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vert1276
vert1276
Joined: Apr 25, 2011
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August 11th, 2013 at 12:31:07 PM permalink
pretty good article in Cigar Aficionado(I seem to be the only one who reads this magazine so I post their gambling articles) about markers/casino credit and missing payments

Collecting the Debt
EvenBob
EvenBob
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August 11th, 2013 at 12:57:28 PM permalink
Its such a win-win for the casino. They never actually
give you any cash, only credit. When you blow $10K
in markers, the casino isn't out $10K until you pay
them back, like a bank or even loan shark is. They
aren't out anything, its all fantasy money. So if they
have to write off a few bad debts, so what, there was
no cash involved. I'd be giving credit to players under
those conditions too.
"It's not enough to succeed, your friends must fail." Gore Vidal
Frogger
Frogger
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August 11th, 2013 at 1:09:03 PM permalink
That's not true at all. The casino could lose on the initial gambling.
EvenBob
EvenBob
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August 11th, 2013 at 1:14:44 PM permalink
Quote: Frogger

That's not true at all. The casino could lose on the initial gambling.



Sure they could, you think thats what happens on
most markers, they lose? No, the vast vast majority
of the time the players lose. And so what if they win.
The casino gives out a $10K marker, they aren't out $10K
if the player wins. They're only out the amount he won,
which he would have won anyway without the marker.

People don't take out markers because they're broke
and casinos don't give them to people who are broke.
Its a convenience for the player, thats all.
"It's not enough to succeed, your friends must fail." Gore Vidal
Frogger
Frogger
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August 11th, 2013 at 1:38:50 PM permalink
He may not have played at all without the marker.
Beethoven9th
Beethoven9th
Joined: Jul 30, 2012
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August 11th, 2013 at 1:42:03 PM permalink
Quote: Frogger

He may not have played at all without the marker.


You're missing the point. Players with/without markers will lose more often than they win, so it's in the casino's best interest to get them to play.
Fighting BS one post at a time!
MangoJ
MangoJ
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August 11th, 2013 at 1:51:23 PM permalink
Quote: EvenBob

Its such a win-win for the casino. They never actually
give you any cash, only credit. When you blow $10K
in markers, the casino isn't out $10K until you pay
them back, like a bank or even loan shark is. They
aren't out anything, its all fantasy money. So if they
have to write off a few bad debts, so what, there was
no cash involved. I'd be giving credit to players under
those conditions too.



Sorry, but this is quite naiive. Just because there are only checks involved doesn´t make it fantasy money. If they give you $10k in chips as credit, these are quite real for the casino - even if you cannot cash out without repaying the debt first.

What happens if you put the $10k on roulettes reds and win, and cash out the won $20k ? What happens if you lose and never repay the debt ? In the first case the casino loses $10k, in the second case they lose nothing. Even for such a simple hit&run tactic the fantasy $10k credit turns out to be (a bit less than) $5k very real dollars. And there are better tactics available than just $5k.
EvenBob
EvenBob
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August 11th, 2013 at 1:58:51 PM permalink
Quote: MangoJ

If they give you $10k in chips as credit, these are quite real for the casino - even if you cannot cash out without repaying the debt first.
.



You think chips are money? They aren't. Its no more real money
than the script the coal mining companies paid their employees
in the 30's that was only redeemable at the company store. A
marker is not money and you cannot get cash for it.

If I make a $10K bet with you and you win and I don't pay you,
are you out $10K? Are you hurt financially at all? It was fantasy
money, its not real. In fact, its a good example of how money
doesn't exist, its all in our minds. Its an agreement we make
to all go along with. The casino gives you $10K in Monopoly money
and if you lose (to the casino of course) you have to pay them
back in real money. Pretty good deal, huh.
"It's not enough to succeed, your friends must fail." Gore Vidal
Nareed
Nareed
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August 11th, 2013 at 2:24:01 PM permalink
Quote: vert1276

pretty good article in Cigar Aficionado(I seem to be the only one who reads this magazine so I post their gambling articles)



Suuure! You read it only for the articles ;)
Donald Trump is a fucking criminal
MangoJ
MangoJ
Joined: Mar 12, 2011
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August 11th, 2013 at 2:54:38 PM permalink
Chips are checks written by the casino. Dollars are also checks written by the FED (or whatever institution the US have for that). The only difference between checks from the casino and checks from the FED is - you can only pay taxes with the checks from FED. That doesn´t make the casino´s checks "fantasy money".

If you don´t pay my won $10k bet, then yes I´m hurt financially. Because you would most surely have taken my $10k if I had lost.

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