smoothgrh
smoothgrh
Joined: Oct 26, 2011
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January 28th, 2020 at 8:56:02 AM permalink
Vital Vegas reports that debit card machines are now at some casino table games.

So as mentioned on another thread, a $100 withdrawal comes with a $6.50 fee.

It does seem morally outrageous at first (the entire concept, not just the fee), but I do think it would be helpful when I need to double down and I don't have enough chips to do so. Also, their availability might be way better than walking through some dicey areas of downtown. (Is "dicey" redundant?)

I like Scott Roeben's writing style: "Reminder: ATM stands for “automated teller machine,” so please don’t say “ATM machine.” Sorry to call you out, news release, but common mistake."
billryan
billryan
Joined: Nov 2, 2009
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January 28th, 2020 at 9:01:28 AM permalink
How many hands are there that you can double and overcome the 6.5% vig on?
smoothgrh
smoothgrh
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January 28th, 2020 at 9:05:52 AM permalink
You're right that it doesn't make economic sense—it's more like making emotional sense.

I'd probably think "I'm going to need more cash eventually anyway."
TDVegas
TDVegas
Joined: Oct 30, 2018
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January 28th, 2020 at 9:09:30 AM permalink
Quote: smoothgrh

Vital Vegas reports that debit card machines are now at some casino table games.

So as mentioned on another thread, a $100 withdrawal comes with a $6.50 fee.

It does seem morally outrageous at first (the entire concept, not just the fee), but I do think it would be helpful when I need to double down and I don't have enough chips to do so. Also, their availability might be way better than walking through some dicey areas of downtown. (Is "dicey" redundant?)

I like Scott Roeben's writing style: "Reminder: ATM stands for “automated teller machine,” so please don’t say “ATM machine.” Sorry to call you out, news release, but common mistake."


If you are that far down (and obviously things haven't been going well) where you don't have the cash to double down....I might suggest to just hit in this one instance instead of fumbling for a credit/debit card.

The entire thing of allowing people to get cash at the table with plastic seems to me to be catering to the most at risk gambler. I imagine the "drunk excuse" lawsuits will increase with this one.

I assume this is nothing more than getting around the fact that credit card companies won't let you make wagers on the card. Can't do it at the sports book. "Ah, here sir....just swipe your card, I'll give you cash, you wanted the 49'ers"?

I'll take the inconvenience of having to walk 20 steps and process an ATM withdrawal...maybe someone will re-think it on the walk or if there is a wait at the ATM and say "time to leave". The back room offices of casino marketing departments...there's some good laughs on getting this one thru.
rsactuary
rsactuary
Joined: Sep 6, 2014
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January 28th, 2020 at 9:19:37 AM permalink
Quote: smoothgrh

So as mentioned on another thread, a $100 withdrawal comes with a $6.50 fee.



It's better stated, as in the article, as $4 + 2.5%. It's unlikely that someone is going to withdraw JUST $100. On $1000, it's $29 which is 2.9%. Not terrific but not horrible.

The article also mentions that the $6.50 fee is comparable to ATMs for a $100 withdrawal. Not sure what machines he's been to, but that seems way expensive, even for Casino ATMs.
Minty
Minty
Joined: Jan 23, 2015
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January 28th, 2020 at 9:23:52 AM permalink
How much can a person withdraw at once? I know most of the ATMs I use I'm only able to get $300 at a time.
"Just because I'm not doing anything illegal, doesn't mean I won't have to defend myself someday." -Chip Reese
DRich
DRich
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January 28th, 2020 at 9:50:14 AM permalink
Quote: Minty

How much can a person withdraw at once? I know most of the ATMs I use I'm only able to get $300 at a time.



That number may be a limit by your bank. My bank used to have an $800 limit on my withdrawls per day but I called Wells Fargo and they agreed to up it to any amount I wanted. I just had to sign a waiver that they would not be responsible for withdrawls if my card got lost or stolen. Most of my ATM cards now allow me a $3,000 daily withdrawl.
Living longer does not always infer +EV
Gialmere
Gialmere
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January 28th, 2020 at 10:28:03 AM permalink
Quote: smoothgrh

I like Scott Roeben's writing style: "Reminder: ATM stands for “automated teller machine,” so please don’t say “ATM machine.” Sorry to call you out, news release, but common mistake."


[Shrug] ATM machine is an understandable tautology, like VIN number or HIV virus. Unless there's clarification, for all we know The D is offering its table game players Anti-Tank Missiles.
Have you tried 22 tonight? I said 22.
Joeman
Joeman
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January 28th, 2020 at 10:29:25 AM permalink
Quote: rsactuary

It's better stated, as in the article, as $4 + 2.5%. It's unlikely that someone is going to withdraw JUST $100. On $1000, it's $29 which is 2.9%. Not terrific but not horrible.

So, you get a better return playing 8/5 JoB than from getting money out of the ATM machine? Sheesh!

Quote:

The article also mentions that the $6.50 fee is comparable to ATMs for a $100 withdrawal. Not sure what machines he's been to, but that seems way expensive, even for Casino ATMs.

The last time I visited a casino ATM, it was a $6.95 flat fee. Fortunately for me, my bank refunds ATM fees.
"Dealer has 'rock'... Pay 'paper!'"
Minty
Minty
Joined: Jan 23, 2015
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January 28th, 2020 at 10:31:07 AM permalink
I'm generally a calm, rational person but ATM fees make me reconsider all of that. Haha. Didn't know any banks refunded them. That's a handy feature.
"Just because I'm not doing anything illegal, doesn't mean I won't have to defend myself someday." -Chip Reese

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