Mar 19, 2011: Online Gambling Debts by: DebtCollection Answers.com Andy: Sorry for your problems but glad you are reaching out for help. Although I know nothing about online gambling, I do know that when you owe money to creditors, including online gambling companies, and you don't pay that money, the creditors are likely to take steps to collect what you owe. Unless you have a gambling problem and are a heavy user, it won't have a material affect on your credit rating. However, if I was going to be applying for a mortgage I would stop the gambling (or use other accounts ie Paypal to fund) as you want to absolutely reduce the. Nov 06, 2016 Using Credit Cards. Perhaps you don’t have easy access to a casino, so you venture online to get the gambling rush. Most of these online gambling sites accept credit cards as a form of payment and with a few clicks, you’re given more gambling credits. This makes it very easy to rack up charges on your credit card as you chase an online jackpot. The boom that the online casino industry is experiencing has resulted in a steep rise in the number of online casino software providers. Cost to build per square foot. The result has been an explosion in the number of online casinos.
- Is Online Gambling Bad For Credit Rating 2017
- Is Online Gambling Bad For Credit Rating 2017
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Introduction
If you have never gambled online you are probably bewildered by how to get started. Online gambling is still a relatively young industry and as such there are still many less than reputable casinos. The good and the bad are still fiercely elbowing each other for market share. So choose where to play carefully. I have some tips below which may help you.
You are probably also wondering if the games are fixed. At one point I said emphatically not. On average the casinos keep about 75% of money deposited so they shouldn't need to cheat. However I have heard complaint after complaint of extremely bad luck from playing at some non-licensed casinos that use no-name web software. I do believe that the vast majority of online casinos play fair but am suspicious of a small minority. As you hop from one web site to another of the online casinos it may seem arbitrary about choosing one to play at. Let me help by saying that quality counts. Take a close look at their web site or the free games. If they seem like a professional organization chances are better that they are. Finally trust your gut. If you get a bad feeling about a place then resist playing there, even if you can't explain to yourself the exact reason.
The Basics of Playing
There are two ways you can go in terms of actually gambling online, web-based instant play platforms and downloadable software. Web based platforms offer almost immediate playing and a nearly identical experience to the downloadable software. In the past downloadable software was the best, but now I prefer to play through instant play platforms. Playing at an online casino begins with you registering an account on the website of the spot you want to play at. This is sometimes done on the casino web site and sometimes through the software. Then you must put some into your account. The vast majority of the time this is done with a credit (or debit) card. Other options include Western Union, Bitcoin, and bank wires, although some sites carry substantial fees for using these services. Beware that some credit cards will treat deposits to an online casino as a cash advance. If this happens then you may have success in arguing the charge but many credit cards have a flat policy that a purchase of casino chips counts as a cash advance. I recommend using debit cards instead, as there is never a cash advance fee and the transactions are posted faster.
Once you have money in your account you may then begin to play. Be sure to check the rules first, many online casinos favor European rules which can be different than U.S. rules. This can be good or bad depending on the particular rule. As you play I would suggest documenting everything you do. Personally I use graph paper to keep a running track of my bankroll and the total amount bet.
If you plan to return in the near future do not cash out, just leave your money in your account. When you do cash out the chips will be converted to cash and credited back to your credit card, up to the amount of the initial purchase. If you have a net win then the winnings will have to be sent another way, usually by check. Most places will send winnings for free but others will subtract a finance charge.
Is Online Gambling Bad For Credit Rating 2017
The Pros and Cons of Online Casino Gambling
There can be no debate that online gambling is a lot different than gambling in a physical casino. In some ways it is better and in some ways it is worse. Below are my pros and cons of online gambling, based on my personal experiences, compared to gambling in a 'real' casino.
The Pros
- Online gambling is a competitive business and many casinos will offer a lot to get and keep your business. Many will offer sign-up bonuses to new customers, adding 10 to 50% of their initial deposit to their bankroll (see below for more on this subject). Some will randomly deposit money in customer accounts and others will give away vacations for specified levels of total money bet.
- The rules are usually better than in physical casinos.
- You don't have to travel long distances. The casino is in your own home.
- You don't have to suffer real casino annoyances, like smokers.
- You don't have to feel obligated to tip.
