Everything You Need To Know About Casino Credit in the US
“Roll up, roll up! Come and play at the casino. You don’t even need any money to play with. We supply you with everything” Yes, it’s true. In the same way that America borrows money from China in order to buy Chinese goods, the casinos will lend you money to play their games. On the whole, you should always try and avoid borrowing money for an asset that’s depreciating, like a car for example. So borrowing to literally throw the money away, seems totally bonkers. Let’s have a deeper look at casino credit or casino markers as they’re called in the industry, and see whether it’s for you.
What is Casino Credit?
The first thing we should point out is that you will not be getting any long-term loans from the casino. Nearly all come with a 30-day proviso, meaning they need to be repaid within a month. If you fail to repay, then there are strong Federal laws in place that can lead to a heavy fine or even prison time. We strongly suggest that if you choose to take out a casino betting marker, you take the time to read through all the small print.
Make sure that you fully understand the local and national laws that might apply to such a short-term loan. Keep in mind that these casino credits are not transferable and often can only be used at the issuing casino. We suggest that you stick with the freebie casino coupons, but it’s your call.
How Can I Qualify for a Casino Credit?
When you first visit casinos to win the jackpot, it’s a great time to join the player’s club and to apply for credit at the same time. A casino host will sit down with you and explain everything. You’ll need to complete a creditworthiness form, as well as some other personal details with regard to your job, retirement, and savings. Once approved, which may be more or less instant, or may take a day or two, especially over the weekend, the application is sent to the casino pit.
The amount available will be printed on the form for the pit boss to see. Once the marker has been marked (allowed) then the customer can claim this amount of chips for table games or gambling machines. Depending on your credit rating, and playing style, you’ll be able to return to the front desk and claim some more.
Advantages and Disadvantages of Using Casino Credit
Just like a bank credit, it will come with various requirements and impediments. Depending on your particular agreement, the credit may well be interest-free. And there’s also the possibility of drawing more than one marker from a single casino. The pit boss is tasked with watching your play. Win or lose, his job is to ascertain that you’re comfortable playing. The main point is that if you lose some, you still keep betting.
Keep in mind that, from the casino’s point of view, a good customer is someone who plays jackpot games, loses everything, and yet still returns. If that’s you, then provided you pass the credit test, then there will always be a casino marker waiting for you. If you play online, then many casinos will offer a nice welcome bonus. Casinos like Bet365 Casino will ensure you have enough from your bonus and don’t need to take an extra casino credit.
The bottom line is, just as China supports the Americans so they can buy more Chinese products, the casino is no different. It’ll lend out funds for those who support the industry. Once you have a casino marker, it’s much easier to obtain credit extensions. In fact, you’ll find that the casino will do everything within its power to lend money to gamblers, confident that the customer will quickly lose it, and then return for more credit.
The Downside to Using Casino Credit
If you’re a secretive sort, then you will not be getting any casino credit. The casino will perform a deep and detailed look at your finances before granting any credit rights. In act, they will probably require even more information about you than your bank. Having said that, all your personal and banking details are protected and can’t be legally shared with a third party. As you can imagine, the casino will do everything in its power to ensure that its “loans” are secured.
There’s a fine balancing act going on with casino credits. On the one hand, the casino wants to lend money so customers can keep playing. But on the other hand, they don’t want those same customers to develop a continuous betting/borrowing arrangement. As the customer is losing the money each time he plays, there will come a point of insolvency, when he has exhausted all his personal monies, as well as those lent by the casino. Then the casino has little recourse to getting its funds returned.
But it’s an unfortunate truth that casinos will take a gamble on customers, in particular those with gambling issues. Of course, the thinking from you the player is that the more you have access to funds, even if borrowed, then this can only increase your jackpot winning chances.
One of the many possible ways in which the casino can effectively lend money is via “couple lending”. This is where a husband and wife can obtain credit together. If this sounds like a bad idea, then you’re not wrong. It’s easy for one partner to withdraw funds without the other being aware. Imagine the couple was to split up, then one could be left holding the can, and be responsible for the total repayment. Furthermore, when applying for child custody, having loans from the casino is seen as a big red flag for the courts.
What if I do not Pay my Casino Credit?
For those of you that borrow but can’t or don’t want to pay it back, then every casino will have its own laws and guidelines about how to best resolve these issues. On the whole, providing you stay at the same address, then the casino will have a private criminal charge filed. This can result in either a hefty fine or jail time. If for any reason, you hear from a casino that you are at fault in any way with regard to your casino credit, then we strongly suggest that you involve a lawyer straight away.
Then when you both make a trip to the casino to sort things out, the lawyer can assist you with your legal rights and obligation.
How Long Before I Have to Pay the Casino Credit?
Once again, you’ll find this information listed within your casino marker contract. As a general rule of thumb, once you’ve used the marker in the casino, then you’ll have around 30 days to repay it. Always make sure that you have read your betting marker contract thoroughly be signing. Some casinos will issue the credit in the form of a check. Make sure you are certain about what’s written on it. Any mistakes in the amount, and you have to pay it back, including the mistake.
It’s one reason why life is simpler playing online. We recommend Bet365 Casino, not just for the best games, but with their generous welcome bonus, there’s simply no need to go looking for extra credit.
Conclusion: Cheap Casino Credit in the US
We suggest that you never borrow money, not from the casino or from anywhere, in order to play casino games. It should never be part of your jackpot winning strategy. More especially if those games, like slots, don’t involve any skills. In the UK, gambling with credit cards is banned. Though they advertise the money as “credit-free” this misses the more important point. That you will be gambling with more than you entered the casino with. As the casino credit will probably be lost at the same rate you’re borrowing it as we strongly suggest you just stick with what you came with.
Controlling your existing bankroll is part and parcel of the art of gambling. One of our most important jackpot winning tips and tricks is to simply play with what you have. When it’s gone, then it’s time to go home.