potato chips until the bag is empty, it’s safe to say casino credit may be another bag you don’t want to dip into.
Crediting yourself with an account
Recognizing that borrowing from the casino can lead to gambling debt is a critical step as you consider managing your bankroll. Yet credit can benefit people who are extremely disciplined inside the surrealistic confines of the casino. And casino credit does offer the following clear advantages:
Makes you a prime target for attractive comps (free meals and entertainment, for example)
May lead to invitations to big casino events
Allows you to cash personal checks at the casino cage instead of using the ATM or borrowing on your credit card, which can result in additional service fees
Allows you to gamble without the risk of carrying large amounts of cash
Establishing a line of credit is easier than you may think because the casino doesn’t want to make borrowing money hard for you. You can set up a casino line of credit in one of two ways:
At the cashier’s cage upon arrival
Over the phone prior to your visit
On the casino’s website or app before your visit
HIGH ROLLERS: MOVING UP TO THE CHAMPAGNE AND CAVIAR CROWD
High rollers may want to ignore the previous warning about the dangers of casino credit. And in fact, serious gamblers (bankroll of $20,000 or higher) will enjoy some serious benefits from working against a line of credit rather than playing with cash.
The first advantage of credit is its safety and convenience. As of the writing of this book, the $100 bill is the highest denomination in common circulation. If you’re gambling thousands of dollars per session, casino credit lets you avoid the risk and hassle of carrying around a pocket full of Benjamins. Your gambling experience will be as simple as sitting down at a table and signing a marker in exchange for chips.
The other big advantage of gambling with credit is that it allows the casino to track your action more easily. As a result, you qualify for higher levels of comps and make the A-list for special casino events and functions.
Most casinos around the world comp high rollers to room, food, and beverage (RFB), but that’s only the beginning. Other perks may include taking a free limo from the airport and skipping those long, tedious lines at check-in or at restaurants and showrooms. And frequently, casinos comp airfare for their biggest bettors.
For exceptionally high rollers, comps can be truly over the top: Tickets to big ball games, skiing junkets, Caribbean trips, and more. These perks are certainly appealing and just may entice you to step up to the big leagues.
But remember, for most players, the more they gamble, the more they lose. And just because you have money to burn doesn’t mean you should. Bill Gates is, without question, one of the richest men on the planet. But whenever he plays poker in Las Vegas, Billionaire Bill sticks to the $3 to $6 tables, which is probably a good life lesson for everyone else.
Using markers against casino credit
After you establish your line of credit, don’t expect to get a plastic credit card with the casino logo on the front. Instead, you use markers at the tables to tap into your line of credit. (A marker is basically a check or IOU that you sign at the gaming table.)
THE TRUE COST OF AN ATM
Don’t like the cut your bank takes when you use the ATM at home? Try using one at a casino! Not only are the odds at a casino stacked against you, but so are the ATM fees. In addition to the standard bank charges for using the ATM, the casino hits you with a stiff fee at the terminal. How can you avoid both fees? Simple: Bring a set amount of cash and spend only what you bring.
At the end of your visit, the casino expects you to write a check to cover the cost of any losses you incurred during your visit. If you refuse to pay, the casino has the right to post the outstanding markers with your bank for collection from your account.
Knowing When Enough Is Enough
By its very definition, gambling implies risk, something many people aren’t used to dealing with. In your work life, you eliminate uncertainty by accepting a job with a fixed salary. In your daily life, you protect against disaster through a spectrum of safety precautions, from smoke detectors to seat belts.
When you walk into the casino, the house is betting that your unfamiliarity with risk will work in its favor. (Look at how easy establishing a line of credit is and how quickly the little extras, such as comps, make you amenable to spending and risking more money.)
By following the advice in this chapter, you’re taking the appropriate steps to reduce your risk of gambling-related problems when you enter the casino. But you’re wise to continue looking for signs of trouble during, or even before, your casino visit. These problems can take many forms beyond simple financial issues; they can affect your relationships as well as your health. This section helps you identify the warning signs so you can walk away before it’s too late.
Knowing the odds of failure
Because heaven knows the casino does everything in its power to help you step off the plank and into the ocean of risk, is it any wonder some people get in over their heads before they even realize they’re in deep water? Chapter
