Are there play and pay later casinos? - page 5.

Smartvirus

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Quote from: Crypt0Gore on May 17, 2023, 02:39:45 AM

It's been a year and half that I talked last with a family friend who is living in North America and finally, he replied my messages after so many sms sent out to his number, he told me about how he own 60k in gambling and I somehow feel sorry for him but at the same time I doubt this, because I don't see anyone talking about gambling debts before.

Without going into much detail, I think you must have misunderstood what your friend meant by owing a casino. Not like it’s not possible but, there are contexts to how these can happen.

In one instance,
Your friend could have been able to archive this out of the relationship he must have created with the staff. Perhaps in a bid to save time and continue gambling, he goes ahead to place bets and the staff might allow it out of the trust on past ordeals with them and this time, he eventually doesn’t have the money to balance up his excess.
Of course a casino that allows for such and it must be a physical casino would have a means to getting their money back but, it’s first and foremost on the staff to have allowed such privileges.

In the second instance,
It could mean that your friend only loaned money from some place else to gamble and lost them all. Hence, without going in detail, he just ties the debt he owes to gambling. Thats messed up and a don’t do!

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Quote from: Doan9269 on June 21, 2023, 05:35:08 AM

Gambling when you hqve no money is not advisable, it's never a must to gamble when the conditions attached to gambling as at that moment we are interested aren't favourable enough for us to have an itch free gambling experience by not going into debts, I've seen some gamblers having nothing to fall back on die to the fact that they have spent all they have, borrow money as well to gamble and have accumulated enough debts through gambling and now they have to be running helter and scelter in finding a means of achieving peace of mind.

When gamblers can't control their desire to gamble, people like that can do all kinds of ways to keep fulfilling their desires and that will only bring them even more difficulties because gambling without control usually results will be very bad and if they can win it's just a coincidence but in the end it will only make the money run out because they can never stop.
I am sometimes confused why people always feel the need to gamble even though they don't have money but instead choose to go into debt not even when we don't have money when we don't have enough time to be able to gamble also not good because we can be so rushed that it only leads to mistakes like sports betting which takes time to analyze.

Doan9269

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Gambling when you hqve no money is not advisable, it's never a must to gamble when the conditions attached to gambling as at that moment we are interested aren't favourable enough for us to have an itch free gambling experience by not going into debts, I've seen some gamblers having nothing to fall back on die to the fact that they have spent all they have, borrow money as well to gamble and have accumulated enough debts through gambling and now they have to be running helter and scelter in finding a means of achieving peace of mind.

AicecreaME

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Quote from: fullhdpixel on June 20, 2023, 08:20:55 AM

Quote from: Distinctin on June 17, 2023, 02:31:31 AM

No casino would survive with that kind of system. While they may attract a lot of borrowers, the question remains: can they ensure that they will receive the payment? We are discussing online casinos, where most of us gamble anonymously, so the risk for the operator is very high.

I am aware that some land-based casinos have lenders, but they would not easily lend money without collateral. This collateral serves as assurance since its value is higher than the loan, and the interest rates are typically high. These lenders are often referred to as loan sharks.

Just like in our small store business before. We also allow people to shop for goods and they can pay it later on. Some pays longer like after two weeks while some pays after a month. The outcome is not great and our business fails later on. We have no choice but to have that kind of system because our business location is not good enough.

It wasn't placed in a really crowded area but it was only placed in our own backyard where the customers are mostly the people that we already know the most. The same thing could happen to a casino if they implement such scheme. An active flow of money is important because we will also use it to maintain our service.

This is the consequence of letting someone borrow from your business. In my opinion, small business such as this don't have to add this feature because given that you only have a backyard store, you have a limited capital and source of fund. With that being said, the profit of your small business is what you use to buy products again to make the income flow continuous. Hence, you can't really afford to let your goods be borrowed to be paid later since the money will be stagnant, there will be no profit on your end for a specific time frame. Additionally, you don't even know if they will pay you as soon as possible or if they will only pay if they remembered or want to, since there's no written agreement on this, I assume.

