Comments on: When Casinos Cut VP Benefits – Part 3 https://www.lasvegasadvisor.com/frugal-vegas/when-casinos-cut-vp-benefits-part-3/ A Las Vegas Advisor Blog from the "Queen of Comps" Sat, 25 Apr 2020 20:14:31 +0000 hourly 1 https://wordpress.org/?v=4.7.4 By: Dan Sowards https://www.lasvegasadvisor.com/frugal-vegas/when-casinos-cut-vp-benefits-part-3/comment-page-1/#comment-66363 Sun, 19 Apr 2015 17:32:04 +0000 https://www.lasvegasadvisor.com/frugal-vegas/?p=3849#comment-66363 Some time ago I realized that my skill level alone would not be profitable, even with the free play, free rooms, free food, free shows, and in some instances free air fare. So, I no longer take as many trips to Vegas/Tahoe/New Orleans, etc. I enjoy playing and am skilled enough (and often lucky enough) to limit my losses and sometime end up a winner. I often go to Vegas with one or more buddies, so we have fun. I was probably never a true advantage player, although I was wise enough to add up all the comps, free play, tournament entries and play machines I could afford.

So, I certainly agree with what you have to say, Jean, but your advice is probably given to those who already realize the current situation. It’s simply a matter of whether your readers consciously decide they aren’t going to play more than they can afford to lose, and not chase the comps. I get the comps I deserve….sometimes more than I deserve, but I don’t “aspire” to be anything more than a low Diamond player, if you get my play on words here.

]]> By: Kevin Lewis https://www.lasvegasadvisor.com/frugal-vegas/when-casinos-cut-vp-benefits-part-3/comment-page-1/#comment-66362 Sun, 19 Apr 2015 15:24:29 +0000 https://www.lasvegasadvisor.com/frugal-vegas/?p=3849#comment-66362 I knew dozens of wannabes back during the big VP explosion. They all went broke, with a single exception, even though Vegas was so full of 102%+ opportunities–many of them with very little risk–that the problem was not to find such plays; it was to choose the very best ones. At that time, you could play in a flawed fashion, in terms of game selection, precision of play, etc., and still realize a profit. Not so today–ONE hole in your play and all the money leaks out.
For that matter, it’s quite possible to get destroyed on the best plays available today. Rarely can you manage to get above 100.5%, so any significant royal drought and the ol’ bankroll takes a dive. That’s the crux of the problem with video poker in general–when your overall return, and your journey into positive territory, utterly depends on a event which should take over 40,000 bets to happen occurring as often as it is “supposed” to, you run a substantial risk of going broke, or at least losing. This would be true even if the game returned 102%.
Unfortunately, most of the (very) few remaining plays require forays into High Volatility Land, so a player who was comfortably ensconced with low risk of ruin and is forced to change, because of destruction of the games/plays he was used to, will often find himself out of his (bankroll) depth. That’s what is killing players, either “advantage” or “skilled,” today–they are taking double hits: lower EV AND higher volatility. It’s amazing how quickly you can get snuffed out when you’re moving 20K an hour through a machine with only an 0.5% edge (such as playing NSUD at Coasts on a 7x point day).
For an all-too-brief period, this problem could have been addressed via comps, mailers, and promos making up for loss of EV–but recently, EVERY casino has tightened the screws. Now, you’re lucky if after running $500,000 through a machine, you get a complimentary T-shirt.
For the above reasons, I consider VP to be unplayable, particularly in Vegas, even though nominally positive plays still exist. I am reminded of a British politician’s comment comparing diplomacy to making love to an elephant: “There is no pleasure in it, you run the risk of being crushed to death, and it is years before you see any results!” He could have been talking about video poker in 2015.

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