Imagine you’re at a Las Vegas casino, and you run out of money. After filling out a casino marker application, you are offered up to $98,000 worth of markers. Even though your bank account doesn’t contain that much money, you don’t worry about it because you only plan on using a couple thousand dollars, and your luck has to turn at some point, right? Unfortunately, you start pressing, maybe drink too much, and extend your credit to its limit. After the dust settles, the casino comes calling, and you can’t cover your losses. Before you know it, the District Attorney’s Office has filed felony charges against you on behalf of the casino, and you are left facing a prison sentence.
This scenario may seem far-fetched, but it happens to about 20,000 people each year. In fact, an executive from California was recently found guilty in criminal court for over $300,000 worth of casino marker debt, and a Wisconsin man stood before a grand jury in 2010 for defaulting on casino markers totaling $3.75 million.
A casino marker is a short-term, interest-free line of credit extended by casinos to patrons to gamble with. Typically, these loans come with a 30-day clause, i.e.
Gambling markers are big business here in Las Vegas. If you qualify for one, a casino will gladly grant you one at your peril. Here are some things you need to know about Las Vegas casino markers before you go down that road.
- In Las Vegas, a person who signs for a casino marker is actually deemed to be writing a check to the casino. If that gambling debt goes unpaid, it's treated as a bad check and prosecuted as a.
- A casino marker is a casino line of credit that gamblers/casino patrons can use to obtain gaming chips to gamble with. Casino markers are issued to gamblers who have the ability to pay the money back if they lose.
Casino Marker Explanation
Casino markers are generally defined as short-term, no-interest credit lines extended by casinos. In reality, however, this explanation is extremely misleading. Because gambling institutions treat these markers as credit when they give them out, many people assume that they are no different from credit card lines of credit.
This couldn’t be further from the truth. The law describes Las Vegas casino markers as checks, and unpaid casino markers can be prosecuted under Nevada bad check laws.
Casino Credit Application
The Process Of Obtaining A Casino Marker
Before receiving a casino marker, the patron must complete a credit application asking for information such as his name, social security number and complete bank account information. Once approved, the gambler can request a marker for a specific amount, which is then printed in the cage or the pit. The customer must sign the marker, after which he is free to redeem it in the form of chips or cash to use at the slot machines.
The Terms
Gambling markers are interest-free, provided that the borrower repays them within the specified period of time. For Nevada casino debts, the timetable is usually around thirty days. After this, some clubs may offer a payment plan to patrons who request it, but they are not required to do so. If they do agree to take installment payments, they will charge interest. More often than not, they will simply press charges against those who default on the casino marker. Casinos can be intensely aggressive about pursuing these claims.
The Collection Process
After thirty days of nonpayment, the casino attempts to withdraw the funds from the bank account on the credit application. If the money isn’t available, the gaming hall is required to send a certified letter giving the customer ten days to pay. In the event that the marker still isn’t redeemed, the casino turns the case over to the District Attorney’s Office, who then sends another ten day notice with an additional 5 to 10 percent added in fees. After that, if the money is still outstanding the person can be arrested and prosecuted to the furthest extent of the law.
Penalties
In Nevada, failing to pay a casino marker is an extremely serious offense. It carries the punishment of at least one year in prison and a fine of up to $10,000. Moreover, prison incarceration does not wipe out the debt–that unlucky person will still owe the casino when released from prison, and may face wage garnishment.
At the discretion of the District Attorney’s Office, additional felonies, like Burglary, may be charged, depending on the particular circumstances.
Nevada law assumes an intent to defraud the casino, and cases are prosecuted in criminal court. Because it is considered a criminal matter, even bankruptcy will not free a person of the debt. How to play wheel of fortune online.
What To Do If You Have Defaulted On A Casino Marker
If you have outstanding Las Vegas casino markers that you can’t pay, it is vital that you contact an attorney as soon as the casino notifies you of the debt. The longer you delay, the greater the penalties you potentially face. If you wait too long, you can be arrested anywhere and extradited back to Nevada, which could mean a very long car or plane ride in handcuffs. A lawyer can stop this process, help you fight the charges, and stay out of prison, give us a call today at 702-463-5590.
What Is A Gambling Marker
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Only in Nevada. That’s a phrase which applies to many activities. No other State has counties with legal prostitution. No other state has a city which has more hotel rooms at one intersection (Tropicana and Las Vegas Blvd) than the total number of hotel rooms in the entire City of San Francisco. And no other state has made it legal to put people in jail for owing money to a casino.
How can this be possible? If you owe money on a credit card, you can refuse to pay and although your credit will suffer, you won’t go to jail. You can even stop paying your mortgage, and end up losing your home, but you won’t go to jail. However, owe a few bucks to a Nevada casino and you’ll have the District Attorney issuing a warrant for your arrest which will follow you anywhere in the United States and many parts of the civilized world.
Crazy luck casino instant play. The legal trick played by Nevada law involves the conversion of a gambler’s IOU or “marker” to a casino into a “check” from that gambler’s bank account.
In recent years casinos have increasingly urged gamblers to take out markers instead of using their own money to gamble with. A person who plans to gamble a large amount of money would either have to bring lots of cash, or hand over a check, which takes time to clear, or complete a wire transfer into the casino bank. The casino’s try to convince people to not touch their money, and just sign a marker. The marker isn’t actual money, it results in the gambler having access to gaming chips in the dollar amount of the marker. The casino likes to point out that if you win, you just give back the amount you borrowed and keep the profit. If you lose the amount borrowed through the marker, you have to pay the casino the dollar value of the marker, usually within 30 days. Most of the time, the gambler pays the casino and the matter is closed. Sometimes, the gambler doesn’t have the money to make up the amount of the marker, and things quickly go South. Here’s where the “check” fiction stings. As pointed out above, under Nevada law, the marker isn’t a simple IOU, its a check from YOUR bank account. So when the casino deposits that “check” into your account and there are insufficient funds in that account, you just bounced a high dollar check. That’s a felony in Nevada.
That’s how a simple debt between you and a casino can become a felony case. Only in Nevada.
What Is A Casino Marker Limit
Hire an Attorney to Help With Your Marker Case
If you’re facing a casino marker case you need to hire an experienced attorney. Gabe Grasso can help keep you out of jail on your marker case as well as give you more time to pay the debt and possibly even reduce the amount you owe.
If you’re having issues with casino debt contact attorney Gabe Grasso today for a free consultation.