The same way with gambling casinos. They shouldn't really put credit or pay later features to deter those who don't really have money in the first place to gamble. If they don't have enough fund as spare, then do not play or bet. It's not about being greedy or putting up discrimination. Rather it is a form of concern and setting boundaries to keep your business operating and to keep them away from having so much debt they can't even afford to pay.

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Quote from: Hispo on June 19, 2023, 11:54:42 AM

Quote from: Fredomago on June 19, 2023, 07:16:18 AM

Quote from: harizen on June 17, 2023, 02:17:33 PM

Quote from: Hispo on June 17, 2023, 11:32:09 AM

If online and crypto casinos wanted, I could see a day where they started to give credit for their users to gamble, perhaps depending on their VIP status and total wager history and if there is some KYC involved since the beginning of the registration on the casino, it could be possible for the staff to find information on the credit score of the person, further helping with their risk evaluation.
However, since online casinos have not need such system to exist for them to have good profits, it is also likely they won't use it.

Actually, that would be the logical requirements and pre-requisites if online casinos will have that pay later feature or granting their users a loanable balance. However, since the industry we are talking about is gambling, expect that the eligibility of loan requirements is tough and will be difficult to achieved.

Adding to that, the said loan amout surely can't be withdrawn immediately if users decided to convert it to cash, obviously. I'm also sure that there would be a turnover requirement before anyone can convert it to real cash depending on the loan tier.

With that being said, I doubt the majority will still be interested in that feature.

On that note, about difficulty in converting or withdrawing it into cash, maybe for some who are really addicted to gambling will bite, but for those who are not okay with that kind of setup, they might not use it. I agree that since it's a gambling industry, the way those casinos will let their clients barrow might be difficult, or might be different from the usual loan that being offered by banks or any financial aids.

If there's potential money making outcome, we might see it, but if there's none, maybe we won't see any.

No, I do not think there is a reasonable way a casino would lend a gambler credit and at the same time allowing them to withdraw that money immediately.

As fas as I am concern, the casino would likely consider that loan as a debt (negative numbers) and one would be only allowed to use such money to continue the gambling session. If the gambler is lucky it may earn some money which surpassed the credit and could pay back the loan and keep the difference. Casinos are not banks, needless to say.

Indeed, they will not allow that to be easy though chances might be done if you are really having a good credit stand or you already develop good trust from the owner, though if offshore maybe yes but if online, where things is very different, trust thing is something that really hard to earn, especially if you are dealing with casinos, the facilitator would be more willing to continue without giving any special privileges to anyone as business will be protected to any kind of scamming activities from the users.

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Quote from: Distinctin on June 17, 2023, 02:31:31 AM

No casino would survive with that kind of system. While they may attract a lot of borrowers, the question remains: can they ensure that they will receive the payment? We are discussing online casinos, where most of us gamble anonymously, so the risk for the operator is very high.

I am aware that some land-based casinos have lenders, but they would not easily lend money without collateral. This collateral serves as assurance since its value is higher than the loan, and the interest rates are typically high. These lenders are often referred to as loan sharks.

I agree with you. The return of funds in such a scheme is not guaranteed and depends on the influence of the casino owner and his friends)

It is actually possible to apply a similar scheme in online casinos using smart contracts, as it is done in DeFi lending, but frankly I don't see the point in it. Also, gambling on credit is not a good idea. So I don't welcome either such services or casinos that provide the opportunity to gamble on credit.

dezoel

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Quote from: Issa56 on June 17, 2023, 04:02:27 PM

Quote from: Crypt0Gore on May 17, 2023, 02:39:45 AM

So is gambling debt one way or other possible without the person taking loan or borrowing money?

