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Casino Loans and Credit: Pros & Cons Of Using Casino Credit

money with dice on topWhen many of us think about depositing money at an online casino, we often think of using a debit card or a supported e-wallet to fund our account. That’s primarily because when you sign up to a casino and visit the cashier, the available payment methods are displayed for our location. You go about choosing one of them that suits your preferences, make the transfer of money and you can start playing the games in the lobby. But what happens if you want to play games in a physical casino without the burden of carrying cash around?

While establishments often accept cards as a form of payment, not everyone wants to use them inside a casino and pay ridiculous ATM fees. However, in case you weren’t already aware of it, there are some casinos that provide their own sort of credit loans to players. Often, this requires you to visit a land-based casino in order to set up such a credit, with brands like Caesars Entertainment offering such to players. This is not something that is available at all of the brand’s establishments, though.

For example, this is not something that happens in the UK as using credit to gamble with is now banned, but it is something used at casinos around the world.  Especially in mega-gambling hubs like Las Vegas.

What exactly can you expect from these casino credits and how do you go about applying for them? Plus, what are the benefits and disadvantages of possessing such a casino loan? Are there any really major drawbacks to it? We’re going to look into the process of obtaining credit in a casino and what advantages and disadvantages it provides to players.

How Do Casinos Offer Credit to Players?

casino chips and bank cardNot every casino provides the possibility of its players applying for credit, as mentioned you will not be able to do this at any casino in the UK. This is something that a set of specific brands offer, mostly the big Las Vegas brands, and each of these companies has its own system for allowing players to utilise credit. One thing that is necessary to remember is that casino credit is different to a credit from a bank. Mainly because the casino credit given depends upon your credit history and the average cash that is available within your checking account.

Essentially, the basis behind receiving a casino loan is that you receive money to play games with, even if you aren’t carrying cash around. In fact, most people who utilise this option do so because they don’t wish to carry physical cash on themselves. Yet, this is not a route that everyone should take. For many gamblers, especially those who are only spending $100 to $200 or less in a casino, cash works on just as good a level and in many instances better than a casino credit.

Generally speaking though, if you’re a bettor playing for larger amounts, a casino loan can be an option. You obtain the money from your checking account without having to pay any ridiculous ATM fees when you’re in the casino. These are usually always much more expensive than ATM fees from other locations. It also makes your casino experience a safer one, as you won’t be carrying as much cash around with you. Despite casinos having strong security measures in place, these measures are to protect the casino’s funds, rather than your money.

It is worth noting that if you are on holiday, for example, from the UK visiting Las Vegas, that your ability to obtain credit will be limited unless you are known to the casino.

How to Get Casino Credit

casino cashier

Most casino establishments offering credit will have any easy process in place for obtaining it. Multiple ways to apply for it can also be found from casino to casino, and this can be done prior to arriving at the casino or once you get there. Usually, you’re just required to pick up an application for credit at the chip cage or the VIP desk. Perhaps you’re already a high roller player and you have a casino host to turn to for all your needs. If this is indeed the case, then just ask them for assistance with setting up a line of credit.

As an alternative, you can simply apply for credit on the casino’s own website or call the telephone number for the establishment prior to getting there. The Caesars Entertainment brand has its own credit application on the Caesars Rewards section of its site for you to use, for example.

When applying for the credit, there will be a section for you to check into to let the casino know how you would like to be notified about your approval. You’ll need to enter your personal information, such as your name and address, telephone number and social security number. Your employment information is also required, and information on the minimum amount of credit that you can request is also provided. Obviously, the casino needs to know when you will be arriving, too.

After applying and being accepted, you just need to go to the chip cage or VIP desk when you arrive. Show your identification and the casino will provide you with access to the credit line requested.

Terms and Conditions of Casino Credits

terms and conditionsWe’re going to use the Caesars Entertainment casino credit option as an example here just to notify you of certain terms associated. With casino credit, you have a zero percent interest rate, meaning that you when you pay it back, you won’t have to deal with inflated returns, thanks to increasing interest. This must be paid in full by a predetermined due date, of course, to remain at zero percent. Interest and collection fees may be charged in the circumstance of any late payments.

Once you have approached a table game in a casino, you need to ask the dealer for a marker in order to begin playing with your credit. If you’re playing slot machines, you just approach the chip cage and request cash from your credit account. Once the ID you have brought is verified, you get your money. The casino credit remains available around the clock once it is approved, so you could arrive at 1am and still obtain it.

