What is a casino comp? The term “comp” is short for “complimentary” meaning free. Comps are freebies that casinos give away to loyal customers. These comps may be in the form of free food and drink, plane tickets, hotel reservations, bonus money and special offers. High rollers or those who bet big in the house get the meatiest comps. Casinos love gallant losers and comps are a way of rewarding them and making them want to come back. With comps, losing seems so glamorous and enjoyable.
Casino comps are not unlike points you get for using a credit card or other service. The more you use a product, the more points you gain. You then use these points to redeem merchandise or whatever it is they offer. With comps it is the same thing. You earn points as you play and the more points you acquire, the more comps you can avail of. If you play in a live casino, you will usually get a comp card that looks like a credit card, which you can use to play and to view your comp stats. If you play online, you can view the info by logging in to your account. After you’ve accumulated a certain number of points, you can redeem them as free cash, goods or services.
As with any rewards program, comps make you think you’re getting something for free. But in reality it’s a kind of rebate of a portion of the money you had spent on the casino. How much percentage of your expenses at the casino is given back in comps depends on the casino. A generous house may give comps worth 30-40% of your projected losses in each casino trip.
You may be wondering how a comp is determined. Several factors are considered, namely how long the customer played, the number of hands per hour, the average bet, and the house edge in the game played.
If a customer bets an average of $100 per hand at 30 hands per hour, they are playing at $300 per hour. Supposing the house edge is 5%, and the casino comp rate is 30% of the expected loss, then the casino expects to gain $15 per hour, and the player’s comp worth will be $4.50 per hour.
Players who are rank high for comps are also notified of special offers, discounts and bonus money. They also receive initiations to gambling tournament events. But it’s high rollers who get the best comps – limousine service, five star hotel accommodation and whatnot. In casinos, losing money has never looked so good.