Topic: Are there play and pay later casinos? - page 12. (Read 1597 times)

Maybe he is regular customer and the casino already saw how much he is willing to risk just to gamble. It's not like we are not monitored in every casino that we go in, there are cameras everywhere. If they did, offering a loan would be easy and all they need is his details or where he receive his money from, and how much he can make.
$60k is a lot of money, he may have gone wild and thought he could get it back by gambling again. I doubt it will be from credit card or banks because there's always a limit to it. The only way I could see it is from the casino lending him money with collateral, maybe you should ask what he deal it for. House? Car? His payroll ATM card?

This practice is not something Casinos would make cause people would abuse it. It would be so easy to bet with their money and then if they lose it all they would end up in jail and still Casino would be left without it.

As far as I know, you cannot borrow funds directly from an online casino. Perhaps your friend was referring to borrowing money at a land-based casino. In some cases, there may be loan sharks or individuals who lend money to gamblers at high interest rates. However, it's important to note that borrowing money from loan sharks can be risky and potentially dangerous, especially if you are unable to repay the debt. These types of loans are typically unsecured and may put your safety at risk. It's always advisable to avoid getting involved with such arrangements and to practice responsible gambling.

Never heard of it  and not sure if some casinos offer this kind of opportunity to gamble without money on your hand.
If someone does this, they'll probably going to ask for a collateral or something valuable for them to hold before they release your desired funds for gambling, but that's kind of a complicated procedure and I guess debt doesn't really a good idea in a gambling business for some specific reasons.
 
The most probable thing for people to have a gambling debts is through credit card and other lending firm, but of course they are not going to declare that they're using the fund for gambling purposes coz these lending companies will not allow you to take the loan as you're most probably going to be broke and won't be able to pay back in time.

This does not seem likely to me, as then casinos will have to create very strong procedures which allowed them to guarantee they will eventually get paid, similar to what banks do already, the most likely scenario is that your friend asked for a loan to the casino and he had to give to them a collateral which will be returned to him once he pays the money that he owes, similar to pawning an object at a pawn shop or the collateral loans some members offer on the forum, still he is in trouble as owning 60k is simply too much and if the interest rate is high he may be unable to ever pay up his debts.

I'm 100% sure that there's no such thing as a service like that.

First of all, most credit cards are not accepting in-game purchases on gambling platforms for obvious reasons that it can lead to too much debt and banks will just create another problem for themselves. It's also a casino term not to use credit cards to be able to play on their platform.

If you don't have the money, don't push for any gambling activities, simple as that.

I've only seen that in old mafia movies, where the player who keeps losing is given a balance, which he usually ends up losing and if he has trouble paying, the mobsters will come to take his possessions and his physical integrity is in danger. I don't know if it will happen anywhere now but if it does it must not be part of a legal scheme, surely there is mafia involved.

I haven't heard of a play-now-pay-later casino. But it doesn't mean one cannot play at a casino without money. You've mention credit cards. You've mentioned loans. And we've also read and heard news of gamblers using money coming from their company's funds. I mean, there are so many ways to gamble without money, incurring huge debt in the process.

Just days ago, I and my friends pooled over money to bet on GSW against the Lakers in their 5^th game. We're betting against a group of policemen and the money was held by one of them. By the time we won, he was gone and nowhere to be found. It turned out, he didn't have any money at all. He was betting without anything. He was scamming bettors of their money.

There's a possibility that we can see it in the future because I remember there were exchanges that would allow you to borrow money, and other exchanges are recently starting their casino.

Then again, casinos prioritize making profits, so if they plan to start a lending business on the side, then the rates are probably worse for the borrowers. That would mean their side business won't get that much success, so it's better if they don't do it and use their profits in another way.

I believe not, because gambling is a sector that would easily attract bad payers and would certainly have a very high default rate.
It is already difficult for many players to deal emotionally with losses, so imagine if these players can still somehow prevent the payment from being made.
This can be done by calling the bank and asking them to cancel/block the credit card.
On crypto-only sites, this would be impossible to control.
On sites that accept deposit in Fiat, it could be necessary to have a much stricter KYC to curb fraud as well.

Anyway, I doubt it exists or that it would work on a gambling site.

Yeah, i've heard this from someone i knew in US about their credit system where all accredited lending company knows everything your debt from different companies so it's easy to track if someone is a good payer or not before accepting it's credit card application in gambling or on different platforms. But like you've said not all countries have this kind of credit system. So it's not recommended to just lend a gambler for an amount that the platform is not sure to lend them or not. It might be beneficial to both parties in terms of usage, company and entertainment but the effect will cause worst outcome if the lendee won't pay properly.

