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Casino
Credit Update This
is Part Two of a three-part update on casino credit. In
Part I
we discussed the new Cash Transaction Reporting requirements, and what it means for you
and your winnings. How to get credit, how to
use it, and how to pay it back, were covered, along with some useful tips. Now
Id like to tell you about some of the benefits of establishing a Line of Credit with
a casino.
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You
don't have to carry around a lot of cash. Most
gaming jurisdictions have a higher incidence of muggings.
Why take the added risk?
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If
you are not going to establish a Line-of-Credit; then you pretty much have to use
Travelers Checks or carry large amounts of cash. Carrying
tons of cash can be a problem. I would suggest up to two money-belts, and also
carrying excess cash in the leg (shaft) portion of your socks. It may sound overly
protective or geeky, but where you have lots of cash, you have lots of opportunity for
crime. Why two money-belts? Well, stacks of cash, even $100 bills, add quite a
bit of thickness. Its a bit more
balanced and easier to access if you have two. Besides, if you make a major score at the
tables, youll want a safe place to stash your newly-won profit.
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When
you use casino-credit, you will ALWAYS be rated for your play, EVERYTIME you have a
marker. Lo and behold, Caesars Palace LV who
will "only rate green play or higher" will rate and track even a
"lowly" $5 player who uses credit, and you can bet on that! The same goes for EVERY casino that avails credit
to you.
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After
drawing down two or three markers at the table, the pit staff will usually instantly
recognize you; the box-man will immediately "get the nod" from the Pit Boss to
give you the marker. It is sometimes faster
than if you handed in cash that has to be counted out before being exchanged for casino
chips.
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Comps
are much more forthcoming. Be sure to charge
everything to your room. If you are willing
to expose your bankroll by way of the casino's Line of Credit; then in return they are
willing to give you pretty much the run of their house depending on your level of play.
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By
using credit, the casino knows "what you are good for" or how much your total
gambling bankroll for this trip is worth. It
is easier for them to figure out their theoretical win over the period of your stay. For example, a cash player who buys in for $1,000
each session falls under their "standard" comps formula. Unfortunately, they don't know how much that
player has left in his pocket. Why do they
care? That may be his total gambling
bankroll. The credit player has a known
stake, and you can be sure that they look at that stake like a hungry dog looks at a
STEAK. They are freer with their comps if you
have more "fresh cake in your kick" or money available in your Line of Credit.
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There
can be psychological benefits for your ego if that sort of thing appeals to you. For some people, to ask for and receive a marker
says, "I've arrived and I've got money to play with."
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For
others it is simply an easier way to keep track of their winnings and losses at tax time. The casino can supply a print-out of all your
table action, that is; each date, time and table number, your buy-in, your table session,
your average bets, your win or loss amounts, and how long you were there, and how and when
you settled your marker. That kind of detail
can certainly sharpen your focus on how much you made or lost in the casinos over an
extended period of time.
I
have a couple of further thoughts on the subject.
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While
I have substantial Lines-of-Credit with a large number of casinos, I also use what is
called front-money in a number of locations.
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If
you do not want the casino to have your banking information, you can deposit cash or a
bank-draft, world money-order, certified or "official" check to the casino in
advance of your arrival. Ensure that it has
ample time to clear their bank before you arrive. You
can play against it as "front-money". It
shows an even higher "seriousness" about being a "casino-oriented"
player.
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I
especially use front money in the independent casinos that havent been
gobbled up by the major gaming corporations. The
number of independently owned casinos gets smaller and smaller every year as the big
corporations buy-up pretty much everything in sight.
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Front-money
gives you all the benefits of casino-credit, especially on the comp-benefit side of the
equation, but it has none of the drawbacks. You
dont have to worry about paying off your markers, because you already have that
amount of money on deposit in the casino cage. The
respect that the casino gives this kind of action is outstanding.
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I would say that using front money gives you a comp-premium over the normal
credit-player by about 20% to a full 40% in comp-values.
Thats a HUGE benefit that cannot be ignored.
They know that they arent going to have to chase you for the money, and
therefore, they feel safer in granting your comp-wishes.
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When
you have large winnings, you might want to consider cashing-out with something other than
cash. The casinos actively discourage you
from wiring money directly OUT from the cage. They like when you wire money IN, but
they don't mind issuing cashiers checks, official checks, or casino checks for amounts
over $2000, back to you. Okay,
how do we keep all of our legal activities below the radar of the all-knowing, all-seeing
IRS? I
have to assume that you report all of your casino earnings, but you just want to minimize
the hassle of the continual cash-reporting hassles. To
do that, we have to keep our transactions below the pain threshold of forcing
the casino to report our transactions.
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While
you are playing, bleed off or skim some of the profit from your chip-rail. Slip $25 chips in your pocket for cash-outs
that are separate and distinct from your regular cash-out.
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Have
your wife, spouse or friend cash out some of your chips.
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Delay
the cash-out until tomorrow, or on a later shift. At
the very least, choose a different cage-teller each time that you cash-out.
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In
most cases, you almost never have to produce ID if you keep your transactions below $3000. Part
Three
of this series will cover the corporate family of related-casinos. Well take a look at how establishing credit
with just eight (8) casino companies, can give you readily-accessible credit in more than
50 casinos, and up to 110 casinos nationwide. Until then, Good Luck and Good Skill at the Tables and in Life. Sincerely, The
Mad Professor
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