The Cons
- You have to be patient about getting your money after you cash out. In addition to waiting periods on the casino end there are also delays on the credit card end. Things are generally faster than in years past, but American players can still expect to wait up to 5 business days to see withdrawals processed and paid out.
- Customer service can be spotty depending on where you play. Some places offer great service via live chat, e-mail and a toll-free number. Others take several days to reply to an e-mail, have no known telephone number, and generally seem like they just don't want to be bothered aside from taking your money.
- If a player uses a site that doesn't have a legitimate gaming license, they have no power in the event of a dispute. This has gotten better over the past five or so years, but there are still sites that operate without a license will take advantage of you if given the chance.
- If you play at a lot of places your credit/debit card statement will be a nightmare to balance. Transactions seldom indicate the name of the casino you played at but instead specify the merchant bank.
What is Expected of the Player
One of the biggest problems facing the online gambling business is abuse by players. At the annual industry meeting in Montreal there was just as much, if not more, discussion about this issue than the future legality of online gambling. This is a very legitimate concern because there are a lot of people seeking to defraud the industry.
Although online gambling is a very competitive business when it comes to player abuse the industry feels so strongly that the online casinos help to protect each other. Specifically negative databases, or blacklists, of players suspected of fraud or abuse are shared among the online casinos. The typical reasons for being blacklisted are:
- Disputing charges
- Threatening to dispute charges
- Using someone else's credit card
- Manipulation of gaming software
- Opening more than one account per household or computer
Of these disputing and threatening to dispute charges are the biggest problem the industry faces. The industry term for this is a charge back. This will get a player blacklisted very quickly. Multiple accounts per household or computer I believe is only frowned on if multiple bonuses are given to the same household or same e-mail address. In addition Julie Sidwell says that at least two negative databases track bonus abusers, or player who only play during bonus promotions.
Once the player is on the blacklist they will likely be unwelcome at every casino that the list is shared with. It is like a bad credit rating or a police record, it follows you wherever you go. Placement on a blacklist is not always justified and once on it there is no authority to appeal to for removal.
Doing business in the unregulated world of the Internet is risky for both player and casino. For this reason there seems to be an unwritten code of honor expected of players. Players do not have the liberty of parsing the rules in a legalistic manner and doing whatever they please that is not listed as prohibited behavior. In the absence of a higher authority to regulate the business, players are held accountable to an implied good faith contract. Remaining above reproach and avoiding any appearance of questionable behavior is important for longevity as a player.
Playing for Bonuses
To attract your business many casinos will add a bonus to your initial deposit, usually 10% but I have seen it go as high as 100%. When you accept a bonus you are usually required to meet a certain level of betting action to cash out the bonus. I have seen the total amount bet required range from three times the deposit (Pinnacle Sportsbook) to 40 times the sum of the deposit plus the bonus (Connecto Casino). Read the rules carefully before you start playing. After opening an account wait at least 15 minutes for any welcome e-mail to come in. Sometimes this e-mail will indicate different rules than what the web site says about earning a bonus. Assume that you have to meet the more stringent of the conditions. Regardless of what the rules are you should more than exceed them. If pressed for specifics I would say play at least 50% more than required but 100% or more is better. Some online casinos claim, and exercise, the right to deny bonuses to customers they feel are in it only for the bonus, as opposed to the enjoyment of the casino. Finally I would be suspicious of casinos that you have never opened an account with who send unsolicited bonus offers.
I have created an automatically updating list of the best bonuses in terms of wagering requirements and other terms for each of the popular casino games.
What are the best online gambling sites?
There are thousands of online casinos to choose from, and to the beginner it may seem confusing telling them apart. Use our 'Recommended' section as a guide on the top rated and trusted brands. Please also consider these important factors:
- Is there a sign-up bonus? If so how much?
- How are the rules? This can vary a lot in games like blackjack and video poker.
- Are there transaction fees? If so how much?
- Is there a phone number you can call? Is it toll free? If you call, is the line busy?
- Is the casino licensed?
- Is there information available about who owns and operates the casino?
- Who provides the software? Is it a reliable name, or some mystery no-name company?
Do not expect any casino to score an A+ in all these categories. Consider the total package and use your best judgement. A good place to start is to visit read my reviews of casinos with the Wizards Seal.
