Best Use Of A Free Bet?
Occasionally I get a casino mailer with a free bet coupon, or a coupon exchangeable for a promo chip (same thing).
The coupon says the free bet must be used only on even-money propositions, but in practice it may be bet on not-quite-even money bets such as blackjack (possible 3:2 if you get a natural) or the field in craps (possible 3:1 if a 12 is rolled).
You receive only the winnings if you win (they pay you and take the chip or coupon) and you keep the coupon on a push.
Assume that you are otherwise busto and all you have is the one free bet (that is, you are unable to take odds, split or double down).
What is the best use of the coupon? (Remember that the EV in blackjack for perfect-basic-strategy play assumes that the player splits or doubles down when appropriate.)
Extra credit: What is your EV if you parlay one winning bet?
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