Casino Credit

[xxrenegadexx]

Anyone here request credit from a casino to add onto their bankroll? i am asking because i am currently using my online poker winnings as my bankroll ..... but that is comming to an end soon.... coupled with the fact the i have no luck i could use another source for a bankroll.... comments suggestions anyone?

 

[Preston]

They are called markers and you must pay them back or the amount will automatically be deducted from your checking account.

How long the marker is depends on the amount.

For example, I have a $1500 marker sitting at a casino right now. It has a 14 day grace period. But I can't take out another marker to pay the first.

To get one you will be subject to a credit report and sometimes a background check. Just a warning.

 

[ChefJJ]

They are called markers and you must pay them back or the amount will automatically be deducted from your checking account.

How long the marker is depends on the amount.

For example, I have a $1500 marker sitting at a casino right now. It has a 14 day grace period. But I can't take out another marker to pay the first.

To get one you will be subject to a credit report and sometimes a background check. Just a warning.

Out of general curiosity, its not necessarily a "credit" account in the way that a credit card account accrues and you owe interest...but somewhat of an account that is between you and your own bank account? So, basically, you would only want to use a credit account if you want an amount exceeding what you could get out of an ATM machine?

Interesting stuff...I've always wondered.

 

[xxrenegadexx]

the thought of owing the casino money is slightly concerning to me....

 

[ihate17]

My take on casino credit

First off; giving a casino personal banking information is negative EV in my opinion, but I do have two Vegas homes where I play more conservatively than at other shops and have credit lines there.
The reason for the credit lines is a trip roll to Vegas for me will be around $25-thousand generally and there are certain negative risks involved with carrying that much cash. 30 days float does not hurt but generally I will write a check when leaving if I dipped into the line.

The money should be in the account or in another account where it can be withdrawn in the proper amount of time.

It is definately not to increase my bankroll. That money is already in my bankroll, it is just for convience and to reduce the risk of carrying large amounts of cash.

In getting a credit line the casino will generally be looking at a few things. The average amount in your bank account that the credit line is connected too, your past play history (a $5 player asking for a $10,000 line might very well be turned down even if the money is in the bank), and if you have recently opened lines in other casinos.

You could also use a bank that has a branch in Vegas but you can not ask that bank for a marker when you have a great count and an empty wallet. So again convience.

ihate17

 

[21forme]

Is having a credit line with an issue when it comes to IRS reporting?

 

[EasyRhino]

I'm not aware of a casino credit resulting in reporting of any more information to The Man than the casino does otherwise (CTRs for cash over $10,000, W-2Gs for jackpot wins over $1200, SARs (suspicious activity reports) for no particular criteria).

 

[ScottH]

Is having a credit line with an issue when it comes to IRS reporting?

If you report all of your gambling winnings it shouldn't be a problem!

 

[ChefJJ]

If you report all of your gambling winnings it shouldn't be a problem!

I'm not trying to pick apart your statement, but I thought I read on the IRS website something about treating table game winnings differently than slots. Interesting....

 

[iwantblackjack]

Most casinos follow a simple standard policy for Casino Credit and markers. The application asks for your personal info, bank account(s), and employment info. You are issued marker in exchange for chips or cash to purchase coins or tokens. The time period to repay each marker is determined by the denomination. You are usually required to pay back your marker first with any chips that you cash out at the cage.

The maximum time individual markers are held before deposit is made is as follows: $1-$1000 7-calendar days; $1001-$5000 14-calendar days; $5001-up 45-calendar days.

As stated above, this is generally used as a convenience, instead of carrying this cash.

 

[EasyRhino]

This keeps coming up. It's all taxable. Table games just don't get reported. Which, due to unfortunate human nature, means the taxes often don't get paid.

 

[21forme]

Assuming a loss, do most who take a marker pay it back before leaving the casino or mail them check when they get home?

