used to describe the act of barring a person from a casino, especially for gambling related issues. Video poker players are rarely barred. Instead, casinos will more commonly just "cut them off" taking away any accrued points or unused comps, and disallowing future comps regardless of play.
card games played against the house, slot machines, dog and horse racing, jai alai, and all other types of casino gaming. The National Indian Gaming Commission's (NIGC's) authority includes review and approval of Class III Gaming management contracts. Class III gaming is regulated by compacts negotiated between tribes and states. (IRS.gov)
- (n) Originally short for complimentary (free), a Comp is anything a player receives from a casino either for free or at a reduced cost.
- (v) The action of giving a Comp, as in "My host comped my a room but did not pick up the spa treatments".
The first moment of a random process, also known as it's mean or average value, and often given the symbol µn;. In gambling, the Expected Value can be computed for a game itself (example: JOB video poker has an Expected Value of 99.54% when played with a Max-EV strategy) or a particular instance (example: in PKM video poker, the dealt hand with the highest Expected Value is trips) or the entire playing situation (by including the value of cash back and comps, if any). For video poker, Expected Value is usually expressed in percentage units, whereas a game that is exactly break even has an Expected Value of 100%, and a positive game has an Expected Value of greater than 100%. However, other units may be used, including fractional units, or real currency. Expected Value is generally used interchangeably with Expected Return, Return, and sometimes Expectation and long-term return.
Two cards of the same rank that
comprise a winning video poker hand. Most commonly this is a pair of jacks or higher. However in Pick'em poker a pair of nines or higher is a High Pair. In some video poker games, a pair of kings or better is a High Pair.
See also:
Low Pair.
The casino's advantage, computed as the expected 100% - the expected return. For most casino games, the House Edge is positive. However, for some games such as certain video poker games, the expected return is greater then 100%, and the house has a negative edge.
(According to IRS.gov) In 1988, Congress enacted the Indian Gaming Regulatory Act (IGRA) to:
- provide a statutory basis for the operation of gaming by Indian tribes to promote tribal economic development, self-sufficiency, and strong tribal governments;
- provide a statutory basis for the regulation of Indian gaming to ensure tribes are the primary beneficiaries;
- establish: a) independent federal regulatory authority for Indian gaming, b) federal standards for Indian gaming, and c) the National Indian Gaming Commission (NIGC), to meet congressional concerns regarding Indian gaming and protect such gaming as a means of generating tribal revenue;
- shield gaming from organized crime and other corrupting influences; and 5. ensure that gaming is conducted fairly and honestly by both the operators and the players.
Since IGRA’s passage in 1988, tribes and states have successfully negotiated hundreds of Tribal-State gaming
compacts. Gaming provides significant revenues for many Indian tribes.
Two cards of the same rank that do not
comprise a winning video poker hand.
See also:
High Pair.
A function describing the probability of event occurring for all possible events. For video poker, the set of events are precisely the possible winning hands along with "nada" the event for a non-winning hand. The probability of each winning hand (and nada) depend on the strategy, and can be obtained by numerical simulation or direct
computation (hand enumeration). From the Probability Density Function, one can
compute the game return and variance (that is, from the first and second moments).
See also:
Cumulative Distribution Function.
A term used to describe a comp level, usual short for "Room, Food & Beverage" or "Room and Full Board". Typically, a player is brought in on an RFB comp (rather than earning it during a trip). The RFB applies only to what a pre-determined number of people (say 2) might consume and covers only what might be charged to a casino hotel room. However, some common items, such as telephone calls and spa charges are rarely covered by RFB.
A term used to describe a comp level, similar to RFB, where "L" stands for Limited. Typically, an RFBL player will be limited to certain restaurants or certain dollar amounts (less then RFB)
The probability that, given a certain bankroll, a gambler will be ruined. For video poker, the Risk of Ruin is generally
computed for an infinite number of hands, since the
computation easier, though it can also be
computed for any number of hands. However, if the number of hands is not specified, it is assumed to be infinite. The (infinite run) Risk of Ruin is always greater then zero for video poker, including positive games, since the variance is always non-zero. For all negative expectation situations, the Risk of Ruin is always 100%. That is, regardless of the bankroll, a gambler who plays a bad game will eventually go broke. The Risk of Ruin decreases as the size of the bankroll in betting units increases. Hence, decreasing game denomination (unit or wager) at a fixed bankroll decreases Risk of Ruin.
See also:
Survivability.
- A video poker machine with a less than full-pay pay table.
- A video poker game that has a reduced payout for a particular hand, as compared to a higher paying version game (a game with higher expected return)
The period of time a casino considers a single gaming day. Typically, the Slot Day day differs from the normal day and typically begins early in the morning rather than at midnight (perhaps to correspond with a shift change). The Slot Day is used (not the date) for comp rating purposes. At many casinos, the date on the W2-G is also based on the Slot Day, so that a jackpot won just after midnight on New Years is reported for "last year"
A video poker game in which the wagering of a sixth coin (assuming the base game is a five coin max game) triggers a new mode that causes a random multiplier to be used for all payouts on winning hands. The return of all Super Times Pay video poker games is superior to the base game, and is computed by multiplying the return of the base game by 1.00278
The amount (expressed in percent or real units) a casino assumes certain play is worth to them. Hence, a positive Theoretical is an assumed loss to the the player. A casino typically comps players based on their actual Theoretical. For example, a casino may assign a certain game a Theoretical of 5%. Assuming a player's coin-in is $10,000, a casino would then limit total comps to some fraction (less then one) of the theo, $500. If the player had the same coin-in on a game with 1% Theoretical, the comps would have been limited to some fraction of $100.
A gaming machine that operates akin to a lottery, whereby a centralized computer system determines the outcomes using a random number generator. Like playing the lottery, playing an Video Lottery Terminal require no strategy or skill. Video poker is not a Video Lottery Terminal.
An IRS Tax form a casino issues to players who "win" under certain condition. For video poker, a W2-G must be issued for "wins" of $1200 or more. The $1200 threshold is fixed and independent of amount wagered. Ironically, a $5 50-play Video Poker machine (played at max-bet of $1250), a $1200 payout would represent a loss. To comply with the IRS law, Video Poker and slot machines "lock up" upon a $1200 or more "win" and the player must wait for a slot attendant to both unlock the machine (and return it to normal play conditions) and bring the tax form. Non-US residents (non-resident aliens) and players without proper identification (and do not produce a TIN) will have tax withholding taken from their W2-G payouts, while others can opt to receive the entire win. At many casinos, players can request a "reset" which may allow them to return to playing quicker had they had to wait to receive the tax form and payout in the normal means. Often resets are only available in high limit rooms. Players may also request a consolidated W2-G, in which case they will receive a single W2-G for all their jackpots for a specified period of time (usually the "slot day") rather then one W2-G for each win. In general, IRS Form 1099 are not given for Video Poker wins (unless the win involves a free drawing or lottery scenario). Neither a W2-G or 1099 are given for wins paid in "Free Play".
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