Casino credit is a tool for players who don’t want to handle large amounts of cash while playing slots or table games. Unlike gambling credit cards, which are tied to your bank account and charge interest on what you borrow, casino credit works much like a short-term loan. Generally, the amount you draw on your casino credit is marked with a marker, which is similar to a check that isn’t deposited right away. Once you’ve signed a marker, it is legally binding and, if you don’t pay it back within the agreed-upon time frame (typically 30 days but this can vary), it will be presented to your bank for payment.
Getting a casino credit line usually requires some sort of credit history with a casino. However, the actual credit score that you need to qualify for a casino credit line isn’t always that high. The credit department is also looking at your current financial status, any outstanding markers you have and your history with the casino in order to determine how much you’ll be able to draw on your line of credit.
If you’re interested in applying for casino credit, it is best happyhappy88 to do so prior to your trip. The casino will need to conduct a credit check and will likely require a copy of your driver’s license. The casino will then decide how much you can draw on your line of credit, which is typically set at $10,000 or less.
Once you’ve been approved for a casino credit line, it will be a good idea to use the money as soon as possible to reduce the interest charges. You should also know that the credit you draw is only for use at the casino that issued it. If you take your marker to another casino and gamble with it there, this is called walking with a marker and casinos get irritated when patrons do this. They’re in the business of helping people gamble, not lend money to them for free.
If you don’t repay your marker within the given time frame, the casino will send a letter to your address, and may also contact your bank directly to try to collect the debt. If you’re not able to pay your debt, it is recommended that you seek legal assistance as soon as possible. In Nevada, failing to repay a marker is considered a Class D felony and carries stiff criminal penalties. Generally, casinos will work out a repayment plan with you rather than going this far, but it’s important to know the risks before applying for casino credit. Remember, good money management is critical at all times, and this is magnified even more when you’re playing with 0% interest money. Ultimately, casino credit is only an option for those who can control their gambling habits and maintain discipline when using the money. Otherwise, you’re at risk of getting buried under a mountain of debt. Luckily, there are many reputable debt consolidation companies to help you dig out of the hole you’ve made for yourself.