Originally posted by: Anthony Curtis
It's difficult to know exactly how the bonuses work until you do them, because people have different understandings, even at the offering sports book. From the rules and the conversations I've had, I believe the bonus is a one-time play-through straight match. The max bonus is $250. If you deposit $250 and bet it on one game, you get $500 if it wins, assuming the payout is even. You're betting $250 to win $500. It will cash about half the time, so it's like a matchplay, with a value of about $125. If you do it this week, you also get a $25 free bet on the Super Bowl. You don't have to bet your money on that; it's a straight free bet. Neither of these is cash in your account until it's bet through.
The process is as follows:
1. Click through our link posted above by Tanya.
2. Follow the directions to fund your account for at least $10.
3. Make a bet of at least $10.
We will be notified with your name and email and we'll contact you to see which incentive package you want. Post addtional questions here if you encounter a problem.
OK...reading the clear-as-mud directions and conditions on their website, it appears that you have to input some kind of affiliate code to make sure that LVA is notified (while you're in the process of signing up and making your initial deposit). Their instructions don't mention LVA, so I assume it will be obvious once I do the actual signup.
The match play bonus is a little oddball, at least the way they describe it. Let's say you deposit $100, and get the bonus match of $100 as well. Now, if you bet, say, $100, and you win, $50 is credited to your account from your original money (so now you have $150) and $50 is released from your bonus (so now you have $200). You have to bet the entire amount of your original deposit (not necessarily all at once) in order to be able to cash out any winnings from the bonus.
So it looks like it's as Anthony descibes: the bonus turns into money if and to the extent your real money is wagered and wins. So here's my calculation re what it's all worth:
Let's say you deposit the maximum and bet it all ($250 + $250 bonus) on the Super Dooper Pooper Scooper Bowl. You will wind up with $954 if you win and zippo if you lose. Assuming that winning and losing are equally likely, that creates an EV of +$227. This calculation can be done for any deposit amount; the EV is (.0909) x (deposit amount). This assumes that the max bet is paid at the standard 10:11.
The $25 free bet is worth about $12 in EV.
So the play is to go ahead and deposit the max. You don't necessarily have to bet it all on the Super Bowl, but the (fuzzy) rules seem to indicate that you have to bet at least $10 on SOMETHING within a few days (by that Sunday?) and eventually, you can bet the rest piecemeal on anything else they book, with the caveal that the odds can't be longer than -200 (and they mistakenly say the exact oppposite in one of the listed "rules").
NOTE: They have a specific rule against "arbitrage," by which they mean betting on both sides of the game is a no-no. If they didn't have that rule, you could lock in most of your EV by betting half as much on the other side ($250, in the above instance). This is not to say, though, that you couldn't partner with a friend, you both sign up and deposit and bet, opposite sides, and then split the winnings.
FURTHER NOTE: You don't have to have an AZ address; you just have to be physically in AZ when you sign up and bet (or eventually cash out). It takes 90-ish minutes to get to Bullhead City or Kingman from Vegas. While there's no earthly reason to visit Kingman, you might want to visit Laughlin on your way back from Bullhead.
FURTHER FURTHER NOTE: If you deposit and bet $10, your EV is about $4.50, and to that you must of course add $50 worth of LVA membership, plus whatever the books are worth to you.
End of analysis. I quite possibly have gotten something wrong, but last year, I played several $1000 sign-up bonuses in AZ, and it played out the same way. It was no-risk free money.