Some excuses some people are always giving is kind of funny to me, I don't know maybe you asked the person for money, or maybe as he saw your message he was thinking you are going to ask him for money that was why he gave you excuse, so that you won't be disturbing him. I am a gambler and I haven't seen any online casino that will ask you to gamble and you will have to pay back later, am sure the person is just trying to deceive you. If gambling sites gives you loan to gamble, am sure lot's of people won't be paying back even if they are submitting their kyc. Am just thinking about it because I don't even know how they are going to do it and their customers won't be running away with their money.

That might not be an excuse and he had probably taken a loan from somewhere but maybe he didn't want to disclose that, that's why he said that the casino allowed them to gamble and pay back later, or maybe he used a credit card or something and is now having to pay back the credits that he used in gambling? I'm not sure but as you said, casinos don't generally give out loans to every gambler unless he was a loyal customer at a land-based casino and got a loan offer but I doubt they give such offers without collateral.

Even if an online casino decides to launch a program where they will give out loans to gamblers to play and pay it back later, I'm pretty sure that they won't do it for free and will surely ask for something as collateral before they can take a loan because they won't be able to do anything if a gambler doesn't return after gambling the money away.

fullhdpixel

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Quote from: Distinctin on June 17, 2023, 02:31:31 AM

No casino would survive with that kind of system. While they may attract a lot of borrowers, the question remains: can they ensure that they will receive the payment? We are discussing online casinos, where most of us gamble anonymously, so the risk for the operator is very high.

I am aware that some land-based casinos have lenders, but they would not easily lend money without collateral. This collateral serves as assurance since its value is higher than the loan, and the interest rates are typically high. These lenders are often referred to as loan sharks.

Just like in our small store business before. We also allow people to shop for goods and they can pay it later on. Some pays longer like after two weeks while some pays after a month. The outcome is not great and our business fails later on. We have no choice but to have that kind of system because our business location is not good enough.

It wasn't placed in a really crowded area but it was only placed in our own backyard where the customers are mostly the people that we already know the most. The same thing could happen to a casino if they implement such scheme. An active flow of money is important because we will also use it to maintain our service.

LUCKMCFLY

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Quote from: jostorres on May 28, 2023, 12:38:45 PM

Quote from: darewaller on May 27, 2023, 04:01:52 PM

What if the loan amount is still small and within their capacity? And the reason why they took a loan is they can not wait to play anymore but it does not mean that they already lose earlier. It's just their urge to play a gambling unexpectedly kicks in. Borrowing small amounts of money should came up with smaller interest but the higher the amount the higher the interest as well.

IMO it's not bad to owe someone else money but as long as you are going to pay them on the designated time so that no hard feelings are going to be felt and nothing bad will happen to you because some people doesn't have a long patience and they might do a revenge eventually.

One should not borrow money from somewhere only to gamble because it will eventually start to become a habit, and one should be able to control the urge to gamble if they don't have money at that particular time, and if one can't control the urge, it simply means that they are addicted to gambling, and if that's the case, you won't refrain from taking a loan again once you've lost the previous one.

And if that continues, it can be bad for both the lender and the borrower, the lender won't be able to get all their loans back with interest because the borrower has already become an addict and will surely lose everything in gambling.

What you say is very true, there is nothing worse than lending money for a person to start investing or spending it in a casino, because obviously the person will be very Involved in the addiction of a casino, then if his streak is undoubtedly lost All your money will go away, and this is something that cannot be missed , the thing here is that a person who Enters a casino should not go Crazy , they should not lend money, and if they do, they should have the ability to pay, the rest should not I think it is a good Option, not here or Anywhere , much less to put it in Games of Chance.

Hispo

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Quote from: Fredomago on June 19, 2023, 07:16:18 AM

Quote from: harizen on June 17, 2023, 02:17:33 PM

Quote from: Hispo on June 17, 2023, 11:32:09 AM

If online and crypto casinos wanted, I could see a day where they started to give credit for their users to gamble, perhaps depending on their VIP status and total wager history and if there is some KYC involved since the beginning of the registration on the casino, it could be possible for the staff to find information on the credit score of the person, further helping with their risk evaluation.
However, since online casinos have not need such system to exist for them to have good profits, it is also likely they won't use it.

