How Casino Markers Work

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Introduction: What is a Casino Marker?

Work

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

A casino marker is an advance that a casino has given a known gambler to their casino. Legally what it is, is nothing more than a check that the gambler is actually writing to the casino and the casino is waiting to cash it. Because it’s considered a check, at the time that a person is gambling they are required to have the money ready and able to be cashed at that moment in time. As if that’s not challenging enough, many people don’t know exactly how casino markers work. So, they don’t even realize they have an outstanding debt until they receive notice from the casino. So, they don’t even realize they have an outstanding debt until they receive notice from the casino. How Does Casino Credit Work? To use casino credit at the slot machines, proceed to the casino cage, present your ID, and ask for a marker. You can sign a marker for any amount up to your available credit limit. Then, the cashier will issue you cash or a slot voucher to play with. A casino marker is an advance that a casino has given a known gambler to their casino. Legally what it is, is nothing more than a check that the gambler is actually writing to the casino and the casino is waiting to cash it. In short, a marker is a gambling debt. Casinos will issue “credit” to a person who wishes to gamble in that hotel, as long as the gambler writes the casino a “marker” (similar to a check) for the amount borrowed. This makes gambling more convenient, especially if you would otherwise carry large amounts of cash while traveling to the hotel.

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

How Does Casino Markers Work

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

How Do Casino Markers Work

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 Markers How They Work

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.

How Do Casino Markers Work

A Word of Warning

How Do Casino Markers Work

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.