Originally Posted by Alan Mendelson View Post

Correct. But only because you won the second bet. The rebate by itself does not make you win.

Perhaps we're arguing apples and oranges.
Correct. No, the rebate gives you a positive expectation. Just like playing a negative expectation game doesn't, "Make you lose." You can win. It becomes decreasingly likely as your sample of attempts goes up. Just like you are increasingly likely to be profitable as your sample goes up on a positive expectation play.