Actually, that would be the logical requirements and pre-requisites if online casinos will have that pay later feature or granting their users a loanable balance. However, since the industry we are talking about is gambling, expect that the eligibility of loan requirements is tough and will be difficult to achieved.

Adding to that, the said loan amout surely can't be withdrawn immediately if users decided to convert it to cash, obviously. I'm also sure that there would be a turnover requirement before anyone can convert it to real cash depending on the loan tier.

With that being said, I doubt the majority will still be interested in that feature.

On that note, about difficulty in converting or withdrawing it into cash, maybe for some who are really addicted to gambling will bite, but for those who are not okay with that kind of setup, they might not use it. I agree that since it's a gambling industry, the way those casinos will let their clients barrow might be difficult, or might be different from the usual loan that being offered by banks or any financial aids.

If there's potential money making outcome, we might see it, but if there's none, maybe we won't see any.

No, I do not think there is a reasonable way a casino would lend a gambler credit and at the same time allowing them to withdraw that money immediately.

As fas as I am concern, the casino would likely consider that loan as a debt (negative numbers) and one would be only allowed to use such money to continue the gambling session. If the gambler is lucky it may earn some money which surpassed the credit and could pay back the loan and keep the difference. Casinos are not banks, needless to say.

Beparanf

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Quote from: Fredomago on June 19, 2023, 07:16:18 AM

On that note, about difficulty in converting or withdrawing it into cash, maybe for some who are really addicted to gambling will bite, but for those who are not okay with that kind of setup, they might not use it. I agree that since it's a gambling industry, the way those casinos will let their clients barrow might be difficult, or might be different from the usual loan that being offered by banks or any financial aids.

If there's potential money making outcome, we might see it, but if there's none, maybe we won't see any.

Casino will never offer this kind of feature since it will be a problem for them once the player file a complaint for a casino letting them lend money to gamble on their own premise.

This topic is already too old while gamblers can always use credit card to loan and convert to cash. It’s same with play now pay later since it’s in a form of debt. I never heard casino offering loan but there’s a lot of lender inside the casino that offers quick loan in exchange for a collateral such as car and jewelry.

Fredomago

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Quote from: harizen on June 17, 2023, 02:17:33 PM

Quote from: Hispo on June 17, 2023, 11:32:09 AM

If online and crypto casinos wanted, I could see a day where they started to give credit for their users to gamble, perhaps depending on their VIP status and total wager history and if there is some KYC involved since the beginning of the registration on the casino, it could be possible for the staff to find information on the credit score of the person, further helping with their risk evaluation.
However, since online casinos have not need such system to exist for them to have good profits, it is also likely they won't use it.

Actually, that would be the logical requirements and pre-requisites if online casinos will have that pay later feature or granting their users a loanable balance. However, since the industry we are talking about is gambling, expect that the eligibility of loan requirements is tough and will be difficult to achieved.

Adding to that, the said loan amout surely can't be withdrawn immediately if users decided to convert it to cash, obviously. I'm also sure that there would be a turnover requirement before anyone can convert it to real cash depending on the loan tier.

With that being said, I doubt the majority will still be interested in that feature.

On that note, about difficulty in converting or withdrawing it into cash, maybe for some who are really addicted to gambling will bite, but for those who are not okay with that kind of setup, they might not use it. I agree that since it's a gambling industry, the way those casinos will let their clients barrow might be difficult, or might be different from the usual loan that being offered by banks or any financial aids.

If there's potential money making outcome, we might see it, but if there's none, maybe we won't see any.

Issa56

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Quote from: Crypt0Gore on May 17, 2023, 02:39:45 AM

So is gambling debt one way or other possible without the person taking loan or borrowing money?

