The Casino Marker – A Dangerous Path
Introduction: The Casino Marker
There are probably many gamblers who have heard the term “casino marker”, and may well wonder what it means. Well, maybe the best way to explain it, is with a little story. Supposing you decide to go gambling at a Las Vegas casino, but it turns out that you’ve spent your whole bankroll whilst playing at the jackpot games table. Depending on how much you have been betting, the casino wants you to continue. They will offer you a casino marker questionnaire. You fill this in and if they’re happy with what you’ve written, they will give you up to $100,000 worth of markers.
In many ways, this is a form of credit. So you need to be absolutely certain that you have enough money in your real bank account to cover any potential losses. Be very careful about going to casinos to win the jackpot, running out of funds, and then taking a loan for gambling purposes.
Piling up The Debt
Here’s the bit where it gets interesting. Suppose that you’ve had too many drinks at the bar and you’re playing with credit that has been extended to this upper limit. You have placed terrible wagers and now the credit of $100,000 has been used up. The casino manager approaches you afterwards and asks you to cover your losses. You can’t do it and in a flash, the District Attorney’s office has filed criminal charges against you, and you may well end up in prison.
Travel Light
Essentially a casino marker is a promissory note written by the casino and a casino official who recognises what the patron owes. Many gamblers, especially high rollers, are wary of bringing huge sums of cash into the casino and find it easier to take a small loan from a casino itself, which they then repay at a certain point in time by bank transfer. Once the marker has been paid in for then the debt is cleared. You don’t have to travel anywhere if you choose to gamble online.
You can be sitting at home in your pyjamas, fire up your phone and you’ll be good to go. We love to visit Casinoin.io as they have a huge selection of games.
Failure to Pay Your Casino Marker
Now, if a marker is not paid back, and the casino patron has no funds to do so, then things move up a gear and the casino will prosecute them. In many US States, gambling debts from a casino are a criminal offence and you will be arrested. If the gambling debt is less than $1,200 then the likelihood is that you’ll be charged with a misdemeanour and you could end up being fined after $1,000 as well as spending six months in jail. Gulp!
It Gets Worse
Now if your casino debt is higher than $1,200, then you will be charged with a crime and you could end up spending between 1 to 4 years in the clink and also have to pay a penalty of about $5,000 plus and the extra administrative cost. You’ll also still have to refund the amount in total to the casino.
How to Get a Casino Marker
If you wish to get your hands on a casino marker, then you’ll have to fill out a huge credit questionnaire. These will ask for such details as your identity, your social security number, and of course, your bank account details. If the gambler has been previously licensed then he’ll order up to a pre-set amount of money which will then be written in the cage or the trap. Once the gambler has signed the marker he has the option of collecting either chips for the gaming tables or cash to use in the slots machines.
What is The Collection Process For Casino Markers
If the player has over 30 days of non-payment, then the casino will try and withhold funds from the bank account used on the credit application. Now, if there’s no money available, the casino has to give a warning letter to the customer, which gives them no more than 10 days in which to pay up. Once the 10-day passes without payment, the casino can go straight to the district attorney’s office, which will then issue another 10-day warning though the debt will increase with a penalty charge from 5% to 10%. If the money is still unpaid, then the player will be arrested, charged, and convicted to the full extent of the law.
The Pros And Cons of Using a Casino Marker
- Rather than carry cash to and from the casino it’s much better to use a marker for purposes of security protection and the logical advantage. This is particularly true for gamblers that move around a lot from casino to casino.
- If a customer has several lines of credit at many different casinos, then having a casino marker is a luxury that they can use more than one at a time. All these lines of credit will be issued from the same bank and all will have a 0% interest rate.
- When you decide to use a casino marker, some casinos will actually add credit to the overall sum. The casino wants gamblers to carry on gambling with extra opportunities for losing money. A player who is able to consistently repay their casino marker will find all sorts of credit incentives waiting for him if he chooses to take a casino marker. in the same way that a casino like Casinoin.io will give you a loyalty bonus for playing with them. They also give a very tasty welcome bonus of 100% up to €200 plus 60 free spins!
- The casino marker questionnaire will ask a great many personal questions which will put off many gamblers. This is so the casino can protect itself and also it’s a great way of obtaining a customer’s records just in case they cannot repay the dad.
- One consistent problem with the use of casino markers is that many inexperienced players are unaware of how quickly money can be lost at the casino. You might be surprised as to how few chips it takes to lose in order to end in bankruptcy. The problem comes from players who think that a casino marker is more than just a temporary aid and they begin to see it as a long-term betting strategy. This is fatal. The casino marker is a poor method to use to increase your jackpot winning chances.
- Sometimes couples will gamble together at the casino and will share a line of credit. We suggest that each individual is very cautious about this approach. This is because it’s very easy for one partner to leave the other one in the lurch. It’s also very easy for one partner to withdraw money without the other one realising. And continuing the theme of lack of trust, if there was ever a divorce then you’d be surprised how many spouses councils will use the evidence that you took a casino marker to prove that your a problem gambler and therefore unfit as a parent when it comes to visiting the children and other family matters. We suggest that if your marriage is not in the best condition then for God’s sake don’t share a casino marker.
- If you’re after a casino marker in Las Vegas, then an agency called Central Credit will be used to determine your credit background by looking at your records at other casinos. Depending on these, a decision will be made as to whether you can be accepted for a loan. It’s probably best to stay away from this agency as they’re famous for making extra money by selling your financial information to third parties.
- If you decide to take a casino marker at a certain casino then you are only able to use the marker and that particular casino. In fact, if you were to try and use your casino marker at another casino, then it would result in the cancellation of your line of credit and you would need to repay whatever you had used instantly.
Conclusion: The Casino Marker
As such we can see that the casino market is essentially a loan from the casino. Every player should be cautious about taking this route to finance their bankroll at the casino. It’s not a long-term jackpot winning strategy. We suggest that every gambler should seek legal advice before they decide to take such a loan, as the penalties appear to be very strong indeed.