Is it Illegal to Gamble Online?
On October 13th, 2006 the Unlawful Internet Gambling and Enforcement Act was signed into law by George W. Bush as an unrelated add-on to the SAFE Port Act of 2006, and we have followed what has changed since then. Since then many Internet casinos have closed the accounts of American players, as well as Neteller, the main payment processor for U.S. players.
In December 2011 the US Department of Justice issued a legal opinion that the Wire Act of 1961 online applied to sportsbetting, opening the door for legalized online gambling in the United States. Since then, the states of New Jersey, Nevada, and Delaware have legalized online betting in some form, and more states are set to come on board in the future. There has been no movement of federal legalization of the activity, so right now it remains in a legal grey area, although not illegal. We are keeping an eye on each state in the US regarding the legality of online gambling here.
I Think I'm Being Cheated
Since 1997, the Wizard and his team have been trying to keep the gaming business clean of cheating, both online and in land casinos. Our blacklist lists some of the online operators we've exposed dealing an unfair game. While most accusations we get of foul play look more like bad luck to us, we still are open to looking at credible evidence. If you feel you're the victim of an unfair game, please fill out our complaint form and we'll evaluate your claim.
External Links
A good source for following news regarding Internet gambling in the U.S. is at CasinoListings.com .
Written by: Michael Shackleford
Pocketsidewalk
I'll be making a short trip to Vegas next month, and I've been approved for a $2,500 casino credit line at Harrah's (I applied for $5,000). I'm a low stakes gambler; my gambling budget is typically around $5,000. This is my first time applying for and receiving casino credit at any casino. I feel like $2,500 is a low amount -- two markers for $1,000 and the credit line is pretty much gone. It certainly won't impress any pit bosses, and it may even piss them off to wonder why someone would even bother with such a low line of credit.
I am considering putting up $5,000 in front money in addition to the $2,500 casino credit. I called the main cage at Harrah's and was told that all markers would come from my front money first before being drawn from my casino credit (which makes sense). Since I only expect to gamble around $5,000, I may never even touch the $2,500 casino credit.
I have a few questions:
1. Has anyone had any experience combining casino credit with front money?
2. Will it look bad if my winnings and losses cause me to never use any of the $2,500 casino credit?
3. Will the casino be less likely to extend me credit in the future (or event close my credit account) if my markers are drawn entirely from front money and no casino credit is used?
4. Does play get rated automatically with any markers, regardless of whether they come from front money or casino credit?
I want to stay on good terms with the casino and would like to be able to eventually raise my credit line to $5,000 or more so I can avoid putting up front money in the future.
Thanks in advance for any answers and/or advice.
I am considering putting up $5,000 in front money in addition to the $2,500 casino credit. I called the main cage at Harrah's and was told that all markers would come from my front money first before being drawn from my casino credit (which makes sense). Since I only expect to gamble around $5,000, I may never even touch the $2,500 casino credit.
I have a few questions:
1. Has anyone had any experience combining casino credit with front money?
2. Will it look bad if my winnings and losses cause me to never use any of the $2,500 casino credit?
3. Will the casino be less likely to extend me credit in the future (or event close my credit account) if my markers are drawn entirely from front money and no casino credit is used?
4. Does play get rated automatically with any markers, regardless of whether they come from front money or casino credit?
I want to stay on good terms with the casino and would like to be able to eventually raise my credit line to $5,000 or more so I can avoid putting up front money in the future.
Thanks in advance for any answers and/or advice.
Wizardofnothing
Deposit 2500 front money- Draw the full marker for 5k at the table - anything more specific then that pm meDisclaimer- I am not soliciting any fees for advice just not comfortable putting all info on the public forum
No longer hiring, don’t ask because I won’t hire you either
odiousgambit
Confirm for me that you write checks to cover your markers, and that you sign something that allows the casino to draw against your bank account after a certain term with or without your further involvement. That is what I would expect and the fact of the matter is you better have the money. I wouldn't get excited about the idea that it is 'credit'.
It means you don't have to carry cash around. That's fine and what it is really for.
Markers can get into a real weedy area too when degenerate gamblers are involved. Let's hope that is not you.