When you apply for the casino credit, the casino will check your credit rating through something known as Central Credit. This checks credit reporting agencies such as Equifax and TransUnion, and if your credit score is above 600 and doesn’t display accounts more than 60 days overdue, you should be approved for a credit of up to $5,000. If you’re in a higher income bracket or you have a higher credit score, you may be eligible for a higher credit line.

Your credit is converted into chips at the table you decide to play at. There, you request a marker, and the cashier then calls the pit boss over to provide a sort of printed check to sign. This is then exchanged for casino chips. If you’re winning, you can buy your marker back using the won chips. This is possible at the table or at the chip cage.

In most casinos, you will be expected to pay your marker within a 30-day period. If you don’t do this, then you face serious legal consequences as a result. Not only do you have to pay fines, but you can also receive a prison sentence of more than one year in jail for this kind of action. Generally speaking, a casino will prefer you to pay off your marker before you leave.

Advantages and Disadvantages of Using Casino Credit

pros and cons

Receiving a casino credit is something that some gamblers consider to be the ideal way of partaking in gameplay. And there are certain advantages to it, that’s for sure. But at the same time, a set of disadvantages accompany casino loans, as with all loans. Let’s take a closer look at some of the pros of playing games this way:

  • 0% Interest Rate – Clearly, one of the best advantages of taking out a casino credit is that it tends to have a 0% interest rate attached to it for an period. This means that when you use it, you don’t rack up large amounts of extra money to pay back to the casino on top of the initial loan. Of course, this does all depend upon the time period within which you do pay it back. After all, nothing remains interest-free forever.
  • Rebate – While this is not the case at all casinos, some of them will also provide you with the chance to claim rebate. So, if you take out a marker at a casino and you end up losing all your money while playing the games, the casino may offer this rebate on the amount that you owe, which often sits around the 10% mark. Naturally, this works great if you have already depleted the amount that you have been playing games with.
  • No ATM Fees – Playing games in casinos often requires gamers to visit ATMs in order to withdraw cash to be able to place bets. These machines usually always come with high fees for utilising them for withdrawals – more so than the fees associated with standard ATMs. With many casino credits, you don’t have to pay such ATM fees. The credit is provided to you entirely without additional costs.
  • Safety – If you’re a high roller and intending to take $2,000 into a casino for a night of gambling, then it stands to reason that carrying this amount or more around in cash has a high risk. This is why having a $2,000 casino credit line instead makes things much safer. You don’t have any physical cash on you, and instead you get to use the credits from that loan to enjoy your night of gambling.

While those all stand out as being great advantages, it is always wise to look into the negative side of things as well before you proceed with going ahead, disadvantages of casino credit loans are:

  • Personal Details – Before being considered for a casino credit, you will need to provide a lot of personal information to the casino. This includes not only your name and address etc. but your employment details and other queries regarding your finances. Not everyone is comfortable with doing this.
  • Ruined Credit and Potential Criminal Charges – The biggest issue surrounding casino loans is that, naturally, the casino will need you to repay the funds. And this is necessary to do within a stated period of time. Failure to repay the casino loan will result in legal action being taken against you, without a doubt. This can ruin your credit score for any future credits you may wish to take out, and not just casino credits. Furthermore, if it goes far enough, you could be prosecuted and given jail time to serve.
  • Fuel for Gambling Addiction – Gambling addiction is a serious issue, and it’s one that affects a number of people around the world. Being able to take a credit out from a casino that is high in the thousands can lead to spiralling debts. It essentially operates as an alternative way for someone to get their hands on money for gambling, and for someone who is an addict, this can be a lethal setup. It can definitely lead to you suffering even larger problems.
  • Loss of Assets – If you’re not able to pay your casino loan back in time, then various other routes for the establishment to reclaim its money could be taken. This may see you losing your possessions and other assets, which is not a positive prospect. Casinos aren’t likely to go easy on you in these situations, meaning that you need to be very careful when deciding upon whether or not to take a loan, as well as if you can afford to pay it back.

To Conclude

In general, casino credits can be a beneficial option for some people. They allow you to set up a credit line before you go to the casino and then pay it back to the establishment once you have finished gambling. However, they do pose a serious risk, especially for those who are in lower income brackets, and it is not advisable to utilise such a casino loan in these circumstances.

Instead, stick to lower bankrolls and, subsequently, lower bets on the games.  Take a set amount of cash with you that you are prepared to gamble with and do not use credit.

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