Revel’s sucker’s bet

June 28, 2013 9:19 am

The Revel casino in Atlantic City opened to great fanfare last year and then promptly filed for U.S. bankruptcy protection.

Now, the $2.4 billion casino appears willing say and do anything to lure in gamblers to help stay afloat. The Revel is advertising a new promotion that claims slots players “Can’t lose.”

During the month of July, the casino says it will ‘refund’ any losses at slot machines. Of course, the ad is misleading. There are no cash refunds. Instead, the Revel will give gamblers credit for any losses at its slot machines. But the credit can only be used to gamble again at the Revel. In other words, the casino will let you lose your money twice.

That’s not a deal, that’s a suckers bet. The goal of casinos is to keep gamblers coming back early and often. Over time, the casino knows it will take your money because the odds are always stacked in its favor. Hence the term, gambler’s fallacy. But the casino industry has a better term that it doesn’t like to discuss. It’s called play to extinction. (See video here and read this excellent piece in the National Review on why casino gambling is a bad racket.)

Getting gambler’s to play to extinction is really what is behind the Revel’s “can’t lose” promotion.

Comment Policy

Commenters: be rigorous, be powerful, be funny, but don't be mean. Inappropriate and off topic comments will be deleted. Repeat offenders of the policy will be banned from comments.

One thought on “Revel’s sucker’s bet

  1. I fell for this trick at a casino in Reno. I could lose up to fifty dollars in a certain time frame for signing up for a player’s card, and then be reimbursed. Yep, the catch was that you got reimbursed slot credit which COULDN’T BE REDEEMED! You could keep playing until you won more than your $50, and cash out the excess, or play ’til your credits were gone. Either way, your initial fifty dollar buy-in was GONE. Caveat emptor is a good phrase to remember before stepping foot into a casino.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>