Last issue I talked about the benefits of getting a credit line with a casino. Now I’ll discuss exactly how to get that credit line. Easy! Just call your favorite casino and ask them to send you a credit application. Most casinos in a given venue use similar forms. In Vegas, the forms tend to be modest. They’ll ask for your name, address, phone, social security number and the bank account you’ll use for your credit line.
On the other hand, Atlantic City desires more information. Most casinos there will want to know your full name, address, phone number, where you work or if you’re self-employed, your yearly income, your outstanding indebtedness, the name of your bank, and the account you want to write your markers against. Some Atlantic City casinos will go one step further and ask to know your net worth.
- Casinos issue markers upon request if the gambler can demonstrate his or her ability to repay the debt. A first marker requires an application that allows the casino to check the gambler’s bank accounts, as with any line of credit or loan. If approved, the casino establishes a line of interest-free credit.
- In major gambling cities, such as Las Vegas and Atlantic City, failure to pay markers is considered a felony. Patrons who cannot pay markers within the specified time frame should contact the casino credit department. The casino will work with the patron to fashion a payment plan, with interest charges, rather than file criminal charges.
- But here’s the catch: You’re required to repay the marker amount (typically within 30 days), which may be easier said than done should your luck take a turn for the worse. As if that’s not challenging enough, many people don’t know exactly how casino markers work. So, they don’t even realize they have an outstanding debt until they.
You’ll then sign a release form which will allow the casino’s credit checkers to make sure you have enough money in the specified account to pay back the amount of the credit you’re requesting. This is an important item. When you apply make sure you have more than enough in one account to fully cover the entire line of credit you want!
The casinos will then do a credit check to make sure you’re a good risk. The whole process takes about a week. What are your chances of being turned down?
Stated one casino credit manager who wished to remain nameless: 'I’d say that approximately three-fourths of the people who ask for credit get it. The only area where there might be some difference of opinion between us and the patron is on how much credit we should give. First time credit applications are often for sums that we feel might be a little too high. If someone asks for $10,000, we might say ‘Let us give you $5,000 and we can readjust that figure in the future.’ The people we turn down are usually people who just have a history of not paying their bills. Remember we’re giving a loan for up to six weeks with no interest and we want to make sure we’re going to get that money back.'
What percentage of the money borrowed by players is not returned? The figure varies from casino to casino and state to state, and is a closely guarded secret, but I estimate that less than three percent of the total money borrowed by credit players is not paid back in a timely fashion.
Casino Marker Definition
HOW TO TAKE A MARKER
Once your credit is approved, your next trip to the casino will probably see you take out your first 'marker.' A marker is a promissory note that can be drawn directly against your bank account. In fact, it looks like an oversized generic check, which is exactly what it is.
Once you’re at the table of your choice, you’ll say to the dealer: 'I’d like to take out a marker, please.' The floorperson will be called over and he or she will ask you, 'For how much?' Once you tell the floorperson how much you want, you’ll probably be asked for your player’s card. In such a case, the casino floorperson will fill out most of the information on a marker form and ask you to sign it. If you don’t hand in a player’s card, or if the casino is very busy, the floorperson will give you a small sheet of paper where you’ll write your name, address, phone number, the name of your bank, and how much you want to take out. Then you’ll sign your name.
It usually takes two to five minutes for the marker to arrive. When it does, you’ll sign it and the floorperson will put it on the table and the dealer will count out the appropriate number of chips (credit players in Las Vegas will get the chips even before the marker arrives). Slot players will usually do their transactions at the cashier’s cage.