A junket always implies travel, and usually implies a group. The junket operator (hired by the casino) will charter an airline to take 80 or so gamblers to one specific casino. They will all receive full RFB(room, food and beverages) and have run of the casino. Usually, junkets and comps offer a lot of free services to the crapshooter. For example, you can get RFB from both junkets and comps. Further, once you establish yourself as a loyal gambler, you will be invited back, and in doing so, the casino will offer you more free rooms, free food and free beverages in return for your continued gambling.
Junkets first started on the East Coast, as a way to attract seasoned gamblers from Las Vegas to Atlantic City. In present, Las Vegas casinos do the same thing, in order to attract people away from the East Coast into their own bank accounts.
The people all pay the junket operator a certain sum of money (usually between $5,000 and $10,000) up front. When they get to the casino they can use this money to gamble with. Sometimes they get casino credit and sometimes the operator gives them the full quantity back in non-negotiable, playable chips. Anyway, you always pay your junket costs in advance of your travel and your gambling sessions.
Comps, on the other hand, are given to you after you gamble. Although airline repayment is possible, it will not happen until after you play and meet a certain minimum playing condition, like $100 average bets for four hours a day. Junkets are available only to higher rollers. Certain comps (like a buffet) are also available to players who bet as little as $5.
There is another way to get some free casino services, which is a combination of the junket and comps. This is called a turnaround and is a day trip to the casino by bus or train. Like the junket you need to pay in advance, but it is only $200 or so, and you will usually receive the same sum of non-negotiable playable chips in return. Additionally, the casino will offer you two free buffets. You’ll be transported to your favorite casino early in the morning and late at night you’ll be back to your starting point. Turnarounds are very popular with Indian casinos and resorts that provide food to locals.