Well yes, for comps anyway. But this is a thread for blackjack play.Originally Posted by Joe Mama
Well, sorta. In olden days, markers were given to whales and connected folk. They have always been given to anyone with a funded account. They will be given for one bet if they feel you have the cash handy. But, casinos are considered financial institutions. They are not allowed to provide “loans” without credit checks.
"I don't think outside the box; I think of what I can do with the box." - Henri Matisse
Why are we borrowing the whole $75,000 at once, instead of $5,000 at a time? There is absolutely no upside to that approach and plenty of downside.Then we assume we borrow $75,000 (a normal bankroll is less than 1% RoR) for 12 months at 6% interest and monthly payments of $6,455.
That’s actually a really good point. You don’t need the whole bankroll on you at once. Most of the money is just sitting collecting dust. It’s only when you run bad that you need that dust money.
"Everyone wants to be rich, but nobody wants to work for it." -Ryan Howard [The Office]
As I said, do your own proforma and make your decision.
I was not trying to provide all the alternatives available but was trying to provoke some critical thinking about the issue.
Luck is nothing more than probability taken personally!
That is why I suggested having a line of credit instead.
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If you have to borrow money to gamble you shouldn't be gambling. A better alternative is figure out a way to make extra money not your money from your paycheck from your job but take a second job on find a way to make money and put it to the side and use only that money for a bankroll while you learn if you really got it in you find a way to make extra money and leave your house money in your paycheck for your family or yourself alone . time you create a bankroll you should be ready to respect your bankroll because it's hard work to get that extra money and you can create a bank roll the right way and you will respect it a hell of a lot more if you do these things to get that bankroll. I had a friend one time took her all her 401K money to become a professional gambler little to say she did not know how to count cards or anything else. I begged her not to do this within six months to a year all 35000 was gone and she still broke to this day and quit a good job. So be smart about this the casino don't need more idiots there they have enough already but they're always willing to take more on if you're willing to give it instead of learning the basic rules. Good luck to you
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The interest payments on even say $20,000 debt @ 6% is only $4 a day. So if you contrast that with the opportunity to earn 400-500 dollars in expectation then it certainly could be profitable to borrow money to play blackjack. If you had say a $70,000 line of credit and then took out 20 max bets at a time. There is a reasonable chance you would end up paying only a very minimal amount of interest if you end up positive within the first few weeks. And then if you are playing with say $200 max bets, and end up running really bad and losing 100 max bets, then the cost to service the loan is only $4 a day and you can still continue to earn your expectation of $400-$500 a day putting in full time hours.
So if you had great credit and no other reasonable options for making a decent salary it could be a good idea.
The OP strongly intimated that he was a newbie. Not withstanding the fact that he is unproven, likely to incur debt, which requires repayment, probably from an overstretched budget - interest payments are not flat rated, rather the debt is compounded.
Let him season himself at red chip, which can be managed, before he embarks in what may be a foolhardy adventure.
I agree that a newbie should not play blackjack on borrowed money. But for a seasoned AP, under certain conditions, it might be worth it. With a reasonable interest rate the expected profit from playing will far outstrip the cost of servicing the loan. Even with a high interest rate the expected profit from playing will be significantly higher than the interest from the loan.The OP strongly intimated that he was a newbie.
Provided I alter (partly changed to better explain) the scenario, I qualify for that comment given a specific issue. The issue is one of convenience versus need. By BJ roll is in 3 places, 2 for this scenario.
Two to three trip rolls are readily available, in cash, at a moments notice. The balance of my roll, is in one of many stock accounts, the one in particular which is funded solely by blackjack. If I should burn out my trip rolls, it would be more convenient to bypass the stock account in question, borrow from one of several credit lines I have (all with zero balances), and take out cash advances from a below prime credit line available to me.
By the way, interest rates like anything else, are variable and negotiable. Further, as someone suggested in this thread, the time to negotiate these things us when you don’t need the money.
In theory id agree with all of that on paper. The hard part is conceiving of such a situation whereby a proven winning player has no other alternative to raise capital other than through borrowing.
If hes an experienced and proven AP then what happened to his bankroll? Im sure there are hypotheticals that would give rise to just such a scenario but id say they would be the minority of cases. I think the overwhelming sentiment here is that more often than not, anyone considering such a path would be well advised not to.
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