action, as long as you don't want a sharp number. Otherwise, their limits are almost as bad as CET. They too, won't comp much, the casino will claim they don't manage the sportsbook as the reason they can't comp much. The one casino that I've seen comp decently is Stations Casinos...a regular player can quickly work their way up through their players club by betting via Stations. As an added plus, you can bet on the internet with Stations if you are physically in Nevada. Earn comp points at home in your underwear.
     
  3. stuntin909

    stuntin909 Low-Roller

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    Yeah not much house advantage in sports betting for them to comp you. gotta be betting really big for it to make financial sense for them and even then everything is out of their control.
     
  4. AceRothstein80

    AceRothstein80 Low-Roller

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    I see. I was just curious, thanks for the info
     
  5. dragon7

    dragon7 Tourist

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    Don't waste your time trying to get anything out of the sprtsbooks in Vegas. They have bad odds and low limits. I am a heavy sports bettor and a majority of my casino trips + gambling funds are financed by betting on sports. I rarely even put bets in when I'm there now. It's so much easier just to use an offshore book. Not to mention the better odds and the ability to hedge out of bets if you want. Last time I was there I placed a $5k bet on a baseball game and when I went to collect it was like I just hit the Megabucks or something. Cashier couldn't print the ticket without getting a supervisor and a key turn and couldn't pay until another key turn, another supervisor and a trip to the back room. They got my card but it wasn't for comps, it was so they could track my play and flag a large wager. I was really surprised because of all the high action going out on the casino floor that doesn't even get noticed. I think most Vegas casinos look at their sportsbooks as a way to get people in the door. My experience is that they are extremely risk averse.
     
  6. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    One NFL playoff weekend two years ago, I wagered close to $80k over the course of four days at Aria and it had zero impact on my comps
     
  7. surfside

    surfside Tourist

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    which SB you use?

    Hey Dragon: Which offshore sports book do you use?


    thanks!

    DH
     
  8. smartone

    smartone VIP Whale

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  9. Polemarch28

    Polemarch28 Tourist

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    It seems to me that properties could theoretically comp for sports bets - but I can see why they don't.

    Why They "Could":

    Sports bets have a house edge. For example, a typical sides or totals bet is priced at -110, which means, you need to bet $110 to win $100. Since your probability of winning that bet is supposed to be 50/50 (since the house adjusts lines/totals to balance the action), your expected value on a $110 bet is (($110 + $100) * 50%) = $105. So, put simply, the house edge on one of these standard bets is $5 for every $110 wagered, or 4.545%.

    This house edge is higher than several table games, such as blackjack, bacc, most craps bets, and single-zero roulette. It is just slightly lower than double-zero roulette.

    Why They Don't:

    Because house edge is not the only thing that matters. What actually matters most to the casino is your theoretical = the amount you are statistically expected to lose.

    On a game like roulette, for instance, you are expected to lose about 5% of your total bets over time. The roulette wheel spins around 30 times an hour. If you're betting $50 a hand, that's $1,500 an hour you're betting. 5% of that is $75 of expected losses (house wins).

    During a 3 hour session, that adds up to $225 of theoretical.

    During a 3 hour football game, on the other hand, you might only be making one bet. To produce the same theoretical:

    $225 = 4.545% of total amount wagered
    Amount Wagered = $225 / 4.545% = $4,950.

    So to produce the same amount of theoretical for the casino (i.e. profit), they need you to be betting $5,000 per game.

    Most people don't.

    In summary, I think sports book bettors don't get comped for the most part, because they don't generate a lot of value. The few that bet sufficiently big MIGHT get something - perhaps they arrange that in advance - but I highly doubt anyone betting less than 5 figures is getting much.
     
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