ARE CASINO LOSS REBATES AN ADVANTAGE PLAY?

Update July 14, 2017  Sometimes a casino will offer a rebate on losses to sign-up new players for its loyalty program or players club. The rebate on losses could be small -- perhaps just $20 in the case of some bars in Vegas that have slot machines -- or they could be as large as $500 or $1000 at some of the Vegas Strip casinos. Should you make use of these rebates, and play with a loss rebate in mind? It depends.

The first thing to consider are the terms of the loss rebate. Is the rebate available on the games you play or are they limited to games you don't play? If you play video poker but video poker is excluded from the loss rebate promotion do you want to play slots just for a loss rebate?

How is the rebate paid? This is probably the most important factor. Is the rebate paid in cash -- as in a true rebate on your loss? Or, is the rebate paid in free-play which means you have to run the "free play" through the machines again trying your luck. Free play could hit big -- or it could lose, you just don't know.

In the case of free play, do you get it immediately or do you have to return to the casino a week later? If you are from out of town and visiting Vegas for three days, and the free play rebate won't be given to you till a week later, what good is it?

And is the free-play rebate payable to you in one installment or two? Are the installments a week apart? If they are paid a week apart it would take two additional trips to the casino over two weeks to claim the free play.

The most important point to remember about loss rebates is that you have to lose money to get them. And, once you lose the money, what do you think your chances are that you'll win the money back using the free play?

If you lose $1,000 and are given $500 of free play over the next two visits how will use the free play and what are the chances of winning back the original $1,000 you lost?

What is the cost of returning to the casino? Do you pay for valet parking? Is it a casino you actually will return to and want to return to? Is the free play usable on the games you want to play?

Casino loss rebates can be attractive but they involve certain costs and risks. Consider them carefully. Personally, I don't want to lose $500 or $1,000 with the hope that I will recover that money later with free play over the next week or two.