|
| |
Casino Credit
Have you
ever seen this? A man walks up to the Craps table that you are playing at; he
puts his Players Card down on the felt lay-out and says to the box-man "Give me
a Marker for $5,000." The box-man in turning to the floor-man or Pit Boss says
" This guy wants 5-large. The steely, well-trained eye of the Pit Boss
carefully focuses on the man, and he say's "Yeah, give it to him." The nearest
dealer dutifully breaks out various colored chips (checks) and pushes the stacks
towards the new player. A few minutes later the Pit Boss comes around the table
with a small clear plastic clipboard and pen, and hands them to the newest
player. He quickly, almost nonchalantly scribbles his name and returns to play
as the Pit Boss says "Good Luck Mr. P."
A
number of people have asked me about the use and benefits of casino credit.
To
establish credit simply, call up your favorite casino using their toll-free 800
number and ask for the Casino Credit department. They will have a few simple
questions for you, the most important of which is your bank checking-account
number. They will also ask when you are planning to visit and how much credit
you want to establish with them. Generally, your Credit Line can be as high as
the lower of either your current balance or your six-month average account
balance. They will usually have a reply to your request within three days.
Some will fax or e-mail their credit application to you. Some will fully
complete it over the telephone. Different casinos have different policies, and
they will be happy to answer any questions that you may have. In Atlantic City,
the rules are a bit stricter, and fall under a financial institutions'
"know-your-client" rules.
Once
you are approved and get to the Casino Cage, you will have to show picture ID,
and sign a few forms and a signature card. Again, different casinos have
slightly different policies, and they will again answer any questions. Through
the wonders of modern technology, you can immediately draw down a "marker" at
the tables.
Now,
rewind to the top of this article and remember what Mr. P. did when he walked up
to the table. What was your first impression of him? Or what were your
thoughts when you first saw someone like him do that at a table? Did you think
he was a "big-shot' or a high-roller or perhaps someone who was "connected with
the family", or even just a player who had run out of money and was asking for a
charity hand-out? No, he was probably just another player who understood the
benefits of playing with casino credit.
The
benefits are numerous. Let's look at some.
|
(i)
|
You don't have to carry around a lot
of cash. Most gaming jurisdictions have a higher incidence of muggings.
Why take the added risk? |
|
(ii)
|
You will ALWAYS be rated
for your play, EVERYTIME you use casino credit. Lo and behold, Caesars
Palace LV who will "only rate green play or higher" will rate and track even
a "lowly" $5 player who uses credit, and you can bet on that! |
|
(iii) |
After drawing down two or
three markers at the table, the pit staff will usually instantly recognize
you; the box-man will immediately "get the nod" from the Pit Boss to give
you the marker. It is sometimes faster than if you handed in cash that has
to be counted out before being exchanged for casino chips. |
|
(iv) |
Comps are much more
forthcoming. Be sure to charge everything to your room. If you are to
expose a certain amount of your money by way of the casino's line of credit;
then in return they are willing to give you pretty much the run of their
house depending on your level of play. |
|
(v) |
By using credit, the
casino knows "what you are good for" or how much your total gambling
bankroll for this trip is worth. It is easier for them to figure out their
theoretical win over the period of your stay. For example, a cash player
who buys in for $1,000 each session falls under their "standard" comps
formula. Unfortunately, they don't know how much that player has left in
his pocket. Why do they care? That may be his total gambling bankroll.
The credit player has a known stake, and you can be sure that they look at
that stake like a hungry dog looks at a STEAK. They are freer with their
comps if you have more "fresh cake in your kick" or money available in your
line of credit. |
|
(vi) |
There can be psychological
benefits for your ego if that sort of thing appeals to you. For some
people, to ask for and receive a marker says "I've arrived and I've got
money to play with."
|
|
(vii) |
For others it is simply an
easier way to keep track of their winnings and losses at tax time. The
casino can supply a print-out of all your table action, that is; each date,
time and table number, your buy-in, your table session, your average bets,
your win or loss amounts, and how long you were there, and how and when you
settled your marker. That kind of detail can certainly sharpen your focus
on how much you made or lost in the casinos. |
A couple
of further thoughts on the subject.
|
(i)
|
Most houses don't like to
write markers for less than $500. Most markers are settled by you writing a
cheque on the above-noted checking-account. You can usually pre-arrange for
30, 60 or 90-day extensions to that payment. |
|
(ii)
|
If you do not want the casino to have
your banking information, you can deposit a bank-draft, world money-order,
certified or "official" cheque to the casino in advance of your
arrival.Ensure that it has ample time to clear their bank before you
arrive. You can play against it as "front-money". It shows an even higher
"seriousness" about being a "casino-oriented" player. |
|
(iii) |
You can deposit cash or
traveler's-cheques into the casino cage as "front-money" and play against it
at the tables as you normally do with a marker. You receive all of the
above-noted benefits, and the added knowledge that your losses, if any, are
already covered by the cash that is in the cage. |
Handled carefully and with sober maturity, Casino Credit can be a useful tool in
the serious player's money-management arsenal.
Good Luck
and Good Skill at the Tables.
Casino Credit Update:
Click
here
for Part I, here
for Part II, here
for Part III, or here for Part IV of this series
Part One
deals with the new Cash Transaction Reporting requirements, and what it means
for you and your winnings. How to get credit, how to use it, and how to pay it
back, are all covered, along with some useful tips.
Part Two
deals with the use and benefits of casino-credit, and how to raise your stature
as a player without raising the risk to your bankroll. We’ll discuss how to
minimize your appearance on IRS radar, and how to deflect attention away from
your winnings.
Part Three
covers the “corporate family” of related-casinos. We’ll take a look at how
establishing credit with just eight (8) casino companies, can give you
readily-accessible credit in at least 50 casinos, and possibly up to 110 casinos
nationwide.
Part Four deals with
Marker-Debt Discounts.
Some
casino-corporations have long reduced the amount of an outstanding marker for
some of their “larger” or “premium” players. With the changing and more
competitive landscape, some of that “discounting” is filtering down to what most
Message Board posters call “real” or “normal” players.
| |
|
|
Jokes:
|
|
Play Online Poker
|
|
Full Tilt Poker is here to stay! 100% sign up
bonus up to $600 >> Use Bonus Code YEHA |
|
Other Funny Stuff:
|
|
|
|
