Comps
If anyone knows how to make a loser feel like a winner, it's the casinos. They are quite adept at that - and to this end they use comps. Comps is slang for "complimentary" - those cool little perks you get for gambling in the house. Comps come in all forms: beer sandwiches, pens, shirts, toys, buffets, cash rebates, gourmet dinners, airfare, hotel suites, concert tickets and more. Casinos love losers, and the bigger loser you are, the more they will show you that love through comps.
Comps and Casino Status
Comps are often used to gauge a player's "importance" in a casino. The more comped they are, the more of a "somebody" they are. People who get the most lavish comps are envied by those who receive less because it's the comped folks who seem special. This is just fine with the casinos; after all, the jealousy created drives people to gamble more so they can get more comps.
The Truth about Comps
What people don't realize is that the most comped gamblers - particularly high rollers - are almost always the biggest losers as well. Comps are nothing more than rebates. So if you get a lot of comps, it only means you had wagered (and most likely lost) a lot of money in the first place. Gambling more just to earn more comps is like shopping for things you don't need just to get more discounts. You think you're in a winning situation, but you aren't.
How to be a Winner with Comps
Now that doesn't mean comps are useless. Comps can do one of two things for a gambler: decrease their losses or increase their wins. For most people - including the average comped high rollers - it's the former. For a few, namely advantage gamblers, it is the latter.
To win with comps, you first have to know how comps are calculated. A casino's comp rating system takes several factors in account, including duration of play, type of game played, time of visit, size of wager and so on. But a simple formula for calculating comps is as follows:
(hands played x wager per hand x hours played) x house edge = expected profit for the casino
To use blackjack as an example: Let's say you play 60 hands per hour with an average bet of $10 and you play for 3 hours. That's:
60 x 10 x 3 = $1,800
You have wagered a total of $1,800. Now the normal house edge in blackjack is 2%.
1,800 x 2% = 36
The casino expects to pocket $36. Assuming the casino comps 20% of their blackjack profits, that entitles you to a $7.20 comp for the $36 you lose.
Not bad. But it gets better. When you use a blackjack strategy card, the house edge goes down to 0.5%. Now do the math again:
1,800 x 0.5% = $9
You now lose only $9 instead of $36. But the pit boss can't keep an eye on all players at the table. So he or she assumes the house edge is still 2% and marks you off for a $7.20 comp. Your net loss then is only $1.80!
Even better, if you play *slowly* you will be wagering much less than $1,800 and your loss will be even smaller. Play only $1,200 per hour and you lose only $6 while getting the same $7.20 comp. You have an edge over the house!
And that's the whole secret to winning in the casinos using comps!
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