Markers?

[inkstain]

I figure you folks here in the ML/HL forum would know a lot more about this...

I've noticed some mid- to high-limit players getting cash from a cardroom cashier (at least here in the San Francisco Bay Area) via "markers". Looks like they're BORROWING money from the cardroom to play, and when they cash out they pay off those markers first before they receive any cash.

That's what it seems like, at least. How does that work? Does the cardroom typically charge an interest on this amount loaned? I'm especially interested in what this "loan" (if it's a loan in fact) is considered in the eyes of the law, since I've seen markers used at Bay 101 in San Jose, where the gaming laws are more strict than any other I've seen (no jackpot promotions, cardroom staff cannot borrow money from or lend money to players, etc, etc.).

Also, how do accounts with a cardroom typically work? I've noticed that with Bay 101, at least, that you can open an account with them which allows you to do <something>. Maybe just cash checks for those players who play with their case money from paychecks? Or does it allow you to do something more useful like hook up a bank account so that you can transfer money directly to and from it?

[Jeffage]

I'm not familiar with California, but I think it's more likely they have a safe deposit box at the cardroom and simply leave cash there so they don't have to be constantly coming and going with large sums of money (esp. into some of the shady neighborhoods that seem to surround some CA rooms). Many pros/regulars get a box at the cardrooms they frequent and it is kept behind the cage. In NJ at least, casino credit can't be used for poker and I'm pretty sure that's the way it is everywhere...casino puts up the risk for too little gain (no chance at winning the whole thing back from you). Could be diff. in CA though.

Jeff

[inkstain]

I'm familiar with safe deposit boxes, and have one where I keep my poker bankroll. But these markers are entirely different...

[J.A.Sucker]

I don't think that they have boxes at the casinos in N. Cali. do they? Of course, you probably have a box at a bank, but that isn't accessible 24hrs a day. I don't know how the marker situation works, but I assume it's like any other billing system; you open an account with them (they check your credit) and you borrow money. At the end of the month, you have X days to pay it off, like a credit card, then they probably charge interest, like a credit card.

[DanS]

Hi Inkstain,
I realize that you need some liquidity for you bankroll, but why keep the bulk of it in a deposit box (cardroom or bank) rather than an interest bearing account?

Dan

[inkstain]

Bay 101 (San Jose) offers free safe deposit boxes; there is a $100 deposit, I suppose to ensure that you return the key. You know that door that's directly left of the poker cage? That the room you go to, where there's just another window on that side, to access your box. I don't play at Bay 101 much anymore, but it's nice to have a 24/7 box available.

[inkstain]

It's a long story, but I don't have any bank accounts. Very inconvenient at times, but that's just how it is...

[Ulysses]

[ QUOTE ]
It's a long story, but I don't have any bank accounts.

[/ QUOTE ]

People shouldn't be allowed to post stuff like this with no further elaboration. /images/graemlins/grin.gif

[jen]

I don't keep the bulk of my $$$ there, but I keep $$$ in a box as well. It's either that or keep large sums of cash at home and bring it back and forth to a casino everytime you play. Quite a pain if you want to play some larger games.

Also, if you cash out for larger than $X, then the casino records this. If you have a box, then you can keep large denomination casino chips in the box for your next session rather than cashing out all at once (I'm not sure what they do with the recorded info, but I like my privacy).

[DanS]

Good point. I don't really like carrying $2000+ around, and for the limits you play, it could be 4-5k at a time. In my case, it's absentmindedness as much as safety...I once left $2300 in an unsecured locker room at an ice rink, probably not the best idea ever.

Dan

[TJSWAN]

Hey All,

I know Lucky Chances in Colma also has player boxes.

Jen,

The paperwork thing is for the IRS to track cash transactions over $2,000 to make sure you are not a drug dealer. /images/graemlins/ooo.gif


Tim

[jen]

I'll not advertise on a public forum where I used to keep my $$$ pre-box days when I was in-transit, but suffice it to say that the box has proven to be extremely convenient. If you reguarly play at the same card room, then I highly recommend getting one.

[Ray Zee]

most of this is people that put up cash in their account and draw off it in the games. and deposit it before leaving. this also helps keep you from getting robbed as the robbers get to know who brings the cash home.

some casinos let you get credit as well and then you write a check at the proper time.

[snakehead]

[ QUOTE ]
most of this is people that put up cash in their account and draw off it

[/ QUOTE ]

this is called a player's bank. you deposit money at the casino and then withraw it when needed.

markers are a loan from the casino. they will set a credit limit for you, and then you can write checks against it. you have certain amount of time to make up the check,(like 10 days), or it will be presented to your bank for payment.