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. .. Arnold Snyder
odiousgambit
1. Has anyone had any experience combining casino credit with front money?
Quote:
Is Online Gambling Bad For Credit Rating 2017
2. Will it look bad if my winnings and losses cause me to never use any of the $2,500 casino credit?
3. Will the casino be less likely to extend me credit in the future (or event close my credit account) if my markers are drawn entirely from front money and no casino credit is used?
Quote:
4. Does play get rated automatically with any markers, regardless of whether they come from front money or casino credit?
I want to stay on good terms with the casino and would like to be able to eventually raise my credit line to $5,000 or more so I can avoid putting up front money in the future.
Quote:
Thanks in advance for any answers and/or advice.
PS: you're welcome, I have been looking into markers myself and don't have all the answers. The Marker system can be misused by the casinos IMO, but I think the vulnerable people are guys like professional athletes with a gambling problem.
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. .. Arnold Snyder
TwoFeathersATL
Just to add a bit in response to some of the questions, and ask a couple others.'Front Money' is not a term I'm familiar with, I assumed it was just cash you brought with you but I could be wrong. WoN said to deposit it, and then draw against it at the tables? Unless it was a large amount of money I'm not sure why you wouldn't just swap for chips at the table. Seems like an extra step, but maybe some payoff in terms of attention from the Pit? Wish WoN hadn't asked to continue only by PM 'cause I'd like to know more about the subject and his advice.
It's been discussed a couple times in the last couple months whether playing with markers added any value beyond just the simple fact of not having to carry around uncomfortable (for you) large amounts of cash. I haven't read about any clear other advantage.
The OP applied for 5K LOC and rec'd 2.5K. That caught my attention, and I wondered why. My experience has been ( working with a bank acct specifically set-up to cover my LOC ) that you put say 110% of the amount of the requested LOC in that acct, the casino verifies (I assume) that the money is there and maybe runs a credit check on you. It might be more complicated than that, and anyone is welcome to chime in with additional info.
Of course working with markers, or casino credit, can be an incredibly dangerous proposition for anyone that doesn't have serious self control and discipline (cough, cough). You don't have to be a professional athlete. Gamblers always risk going broke. With markers you can go way, way, beyond broke. Proceed with great caution!!!!!!!
The casinos are set-up to take your money, simple fact. You are supposed to have some fun in exchange. That makes them like many other forms of entertainment and I am not disparaging the concept, or casinos, in any way. I like to have fun, I don't mind paying for it. For some odd reason that MS Feathers doesn't understand, I happen to enjoy the hell out of BJ. Playing with markers is a dangerous game. Spending money with credit cards is similarly dangerous if you don't pay off the balance every single month. Just ask the 50% (guess) of American households that carry credit card debt from month to month!!!!
Just for example, there was a Friday night about a year ago that I walked into a casino where I had a $20K LOC and grabbed a 5K marker and proceeded to play, at a red chip table. Over the next 2 or 3 hours I took another three 5k markers, at a freaking red chip table, out of necessity to be able to continue to play. Unbelieveable, like one of those 18 yo's in a row nights. If it hadn't happened to me, I wouldn't believe it. You tell me it happened to you, I'd think BS, I might even type BS in a response and risk the wrath, but it happened. Everyone is different, but for me that was a huge amount of money. But it was money I had, in the bank, and I lost it. Sad day. I don't want to think about the possibility of losing money I don't have in the bank. Did I mention that playing with markers is playing in dangerous territory? Point made, I hope.
Got long winded, sorry.
There was also a mention in OP bout not using the credit. At least one of my LOC agreements specifically states that it becomes null and void if not used during any single 6 month period. I assume that means it stays in place as long as I play with markers against that LOC at least once every 5 months or so. I am not sure if that is an industry standard.
Good variance at the table to you. Just remember that variance is short term only, there is little or no variance over the long term.
Youuuuuu MIGHT be a 'rascal' if....(nevermind ;-)..2F
Is Online Gambling Bad For Credit Rating Online
Pocketsidewalk
Unless it was a large amount of money I'm not sure why you wouldn't just swap for chips at the table. Seems like an extra step, but maybe some payoff in terms of attention from the Pit? Wish WoN hadn't asked to continue only by PM 'cause I'd like to know more about the subject and his advice.