I have read much about the credit system in some developed nations and it is effective. People can purchase almost anything with credit cards. But in my country, we don't have effective credit systems so it might be difficult to have such gambling credit facilities. I know some casinos where some well-known customers are allowed to gamble on credit because the promoters have confidence in them and know that they would pay back the loan. But I have never seen a casino in my area that has an established system where you can come and gamble on credit. Maybe we might have it in the future when our credit and national identity system is effective. This kind of service will cause gambling addictions and people will gamble more than their income or financial benchmark.

That will be Double Kill Zero, lending to gambling with interest and when gambling loses it will only leave debts to be paid along with high interest. it will be a very complicated problem and will stress anyone out.
Do gambling like gambling that provides entertainment, not gambling that requires earning? So far I have been doing some gambling just for entertainment and I have allocated a limit on the money used for gambling. So no more than the allocation fund. Gambling provides entertainment, not new problems.

Use.. credit card? That’s the closest thing I can think of with the concept, although it may not be what you really are looking for directly. You can always pay later with credit cards although the risk of getting addicted with the game is extremely high. Keeping in mind that what you’re spending at the casino isn’t your own money makes you think twice or thrice into depositing again. Personally, I wouldn’t seek for play now, pay later casinos because it might make me oblivious that what I play with is something that will come back with interest.

I don't know such that's existing but maybe a casino can have this program but you need to have a secure deposit that's more than they're giving you as a loan and that's the best possible way a casino can allow.

Just gamble with your own money and not with debt money. You'll be buried more with stress and problem when you lose that money. You take responsibility for paying the interest and you have lost that money. So that's double pain that you need to deal with.

in online casinos this is completely impossible and the reason is quite simple: in online casino the owner in most online casinos is an anonymous person, and the customers of the online casino are also anonymous people, even if the customers of the online casino still do KYC thus, they continue to be people unknown to the owner of the online casino and as there is no friendly relationship between the online casino customer and the owner of the online casino, then there are no conditions for a person to play and pay later, also the casino system itself online it doesn't help much that this is possible, for example when people are playing at the online casino nobody sees the face of who is playing, there is no interaction between people

now we look at a physical casino, in the physical casino when people play they talk to other people and sometimes they talk directly to the casino owner, this means that there are conditions for the casino owner to become a friend of the regular casino player which obviously can at some point ask to play and pay later and the owner of the casino can accept that, because the owner of the casino knows the regular player very well and knows that he has the means to pay, there is nothing strange in this type of situation , and something quite normal but what happens in the physical casino

Gamblers may just see it as "play now and pay never". This is a very terrible business model. Certainly online casino operators who'd have thought of it but they know that it is bad for their business. Because most of the time they are already dealing with people with terrible credit score, people who do not want their family members to be aware of their gambling addiction. Casinos would end up running at a loss and would in no time declare bankruptcy. I know some casinos offer some sort of loans to players who meet a certain criteria but never would they try the model.

Come to think with this scenario:

1. Casinos lend money into their gamblers, if they win big then they would simply be cashing out those money deducted from the winning - NEGATIVE - It would affect profitability
    They are really just making some suicide decision which would affect out their companies profitability.
2. Casinos lend money into someone to play- If they do lose, what they would get? So its useless.

Its true that there's no such feature on whatever platform that do exist today, which does simply shows or means that his friend might ended up on taking up some loan
into someone or do make use of his credit card for him to play. You cant possibly borrow into the platform which you are tending to play. LOL!

when you talk about casinos, high likely that his friend owed such amount was because he used his credit card or he loaned money from someone else and used it in the site. i don't think any casino would allow the paylater scheme as i never heard of such feature before.
remember they are in this business and they want to make sure their business won't be in the verge of bankruptcy owed to this feature. gamblers borrow money all the time from whoever will lend them money even with high interest.

I haven't heard of such before...
Why would a casino indulge in handing out loans?? That' would automatically mean getting an affiliation with the credit bureau Which takes so much protocols and affirmations.
If they'll ever be a time when casinos would borrow an individual some funds to play with and pay back in due time, then I believe the very fact that gambling is becoming rampant and being abused among kids would become more predominant.
I would believe that they'll be a time INSTEAD - that' a casino would lend out slots for players with limited funds to play and pay back -

Sandra 🧑‍🦰