Herb687

I forget what the RC and TC earn rate used to be when you could pretty much only bet sports in Nevada but Caesars Rewards new earn rate for sports betting is interesting - it factors in not just amount bet but riskiness of the bet by basing earn on the bet's potential payout.**

** With PHL/ACY properties for some reason having a different calculation.


Seems pretty generous at first glance. Especially for those who like futures bets, crazy parlays, etc.

Does anyone remember what the Vegas rate for sports betting used to be? From my recollection, only the amount wagered mattered, not the potential payoff.



https://www.caesars.com/myrewards/earn-and-redeem

easy_money

It was every $10 wagered earned you 1TC/1RC. For the new rule now, you would only earn TC/RC if you win on the bet.

Herb687

Got it. So same as the "new" rule at those exception properties in PHL/ACY.

That's not my take at all. "Potential profit" is the language they use. A $110 bet at -110 has $100 in potential profit at the time it's placed regardless of whether it ultimately wins or loses.

sbjnyc

I do a bit of sports betting, $20 $50 etc here and there and I use a variety of apps, caesars, mgm, betrivers, fanduel draftkings etc. I know that caesars gives tier credits on bets but until recently I completely misunderstood how tier credits were awarded. I thought it was based on caesars profit rather than mine. So now I understand that I earn tier credits at 20% of the profitability of my bets with a cap of 2 tier credits per $ wagered.

Can anyone verify if this is counted for the tier credit bonuses? Seems like it should according to this: https://caesarsrewards.custhelp.com/...g-tier-credits

The house edge on sports betting is better than slot machines but not as good as most video poker machines.

A standard straight bet of $110 to win $100 has a house edge of around 4.5% and generates 20 tier credits (20% of 100). On average you'll win half your bets which minimizes your variance. To actually minimize your variance make more small bets.

If you routinely bet underdogs lets say 3/2 (say +150 / -180), then the edge is about 4.1% but on that same $110 bet your tier credits per bet is larger (20% of 110*1.5=33). The downside is that you'll win fewer bets so your variance is higher.

Similarly +200/-250 has about a 4.5% edge but gives 40 tier credits on a $100 bet. Again, you're winning fewer bets so the variance is even larger.

To get to the earning cap you need 10/1 odds which would typically come with futures or parlays but the house edge on those is much higher. While I may play around with those I'm not going to try and suggest its worth playing those for tier credits.

Next year I'd like to try and earn diamond just on sports betting (particularly baseball). If I stick to +150 bets of $50 each I'd need to make 1000 bets to make diamond ignoring any tier credit bonuses. The expected loss is running $50,000 in bets at about a 4.5% edge so $2,250. If I could do it with +200 bets it would take 750 bets @ $50 with expected loss of around $1690. There may be ways to reduce the edge/variance. Maybe even just taking the opposite side of each bet on mgm if they have a similar tier credit offer.

Has anyone tried this? Can this be done with mgm as well?

Herb687

Barring any language to the contrary, I don't see why sports betting wouldn't count towards the published daily tier credit bonuses.

Caesars makes it impossible (deliberately, no doubt) for gamblers to accurately audit RC/TC posting but I don't remember it ever being obvious that my sports bets were excluded from daily tier threshold bonuses.

It seems like a lot of property-specific promotions (i.e. special RC or TC multiplier days) have language excluding sports betting.

On the other hand, Caesars used to say that horse racing wagering was ineligible for multiplier promotions and Louisiana Downs appeared to have generously multiplied my activity on those days. Maybe that's why Caesars sold off the place!

I don't know that I'd make ANY bets solely for the purpose of racking up tier credits. Enjoy the RC/TCs that naturally flow from gambling you find fun or where you have an edge (I bet horses despite some of the absolute worst house edges in gambling because I love the sport and understand my opponents (the rest of the betting public in pari-mutuel pools) reasonably well), but don't go chasing status.

And if it's deep in the NFL offseason, don't miss out on taking that Eagles to win the Super Bowl action at 50/1 just because it's a poor value relative to the 10/1 TC cap!

But, again, if Diamond is the goal, are you sure you will receive $2250 or $1690 in value from the status and the associated Reward Credits you will earn on the way there?