It's been discussed a couple times in the last couple months whether playing with markers added any value beyond just the simple fact of not having to carry around uncomfortable (for you) large amounts of cash. I haven't read about any clear other advantage.
It's been discussed a couple times in the last couple months whether playing with markers added any value beyond just the simple fact of not having to carry around uncomfortable (for you) large amounts of cash. I haven't read about any clear other advantage.
Extra attention from the pit never hurts as long as it's good attention.
Quote: TwoFeathersATL
The OP applied for 5K LOC and rec'd 2.5K. That caught my attention, and I wondered why. My experience has been ( working with a bank acct specifically set-up to cover my LOC ) that you put say 110% of the amount of the requested LOC in that acct, the casino verifies (I assume) that the money is there and maybe runs a credit check on you. It might be more complicated than that, and anyone is welcome to chime in with additional info.
Of course working with markers, or casino credit, can be an incredibly dangerous proposition for anyone that doesn't have serious self control and discipline (cough, cough). You don't have to be a professional athlete. Gamblers always risk going broke. With markers you can go way, way, beyond broke. Proceed with great caution!!!!!!!
In retrospect, I should've done more research regarding the way casinos evaluate your worth before extending casino credit. I believe that your current checking account balance or balance over the last several months is most important. There was no hard credit check from the casino.
I rarely keep a large balance in my checking account. I make most of my purchases with credit cards and then pay my credit cards off in full each month. I never keep a balance on my credit cards. The rest of my money goes into savings or money market accounts. So it's not like I don't have the money, I just don't keep it in a checking account that earns virtually no interest. I believe this is what caused me to receive a lower than expected amount of casino credit.
If I had to do it over, I would transfer money to my checking account a few months prior to submitting a casino credit application and let it sit in there. Perhaps 110% of the amount requested is the sweet spot as you suggested.
Wizardofnothing
It's almost all based on average daily balance
I have not had a single casino pull my actual credit - they run a bank report and
Central casino credit to make sure you haven't bounced any markers
If I recall right they use terminology like mid 4s mids5 mid6
As in a 1-9k bank balance a10-99k balance and a 100k-999k balance but I have had markers that started at 5k go up to 100k once I had them run through more then a couple times, keep in mind though if you are a green chip player they are not giving you a 50k marker it's also based on play. They will more likely give you a 100k marker with only 10k in bank of you show the play then they would give you a 50k marker with 500 grand in the bank if you don't show the play
No longer hiring, don’t ask because I won’t hire you either
RS
Not to hijack the thread or nothing, but something interesting happened to me (which really confused the hell out of me). I have a front money account (small $$ amount), pulled out a marker, played a bit, lost, went to cage to put the rest of the amount back in. Apparently you can only pay back the full amount of a marker when using front money..I thought that was odd, but OK. Then she says I OWE money against my account. Seems odd, that I would OWE money, when really, it's all my money to begin with! I didn't think it would be setup the same way as credit lines are..I figured I'd just have a balance (like in a debit/savings account at a bank), and whenever you take out money, your balance goes down, whenever you add in money, balance goes up. None of this 'pay back money you borrowed' stuff.Seems odd they'd do it that way..like what are they gonna do if I don't pay back my own money? LOL
01000101 01110000 01110011 01110100 01100101 01101001 01101110 00100000 01100100 01101001 01100100 01101110 00100111 01110100 00100000 01101011 01101001 01101100 01101100 00100000 01101000 01101001 01101101 01110011 01100101 01101100 01100110 00101110
TwoFeathersATL
I think I'd have to ask for the rest of my money back, now, just to make sure it's still mine?Youuuuuu MIGHT be a 'rascal' if....(nevermind ;-)..2F
Gabes22
2F, another good reason for Front Money is for travelers. Say you are travelling from Atlanta to Vegas, and have a gambling budget of $10,000. Instead of talking out a marker which you have to pay back, you can pre-arrange to have funds you intend to gamble with wired to the casino before your trip so you don't have to travel with $10,000 and have any run-ins with TSA or the PD at the airport due to having such a large sum of cash on you. You then take it out like you would a marker, but don't have any obligation to pay it back.A flute with no holes is not a flute, a donut with no holes is a danish