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The Ins and Outs of Casino Credit

Yup! You heard right. Banks and Credit Card Companies aren’t the only ones issuing credit lines to their customers. Casinos have been engaging in this practice for years (ever since the US government legalized casino debt in 1983). This practice has now also made its way into the online casino community with the rapid growth of the Internet. But how does casino credit work?

Unlike bank and Credit Card issued credit lines, casino credit is usually interest free and doesn’t have any additional service charges. Forms of casino credit vary but many casinos use checks to back up their credit lines. You simply leave the check at the counter as collateral and it isn’t cashed unless it needs to be. Others, however, require you to leave a credit card number. Yet some just issue open lines of credit without any type of collateral, although prior approval is required. Either way, you’ll probably end up filling out a casino credit application form.

Most casinos’ credit application forms are very straight forward and can usually be downloaded straight from the casino’s website (make sure you have Adobe Acrobat installed on your computer). The Taj Mahal Casino, for example, will ask you to fill out a simple credit questionnaire asking you for personal information such as your name, social security number, bank account information, how much you want to be assigned as a credit limit, and the specific date you plan on arriving at the casino. The catch, however, is that they require that you first have a Taj Mahal card, which you’ll need to apply for beforehand. The Las Vegas Tropicana, on the other hand, has a much longer credit application form. They ask you for primary and secondary bank information, who your employer is, what the name of your spouse is, and your expected arrival date at the Tropicana casino, among other things. Payment policies for casino credit also vary from place to place. The Tropicana for example, expects funds to be deposited immediately upon departure (if the debt is from $2,500 to $5,000) and within 30 days if more than $5,000 is owed. Although, debts that are below $2,500 can be cashed with a personal check at the Casino Cage upon the checks approval by a check cashing service and don’t require the person to fill out a credit application form.

However, credit play isn’t that easy and is highly regulated. It isn’t really as popular as you may think. In Nevada, for example, only about 5 to 15 percent of bets are placed on credit. And, Casinos can’t grant credit to just anyone. They are required to establish a person’s credit worthiness as well as provide alternatives (such as self limitation programs which are especially handy for people with gambling problems) where customers can opt to have their credit revoked on purpose by filling out a special form. Even upon approval, credit is only granted at customers request and even then, only in the amount he/she requests.

 


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