Some excuses some people are always giving is kind of funny to me, I don't know maybe you asked the person for money, or maybe as he saw your message he was thinking you are going to ask him for money that was why he gave you excuse, so that you won't be disturbing him. I am a gambler and I haven't seen any online casino that will ask you to gamble and you will have to pay back later, am sure the person is just trying to deceive you. If gambling sites gives you loan to gamble, am sure lot's of people won't be paying back even if they are submitting their kyc. Am just thinking about it because I don't even know how they are going to do it and their customers won't be running away with their money.

klidex

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Quote from: tusandii on June 17, 2023, 10:28:46 AM

Quote from: molsewid on June 17, 2023, 09:54:09 AM

Quote from: Distinctin on June 17, 2023, 02:31:31 AM

No casino would survive with that kind of system. While they may attract a lot of borrowers, the question remains: can they ensure that they will receive the payment? We are discussing online casinos, where most of us gamble anonymously, so the risk for the operator is very high.

I am aware that some land-based casinos have lenders, but they would not easily lend money without collateral. This collateral serves as assurance since its value is higher than the loan, and the interest rates are typically high. These lenders are often referred to as loan sharks.

Maybe a traditional ones can survive. Because they can make their house as collateral or even their cars or anything that will have a value or increasing value in the future but when it comes to online casino I doubt they will have that because as what you have said there is no assurance that it could be paid on time.

Here I agree with you that only land or traditional casinos can survive because they can receive several guarantees in case gamblers don't do things they don't want such as running away from responsibility.
So far I have never come across a casino online with such a service and I am sure that no online casino does because it is very risky.

I myself, as a gambler, have never wanted a service like that and don't want to exceed my limits by forcing a loan.

I think physical casinos give the facility of betting pay later using credit cards etc this is one strategy of the company to let gamblers lose more money in such casinos.
Because of course casino owners know that certain people have bad emotions or self-control so they let bets pay later and continue to lose large amounts because the bet pay later feature indirectly gives free access to bet on any game without thinking that the money will run out.

slapper

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Quote from: Accardo on June 17, 2023, 09:30:32 AM

Gambling is a general market and casino is a part of it. Gambling can be done in different manners and if I read the OP's post well, his friend said he owes 60k in gambling not casino. They're multiple scenarios to that and the causes of that, Op should have asked him what kind of gambling he engaged in, maybe out of sympathy didn't remember to drop his response. I would say that maybe it was a peer to peer gambling between him and another person over a game or event that's about to happen. And in such gambling the both parties will provide their lawyers and they'll sign. Unfortunately he lost the bet and he is just obliged to pay the other person 60k, that means whenever he gets the money he'll hand it over to his opponent. That's how I view it as gambling happen in different forms not just in casinos.

It's not easy to take in your point of view. You're making it sound like a $60,000 gambling debt is nothing out of the ordinary. Do you find your friend's massive debt concerning? Well, what about smart betting? It's not just casinos, of course, but we can't ignore this problem! Aren't there inherent dangers in any kind of gambling? The risks of addiction, economic collapse, and social upheaval are too great to dismiss. It's true that no mention was made of gamblers in the post. But isn't the shrugging off of such a massive setback the real problem here? Instead than brushing off heavy losses, shouldn't we encourage responsible play?

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Quote from: Hispo on June 17, 2023, 11:32:09 AM

If online and crypto casinos wanted, I could see a day where they started to give credit for their users to gamble, perhaps depending on their VIP status and total wager history and if there is some KYC involved since the beginning of the registration on the casino, it could be possible for the staff to find information on the credit score of the person, further helping with their risk evaluation.
However, since online casinos have not need such system to exist for them to have good profits, it is also likely they won't use it.

Actually, that would be the logical requirements and pre-requisites if online casinos will have that pay later feature or granting their users a loanable balance. However, since the industry we are talking about is gambling, expect that the eligibility of loan requirements is tough and will be difficult to achieved.

Adding to that, the said loan amout surely can't be withdrawn immediately if users decided to convert it to cash, obviously. I'm also sure that there would be a turnover requirement before anyone can convert it to real cash depending on the loan tier.

With that being said, I doubt the majority will still be interested in that feature.