What I might try to do were I in your position, determined to earn status, and in a state where I had competing bricks and mortar sportsbooks and/or legal access to online sportsbooks would be to bet a ton of games way way WAY ahead of time (I believe that all weeks of the NFL season accept action before the season even begins) and then take the opposite side of those bets at a competing casino months later when the lines have no doubt moved enough to have opened up some very lucrative middles.

While your capital will be tied up for months, time gives point spreads the opportunity to move by a lot and open up +EV middles.

I don't know how the Emperor feels about aggressively betting lots and lots of middles. And I'd rather not find out!

sbjnyc

Yes I don't even know if the tier credits are earned upon making the bet, the date of the event or when the bet is graded. I'm guessing it's the latter. I suppose I can track it if I watched my account carefully. Would take 5 $250 bets at +200 to get the 125 TC bonus which is out of my league. And Caesars would probably credit those on 2 different days anyway.

I'm not necessarily making bets just for TCs but if I am going to make sports bets I can make it more efficient for earning TCs. I generally favored laying odds rather than taking odds. It's a good way to reduce variance but a poor way to earn TCs. Plus I think the exercise will help me track my bets better which I need to do for tax reporting. On the other hand I usually do find myself chasing TCs towards the end of the year. I've also been considering how to switch from caesars to MGM. Of course at that point the status isn't worth much.

I don't really play futures except for fun (betting on my crappy NY teams). There's too much of a house edge in there and I can't really overcome any part of it.

I'm not looking at this as a transaction otherwise I'd just go with founders card. I gamble anyway and I have a rough idea how much it would cost (expected loss) to make diamond at casears in various ways (I haven't figured that out for MGM yet). If I split my play around too much and not wind up with at least mid-level status I'd pay a lot more for things. I estimate I stay at a casino 20-25 nights per year so thats a lot of resort fees I'm saving for example. Plus the freeplay really adds up. It would probably be a lot easier if I went through some of the other chains but they don't operate near me in NY.

That's an interesting idea but I'm not sure how many games you can bet more than, say, a week ahead. Maybe the westgate offers odds for every game (at what vig?) but I haven't seen any others. Not southpoint but maybe circa? Never saw it in any book in NJ. But you can probably bet way ahead for the first week of the NFL season. Then again the game is just as likely to move against you as for you.

Herb687

I think that one bricks & mortar Caesars sportsbook (Horseshoe SHV specifically) was posting lines and accepting bets on every week of the NFL regular season by early summer. Didn't make any game bets at the time but I like to think I would have noticed had the the juice been worse than the standard -110.

For NFL games or other sports that capture a lot of attention, does Caesars adjust its lines at the same time across all states and all channels online vs. bricks and mortar?

I know there are a few specialty markets like KY Derby futures that are only available at Caesars outlets in Nevada.

I personally really enjoy sports futures bets not because I'm trying to maximize TCs but because they are fun and can offer huge payoffs. In addition to the aforementioned Eagles +5000, I have a few college hoops futures where I feel the value was decent at the time the bet was made (most notably Creighton at 35/1)


This is a very good question. I wish Caesars made detailed RC/TC posting information available. Since they don't, I imagine it's by design and they really don't want us to know!

Tarpie

Daily Tier Bonuses are only for in-person play. Online does not count.
CZR Rewards Link

In my experience in Virginia RCs/TCs post as soon as you make a bet (or maybe same day). That makes sense because the outcome of the bet has no bearing on RC/TC earning. Because the there is no daily bonus the only consideration for a futures bet would be the year of posting. An NHL/NBA pre-season bet would be made in 2022 but not settled until 2023. But CZR already has your money in 2022.

Herb687

Does anyone know if winning tickets from Caesars Sportsbook retail locations can be cashed at other Caesars Sportsbook retail locations?

I know each book prints its own address for mail pay on the back of tickets but wondering if the Caesars Sportsbook network is now integrated enough to cash physical tickets in person in different states.

flyer4512

You can cash any bet made at any CET sportsbook in Vegas at any Vegas location.

Beyond that I have no idea how state to state works

Herb687

Worth updating this thread to point out that the Caesars earn rate for sports betting was gutted once again. Basically what's old is new again - back to the old earn rate except parlays are doubled. This is a huge devaluation considering that for a period of time last year one could earn up to 10X RC/TC on longer shot bets.

On the other hand, the proliferation of in-game betting seems to have made wide middles common - though monitor the juice carefully as those in-game lines sure move quickly and wildly.