Golden Palace question

mother_brain · #1 09-29-2005, 06:34 PM

So I see the golden palace bonus yesterday. It is Deposit $100 get $300 bonus. The you have to play 4X(B+D). So I do that and end up with $499 for a total $99 dollar profit plus the $300 bonus. I am happy.

After cashing out they send me an email stating that they have given my the $199 and are keeping the $300. Do to the T&C. I call them and they say the bonus is only for wagering purposes so i only get what is over the $300. This seems like a -EV bonus because while working of the $1600 WR you would have to play positive blackjack (which i luckily did) to get anything?

I asked what happened if i deposited the $100 and worked of the WR and was left with $250 total. She said that in this case I would not be able to cashout at all.

Am i dumb for being the only one to notice this and is it common?

#2 09-29-2005, 06:44 PM

The Golden Palace bonus is a sticky bonus, meaning that on your first cashout they take their bonus back. It states this in their T&C. You got lucky that you did well. The bonus is +EV if you play with the right sticky bonus strategy. this strategy is along the lines of betting it all on the first hand and hope to win, then flat betting to finish the wagering requirement. I think you'll win about 40% of these intitial bets (the rest of the difference in the HA is the ability to split and double down, which you won't have since you bet it all on the first hand). People here in another thread were argueing whether it was correct to bet it all on the first hand. I seem to think it's an OK strategy. For instance, if you have ten 300% sticky bonii to do you'll win 4 of them for about a $800-? profit. You'll win 4 giving you a $1600 profit minus the $600 you'll lose on the first bets on the other six minus or plus whatever wins or loses you have.

mother_brain · #3 09-29-2005, 06:54 PM

Well. I just don't know what to say about that. Seems like an odd thing to do with $100 but i can see the value in it i guess.

Photoc · #4 09-29-2005, 07:10 PM

Do a little research before you jump into bonus whoring. There are 3 types of them, cashable, sticky type 1 and sticky type 2. Go to the casino forums at bonuswhores and do some reading. There are strategies for using the stickys as well as cashables.

vilemerchant · #5 09-29-2005, 07:21 PM

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Well. I just don't know what to say about that. Seems like an odd thing to do with $100 but i can see the value in it i guess.

[/ QUOTE ]

Odd thing to do? You're getting 4:1 dammit!

bkholdem · #6 09-29-2005, 09:19 PM

[ QUOTE ]
[ QUOTE ]
Well. I just don't know what to say about that. Seems like an odd thing to do with $100 but i can see the value in it i guess.

[/ QUOTE ]

Odd thing to do? You're getting 4:1 dammit!

[/ QUOTE ]

Has anyone worked out a risk of ruin on these bets? I used to play blackjack, counting cards at a large casino in multi deck games. My bet variation was from $10 ~ $250. I was pulling in $500 a weekend until I went broke. I wasn't building my roll which was a mistake but I think my roll was over 5 grand.

It seems to me the variation at blackjack is way higher than at no limit poker when your varying your bet sizes significantly at blackjack.

If someone has a bankroll of a couple grand they could run into a brick wall pretty quickly betting 100 at a pop. Of course they could make a pretty penny too..

pokerpro2000 · #7 09-29-2005, 09:24 PM

I messed this one up too. After meeting the wagering requirement I was so happy I had $900. But this is only a $500 profit. If you went to the casino with your $600 and the casino gave you $300 to play, it's still a great deal. So I should have kept playing and not worry about the wagering requirement. This bonus is easily worth $250+, with only $100 deposit.

bholdr · #8 09-29-2005, 09:36 PM

BAD WHORE!

do your homework before tackling any bonus. [img]/images/graemlins/tongue.gif[/img]

mother_brain · #9 09-29-2005, 09:48 PM

I know, I know. Luckily there are hundreds of casinos for me to practice on.

Well the way I worked out the EV for this thing it would cost you 1,000 dollars to do the bonus 10 times. Assuming you bet all 400 right off the bat and win 40% of the time, you should make $1,552 profit or about $155 per bonus. So its good but I don't think i'll be doing the StickyI bonuses until i've done the better ones.

vilemerchant · #10 09-30-2005, 02:48 AM

While we're on the topic of Golden Palace, do they cash out to Neteller with no fuss or is it one of those 'dick you around for 3 weeks and request 17 different types of ID' sorta deals?