Free bets on Golden Knights to win the Stanley Cup? Only in Vegas

The Vegas Golden Knights are one step closer to winning the Stanley Cup. Juan Ocampo/NHLI via Getty Images

Station Casinos properties in Las Vegas are hoping to attach themselves to the excitement of the Vegas Golden Knights hockey team, which, remarkably in its first season, is now the favorite to win the Stanley Cup.

The hotel and casino operator is sending out redemption details to its 150,000 "Boarding Pass" loyalty members to be able to place a "free bet" at its sportsbook. The bet is on the Golden Knights to win it all and the amounts are randomized, from $5 to $250 for each bet. The bets will pay out on a 4-to-1 basis if the Knights do in fact win the Stanley Cup in June, meaning a $250 voucher would become $1,000.

"We wanted to do allow our guests to have even more reasons to be excited," said Staci Alonso, executive vice president and chief marketing officer of Station Casinos. "There are so many first-time bettors coming to the sportsbooks asking how they put money on the team."

In a standard Vegas marketing tactic, loyalty members have to show up at the casino to redeem their vouchers from kiosks on a specific day -- for this promotion it's April 23. People can also come that day and play to earn enough points to become a loyalty member and immediately redeem their bet.

Participating Stations Casinos with sportsbooks include Palace Station, Boulder Station, Texas Station, Sunset Station, Santa Fe Station, Green Valley Ranch and Red Rock Casinos.

The majority share of Station Casinos is owned by Frank and Lorenzo Fertitta, who sold the UFC to WME-IMG for $4 billion in 2016.

Based on projected redemption rates, Stations -- which already will be in the red if the Knights win -- would give away $1 million.

There is, of course, one problem: Bettors have to enter a casino in April and walk out in June to get their money. The house always wins.