I do play Binion's occasionally.
- Redeeming the rewards is easy. Tap on hat meter, switch to "Prizes" section, choose the reward and tap "Redeem". Prize appears in "My prizes" section. Then, when you in Vegas, go to player's club, they call a manager to scan your QR code in "My prizes" and give you an actual voucher.
- Never invited friends, so can't comment on that.
- If you are playing for rewards, keep in mind that hats are accumulated only from wagering chip bought for real money or got for watching Ads. You can notice that hats accrual rate is different, it's faster after watching an Ads but then the meter just stuck (regardless on the bet size) until you watch another Ads. I was told that the best strategy is to watch as much Ads as you can and then play until meter gets stuck (on average, every Ads gives you 5 hats). Plus, third daily bonus gives you extra 10 hats.