[Editor’s Note: This answer is provided by Arnold Snyder.]
With the rule set you provide, the house advantage over a basic strategy player is only 0.32% (about one-third of 1%). As I assume the deck is shuffled after every round, you can’t really apply a card-counting system, so the only way to beat this game would be with players club points, stadium blackjack assuming the points earned had enough value to wipe out the small house edge and then some.
As you suggest, the casino probably makes its money on this game with the crazy side bets, but also with an awful lot of player errors. As soon as a casino allows soft doubling and surrender, amateur players’ errors go way up. Many card counters know basic strategy for these rules, but the general public makes lots of costly mistakes. (And I doubt many card counters would be interested in this game.)
You mention that the minimum bets are either $1 or $3. What are the maximum bets? The value of the slot club points earned would be a function of both your bet size and how many hands you could play per hour. I suspect you couldn’t play multiple simultaneous hands. I don’t know all the ins and outs of exploiting players club points and these potential club gains vary from casino to casino and probably have higher value on specific days or with a casino’s promotions.
If you’re trying to beat the game, then I’d look into the players club potential. If you’re just trying to have cheap fun, go for it! Just don’t get tempted by the side bets and brush up on your basic for all soft doubling, pair splits, and surrender. That’s where amateurs lose their money.