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Types of Casino Credit Lines You Can Avail

February 2, 2020 20 0
Types of Casino Credit Lines You Can Avail

One of the main reasons why the Korean government banned gambling is the negative effect it causes its citizens. One of them is resorting to loan sharks to finance their gambling habits. Still, many gamblers consider having a casino credit line advantageous for them as means of their improving their gambling capital.

What is Casino Credit?

Some casinos permit you to play even if you don’t have a bag of cash with you. Through credit terms, you will be able to avail in three different forms in a casino: front money, line of credit, and front money. You must also be aware that not everyone is permitted to benefit from each form of credit, and not all casinos have available loans to offer.

Deposit Account

A deposit account is also known as front money, in which you can deposit your cash at the cashier (casino cage). It is the same as opening a bank account but without any fees incurred. When you sign a marker, you are allowed to withdraw the money any time you want to play. You can also easily add money to your account, and there’s nothing to pay back because you are using your own money.

Line of Credit

Much like a car loan or a mortgage, the casino will lend you money and issues an agreement to be paid back within a specified deadline. It will be a prerequisite for the casino to investigate both your credit history and bank account to ascertain you’re an eligible candidate.

What are the Benefits of a Casino Credit?

Applying for a line of credit gives you a handful of advantages:

  • Some casinos offer a rebate on your total amount of loan, usually at 10% if you take out a marker and lose.
  • If you are using a single bank account and open lines of credit at several casinos, you are entitled to process your draw on all venues all at the same time.
  • We all know that ATMs have withdrawal limits every day. In a casino credit, it would not be a problem if you are a high roller because it allows you to play without going to ATMs for cash after exhausting yours.
  • Your credit loan is free from any interest charges.

Here are some of the disadvantages of a Line of Credit:

  • In every loan application, you will provide many details about yourself, such as your bank account numbers and your social security.
  • If you have multiple credits from different casinos, it could be against you in legal cases such as divorce proceedings.
  • You will ruin your credit and if you are not able to repay on time. Worst for you will be jail time if you fail your agreement.
  • If you apply for a loan on a casino, the management will, of course, expect you to play in their establishment.

Tips on the Best Ways of Availing a Casino Credit

In a loan application, it is imperative to fill out the application forms before proceeding to present you with the money. It is best to go directly to the casino group you desire to play.

You will have to provide this list of information:

  • Your date of arrival
  • Social security number
  • Applicant’s full name
  • Applicant’s current address with state, city, and zip code
  • Your birth date
  • All working phone numbers (home, work, cellphone)
  • Official photo ID with number and expiration date 
  • Details of your employer (name, job title, general phone number, company address)
  • E-mail address
  • Your bank details (name, account number, and routing number)
  • The applicant’s signature

You must fill out the application form online by providing all these details, and you must send it through mail or fax to the casino along with a copy of your driver’s license, a voided check, and an additional photo ID. As soon as you submit your information, the credit department will communicate with your financial organizations listed in your application. They will then ask the bank for an investigation and check your account. The credit management will require your bank to declare your average numerical balance whether it is “low,” medium,” or “high” to determine if you are capable of paying back your line of credit.

Any money borrowed from the casino should be paid back within the agreed date to steer clear of collectors and legal hassles.

What You Need to Know About Using Casino Markers 

If you want to avail of a line of credit at a casino, you must have at least the same amount of money in your bank with the total amount you are applying. The credit management also requires you to have good credit, which means you are paying your bills on time.

The casino would also want to know that you will play at a level with your credit-line worth. Meaning, if you usually play for a short period and never lost more than $500 in a day, the casino will have a hard time giving you a $10,000 credit approval. But if you are willing to lose $6,000 or more, the credit management will be more than glad to provide you with the opportunity to lose some more in your next games. 

Also known as check cashing credit, you can use this casino loan to play. It resembles like a traveller’s checks that have a 30-day limit for you to pay back your loan and are mainly IOUs issued out to the casino. A marker is a loan without any interest charges. You can avail of another marker if you pay your previous loan on time. Otherwise, the casino may opt to advance your account to your bank for payment whether they will advise you or not about this procedure.

Advantages of Using  Casino Markers:

  • You will have the convenience of not carrying cash inside the casino for security and practical reasons, and this is beneficial for you, especially when you travel across the country to gamble. 
  • Some casinos provide offers for credit players, especially when they see that you have the resources to maintain your game with the losses. Casinos treat their players as net losers, which is valid for most customers. Using these credit benefits gives an advantage to winning players.

Disadvantages of Using Casino Markers:

  • Casinos will send thugs to hurt you if you fail to pay your casino markers. Markers are considered legal transactions and failure to respond to the agreement can get you into trouble.
  • Using your credit requires you great control over your gambling. Other players went bankrupt when they abuse their game and confidence. 
  • Central Credit is an organization of casinos where they share data. Casinos use this organization to locate where else you play and obtain information about your credit history. 
  • Gambling at a different establishment within the same corporate umbrella is often not declared walking with a marker.

Using markers properly can be very beneficial for both parties. It is essential to understand the specific rules, limitations and potential pitfalls of availing markers. You must also be sure about your capacity to engage in such a transaction.

 

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