Introduction: What is a Casino Marker?
And so it does. Because you’ve already played at this casino before, there’s a short bit of easy paperwork, signed and sealed at the table, and you’ve now got a casino marker facility worth $98,000! Yep, even though your bank account doesn’t have that much cash in it, you have no worries. After all, you’re only going to touch a tiny bit of it. Your luck is on the point of turning, so why not? The drinks keep coming. There are some small errors on your part, some missed chances. And before the night is done, all your casino credit is gone. The casino wants its cashback. You can’t cover your losses and suddenly your in the District Attorney’s Office facing real jail time. Wait! What?
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Non Payment is a Criminal Offence
Seems far-fetched? Well, think again. This same scenario plays out for over 20,000 people each and every year in the US. recently in California, a guy was found guilty in criminal court for over $300,000 of casino credit debt. In 2010, a guy from Wisconsin, not to be outdone by any West Coast dude, took the casino for $3.75 million in debt. Gambling markers are big business in Las Vegas. And you probably should learn a little more about them before embarking on such a trip to jail.
Interest free Line of Credit
Now the official explanation of a casino marker is that it is simply a line of interest free credit extended to casino players. You apply for it at the casino credit department, just like in a bank, but the rules for receiving it are pretty relaxed. But just because they have the term “credit” in them, doesn’t mean you can treat them as you might your credit card. This couldn’t be further from the truth. Yes, they are short-term interest free loans. But they require a prompt repayment. Any failure in this regard will result in ever escalating fees and possible criminal charges.
The Casino Marker Function
Of course, the casino wants you to continue to gamble for as long as possible. That’s a given. So the use of a marker certainly has its place in the casino environment. It’s convenient and being interest free, a great way of having spending money without the bother of actually bringing the actual cash to the casino location.
Casino Marker Benefits
If you use the automatic teller machine in the main street to withdraw cash, then there’s always a charge on top of your bank. The same with any cash advance. But the casino marker has no cost associated with its issue. The money is interest free. On the whole, payment isn’t due for at least 15 days, and more often, 30 days, depending on the individual casino’s credit policy. And these markers can start at as little as $500.
The Repayment Time Frame
On the whole, you’ll gonna be needing around a week’s notice in order to gain a casino marker. Once the paperwork is complete, then there are some rudimentary background checks, in the same way as if you’ve applied for a credit card. The casino credit department is going to look at your finances and trying to assume what your risk factors might be.
Getting Casino Marker Features
Now once you have approval, then the casino credit department will inform the floor. Once you’re seated at the gaming table, you should inform the staff that you wish to make use of your marker. The games supervisor will access your info on a computer and then have you sign some paperwork. You’ll then receive the requested amount in casino chips, along with a receipt. It’s normal for most customers to pay off the marker before they leave the casino in that session.
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Casino Marker Misconceptions
Though to a certain degree it’s in the casino’s interest to hand out markers, they are also business savvy people. To that end, obtaining a marker is not as easy as some would like to think. Many of the big player casinos, like those to be found in Las Vegas or Atlantic City, are very cautious and take their time to do a deep dive into your financial situation. Also, it’s not exactly true that a marker is totally interest-free. That’s only if it’s repaid at the end of the session. Otherwise, the interest is an eye-watering 18 compound (or higher!) if there’s no payment within the stipulated time frame.
A Word of Warning
In the major gambling cities of Las Vegas and Atlantic City, failure to repay your casino marker within the agreed time frame is considered a felony. And they regularly send folks to the slammer. Worst still, the debt is not forgiven after prison. And because it’s a criminal matter, as opposed to a civil one, even bankruptcy cannot free you from this one type of debt. We recommend that you manage your money better before setting foot into any gambling establishment. Come on, you don’t need added credit. Go to enjoy yourself and then call it a day, when your bankroll is done.