Hispo

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Quote from: tusandii on June 17, 2023, 10:28:46 AM

Quote from: molsewid on June 17, 2023, 09:54:09 AM

Quote from: Distinctin on June 17, 2023, 02:31:31 AM

No casino would survive with that kind of system. While they may attract a lot of borrowers, the question remains: can they ensure that they will receive the payment? We are discussing online casinos, where most of us gamble anonymously, so the risk for the operator is very high.

I am aware that some land-based casinos have lenders, but they would not easily lend money without collateral. This collateral serves as assurance since its value is higher than the loan, and the interest rates are typically high. These lenders are often referred to as loan sharks.

Maybe a traditional ones can survive. Because they can make their house as collateral or even their cars or anything that will have a value or increasing value in the future but when it comes to online casino I doubt they will have that because as what you have said there is no assurance that it could be paid on time.

Here I agree with you that only land or traditional casinos can survive because they can receive several guarantees in case gamblers don't do things they don't want such as running away from responsibility.
So far I have never come across a casino online with such a service and I am sure that no online casino does because it is very risky.

I myself, as a gambler, have never wanted a service like that and don't want to exceed my limits by forcing a loan.

If online and crypto casinos wanted, I could see a day where they started to give credit for their users to gamble, perhaps depending on their VIP status and total wager history and if there is some KYC involved since the beginning of the registration on the casino, it could be possible for the staff to find information on the credit score of the person, further helping with their risk evaluation.
However, since online casinos have not need such system to exist for them to have good profits, it is also likely they won't use it.

tusandii

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Quote from: molsewid on June 17, 2023, 09:54:09 AM

Quote from: Distinctin on June 17, 2023, 02:31:31 AM

No casino would survive with that kind of system. While they may attract a lot of borrowers, the question remains: can they ensure that they will receive the payment? We are discussing online casinos, where most of us gamble anonymously, so the risk for the operator is very high.

I am aware that some land-based casinos have lenders, but they would not easily lend money without collateral. This collateral serves as assurance since its value is higher than the loan, and the interest rates are typically high. These lenders are often referred to as loan sharks.

Maybe a traditional ones can survive. Because they can make their house as collateral or even their cars or anything that will have a value or increasing value in the future but when it comes to online casino I doubt they will have that because as what you have said there is no assurance that it could be paid on time.

Here I agree with you that only land or traditional casinos can survive because they can receive several guarantees in case gamblers don't do things they don't want such as running away from responsibility.
So far I have never come across a casino online with such a service and I am sure that no online casino does because it is very risky.

I myself, as a gambler, have never wanted a service like that and don't want to exceed my limits by forcing a loan.

molsewid

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Quote from: Distinctin on June 17, 2023, 02:31:31 AM

No casino would survive with that kind of system. While they may attract a lot of borrowers, the question remains: can they ensure that they will receive the payment? We are discussing online casinos, where most of us gamble anonymously, so the risk for the operator is very high.

I am aware that some land-based casinos have lenders, but they would not easily lend money without collateral. This collateral serves as assurance since its value is higher than the loan, and the interest rates are typically high. These lenders are often referred to as loan sharks.

Maybe a traditional ones can survive. Because they can make their house as collateral or even their cars or anything that will have a value or increasing value in the future but when it comes to online casino I doubt they will have that because as what you have said there is no assurance that it could be paid on time.

Accardo

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Gambling is a general market and casino is a part of it. Gambling can be done in different manners and if I read the OP's post well, his friend said he owes 60k in gambling not casino. They're multiple scenarios to that and the causes of that, Op should have asked him what kind of gambling he engaged in, maybe out of sympathy didn't remember to drop his response. I would say that maybe it was a peer to peer gambling between him and another person over a game or event that's about to happen. And in such gambling the both parties will provide their lawyers and they'll sign. Unfortunately he lost the bet and he is just obliged to pay the other person 60k, that means whenever he gets the money he'll hand it over to his opponent. That's how I view it as gambling happen in different forms not just in casinos.

Topic: Are there play and pay later casinos? - page 5. (Read 1602 times)