Casino credit is a way for qualified players to borrow money at the casino to play
against, rather than having to carry cash around arsenal33. Some casinos also use it as a lure
to get VIP gamblers in the door, but mostly it’s for those who want the freedom of
playing against a line of credit without having to pay the fees that come with using a
debit or credit card.
In order to qualify for casino credit, you must provide a number of personal details
and answer questions about your employment and finances. This is to prevent credit
fraud and money laundering. It’s not something that everyone is comfortable doing.
You can be approved for a certain amount of credit, usually up to $500 or so, that
you then use to request chips at the tables or funds for slot machines. The credit is
available 24/7 once you are approved and can be obtained at the table or chip cage
by showing your ID.
Markers are similar to IOUs, and while they have no interest attached, the casino
does expect them to be paid off by a set time period, at which point you can draw
on another marker. Failure to pay the markers in time may result in your account
being reported to a credit agency, which can damage your credit score. Some
casinos contact patrons before they report, while others don’t.
The casino will have to report all currency transactions and any credit lines that are
not paid back on time to the Federal Reserve Bank of New York, as well as state
gaming regulators. This is in accordance with federal laws designed to protect
against money laundering and other crimes. The banks then pass the information on
to the appropriate agencies, including law enforcement and other gaming operators.
Some casinos don’t offer this service because they don’t have the resources to
monitor credit or to deal with the paperwork. Others don’t see it as a valuable tool to
attract VIP customers. And, of course, some just don’t like the risk that comes with
issuing and collecting credit.
The downside to casino credit is that it can be very tempting to spend more than
you have, and the lack of a cash limit makes this all too easy to do. Having a
separate source of funding, such as a checking account, is an essential part of good
money management. While casino credit can be a convenient way to extend your
gambling bankroll, it is not meant as your sole source of money. If you are not
careful, you could lose it all. This is why it’s always a good idea to make sure you
have enough funds in your account to cover the marker balance when it comes due.
And it is important to remember that casinos are not allowed to allow you to take a
marker and walk with it to another property, as they are expected to be paid off
before the player leaves the table.