Obtaining casino markers is a pretty straightforward process. You have to fill up an application, and provide your bank details, social security number, and other usual details like name and address. After the credit is approved, the marker is printed in the pit. You can use the markers to get cash or chips after signing it.
Casinos can even draw up plans for repayment in instalments if you request. But this is seldom practised and with sites like Betway, you don’t even have to worry about this. This is because the platform stores all your information on its secure servers, and you can easily deposit money on your own account – without having to worry about any ‘casino marker’, which can also get lost.
What’s the Catch?
If you repay what you owe the casino within the given time, there is no catch. However, if you somehow end up defaulting, you will get into a lot of trouble.
If you fail to pay, the casino will try to recover the amount from your bank account that you mention in the application. If your account does not have a sufficient amount, the casino will issue a certified letter to you and give you ten days to make up the difference.
What happens if You Default?
The casino will approach the District Attorney if you once again fail to repay the marker in those ten days. The Attorney issues another notice granting ten more days to repay with some interest. And in the extreme case, you might be arrested and prosecuted.
We hope you have enough details about casino markers to make a conscious decision!
Some FAQs about Casino Markers
1. Do casinos lend money as loans?
It is a common mistake to consider casino markers as short-term loans. However, if you view it from the legal eye, a casino marker is more of a check that you have written to the casino. And this is why, if you do not have enough bank balance to cover up the marker dues, you can land in some serious trouble.
2. Can you write-off the casino debts?
Fortunately, yes. You can write off the gambling debts by itemizing your deductions. But you will also have to report your winnings as taxable income. If your losses are more than your winnings, then you cannot write off all your losses.
In case, you incur losses of $11000 and you have won $10,000 you can write-off only $10,000 as losses. In simpler words – you can’t write or pay off your losses without reporting winnings.
3. What is the line of credit?
And now, what are these ‘lines of credit’ we keep talking about? Like credit card?
Technically (and by the Nevada law), the line of credit is “negotiable instruments,” just like checks. You pay a casino marker with a check, and they do not check it in until a certain duration. However, if this debt remains unpaid, then the gambling house may press felony charges against you.