The patron signs the paperwork and is given the appropriate amount of credit in chips. A receipt is given to the patron to use when paying off the marker.
It is customary for patrons to pay back the marker before leaving the casino if they have enjoyed a winning session. Many patrons believe obtaining casino credit is easy, particularly in Las Vegas.
Many people also believe a marker is totally interest-free. But, interest charges of 18 percent and higher are charged if full payment is not received within the agreed time frame.
Failure to pay a casino marker is a serious offense. 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.
Tom De Martini is a journalist with more than 25 years of experience covering everything from the U. He also serves as a correspondent for Lexington, Ky.
Function Casino markers allow patrons the ability to access a line of interest-free credit for quick and easy access to large sums of cash.
Benefits Casino patrons use markers to avoid paying fees for automatic teller machine and credit card cash advances. Time Frame Patrons seeking a credit line must fill out an application requiring financial and banking information that is provided to credit card companies.
Features Once approved for casino markers, patrons inform staff of their intention to use the credit line when they are seated at a table game.
If you qualify for one, a casino will gladly grant you one at your peril. Here are some things you need to know about Las Vegas casino markers before you go down that road.
Casino markers are generally defined as short-term, no-interest credit lines extended by casinos. In reality, however, this explanation is extremely misleading.
Because gambling institutions treat these markers as credit when they give them out, many people assume that they are no different from credit card lines of credit.
The law describes Las Vegas casino markers as checks, and unpaid casino markers can be prosecuted under Nevada bad check laws. Before receiving a casino marker, the patron must complete a credit application asking for information such as his name, social security number and complete bank account information.
Once approved, the gambler can request a marker for a specific amount, which is then printed in the cage or the pit.
The customer must sign the marker, after which he is free to redeem it in the form of chips or cash to use at the slot machines.
Gambling markers are interest-free, provided that the borrower repays them within the specified period of time. For Nevada casino debts, the timetable is usually around thirty days.
After this, some clubs may offer a payment plan to patrons who request it, but they are not required to do so. If they do agree to take installment payments, they will charge interest.
More often than not, they will simply press charges against those who default on the casino marker. Casinos can be intensely aggressive about pursuing these claims.
After thirty days of nonpayment, the casino attempts to withdraw the funds from the bank account on the credit application.