 

[EasyRhino]

My understanding is that casino credit can be used as a creative way to "rathole" money and hide your wins. Take the chips, cash them out, and take the cash home. Then pay off your marker. That way you look like a loser who pays his debts on time. Perfect!

I haven't actually done any of this in practice.

 

[ScottH]

I'm not trying to pick apart your statement, but I thought I read on the IRS website something about treating table game winnings differently than slots. Interesting....

Feel free to pick apart my statements on tax-related issues. I am definitely not an expert in the tax field...

 

[iwantblackjack]

Assuming a loss, do most who take a marker pay it back before leaving the casino or mail them check when they get home?

I would say if i lost a credit line/marker in games, i would be so upset that i would not want to bother waiting in line at the cage to pay off the marker. And, with what? a personal check? atm-cash? credit card-cash advance? No thanks. I'll just let the casino deposit the marker when it's due for them to deposit it.

My understanding is that casino credit can be used as a creative way to "rathole" money and hide your wins. Take the chips, cash them out, and take the cash home. Then pay off your marker. That way you look like a loser who pays his debts on time. Perfect!
I haven't actually done any of this in practice.

It seems possible; but, if we're talking about alot of money, i think it would be more difficult and illegal if you "rathole" and hide the money wins.
Which makes me wonder.... dont casinos file something for using large sum(s) of a marker? and how about if you cash out alot for a casino check?

 

[Persnickety1]

Most casinos follow a simple standard policy for Casino Credit and markers. ...

The maximum time individual markers are held before deposit is made is as follows: $1-$1000 7-calendar days; $1001-$5000 14-calendar days; $5001-up 45-calendar days.

...

Don't markers usually accrue per day interest, "the juice", as they call it?

Or does that happen only when the services of a shady loan shark were used, in which case you may expect a visit from your local friendly wise guy if you allow your grace period to expire?

 

[positiveEV]

You could bring some friends with you and split the chips with them so that nobody cash out more than $10k, no?

 

[ChefJJ]

Feel free to pick apart my statements on tax-related issues. I am definitely not an expert in the tax field...

I'm not a picky bastard like ZG, but I wasn't sure what the deal was with the taxes. I was looking on the IRS website last month when I was doing my taxes and found this....

A payer is required to issue you a Form W-2G (PDF) if you receive certain gambling winnings or if you have any gambling winnings subject to Federal income tax withholding. All gambling winnings must be reported irrespective as to whether any portion thereof is subject to withholding. in addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.

I don't know what this means exactly. EasyRhino, what does this mean in relation to having to pay on all gambling? If the casino does not report it and you win in bits and pieces, is it realistic to say that people pay taxes on gambling. Slots are one thing, but table games? Especially if you are like me and you slip greens and blacks from time to time into the pocket...that way it makes me look like I lost or didn't win more than a hundo.

Just curious about this.

 

[EasyRhino]

Right, the casinos don't send any info the the IRS on table games (except maybe a progressive jackpot or something). It's up the to taxpayer to self-report.

 

[iwantblackjack]

Getting back to the topic of "casino credit" or markers: yes, it is an interest-free, no-fees, line of credit that was established between you (and your bank accounts) and the casino. Each marker is essentially counter checks that you sign, and are legal instruments of your financial obligation(s). If you have no money to fulfill the marker in your bank account, then you are not only in trouble financially, but also criminally charged in the state of Nevada (maybe other states too!?). The casino you deal with should provide you with their policy of when they make deposit of your marker. Of course, use markers/casino credit responsibly and never overbet!!! There's been shocking data that say some players have gambling loss over a lifetime (whatever that means) to be anywhere from $59k to $99k:sad: !

Re: taxes; yes, all US citizens are required to declare any income they earned from gambling, whether it's from slots, jackpots (W2G), table games. The sucky part: say you won $25k but lost $50k in the year; you still have to report $25k income; then itemize your loss, upto the amount of the winning income. So, if you lost and no winnings in the year, you cant do anything.