The expected value is actually higher than that, but its too difficult to calculate.
Ok, they have a $100 on US promo
http://www.cosmopolitanlasvegas.com/...romotions.aspx
Lots of casinos have reimbursement freeplays, but they're usually good on only the day you sign up. This one is good any day you choose.
So, the proper way to play it is:
1) Sign up for the Identity card at the player's club booth.
2) Find the biggest video poker machine you can, best I found was $10, so $50 a hand. Put $100 in it. Play until you are over $100 or until you lose the full $100.
3) If you lose the full $100 go back to the players club and tell them you want the $100 reimbursement. Then find the smallest video poker you can find ($0.01 100 play is perfect) and play through the freeplay slowly, you should get around $98 back.
If, however you WON on the first day, quit playing at the cosmo for the day. Return the next day and repeat step 2. You can keep doing it every day as long as you win, and finally take the reimbursement on the day you finally lose.
When I did it last summer, it went something like this:
day 1 $50 profit (wife busted, made got $105 off the reimbursement)
day 2 $150 profit
day 3 $150 profit
day 4 $50 profit
day 5 busted, took the reimbursement and got $94 back.
Also, make sure on one of those days you spin the wheel by the players club, you can get all sorts of free stuff, I got a free buffet, wife got a free drink at some bar.