YOUR CASINO, YOUR LOANS

Since the casinos were legalized in Missouri in 1992, we have seen one broken promise after another, and now the industrial betting complex is doing it again. They’ve convinced at least one Missouri legislator. To sponsor a bill that allows them to loan money to studded players.

Missouri is not the first state to consider allowing empty pocket crapshooters to borrow from the house. According to the Examiner, Mike Winter, who lobbies for the Missouri Gaming Commission, says that 10 of the 15 states with land or river casinos allow casinos to grant credit. Pinnacle Entertainment, which operates casinos in Missouri, already handles credit applications in casinos in Indiana and Louisiana.

casino loan

How do we get to this particularly unhealthy and useless idea? Let’s see: in Missouri, we went from betting only on river boats that apparently “sailed” for two hours, to boats in fictitious pits; of a loss limit of $ 500 for two hours, lose as much as you can lose every time you lose it; of a lifetime ban from compulsive gamblers to a welcome mat. One after another, the restrictions on casinos have been pushed and legislated into oblivion.

And now, under the pretext of helping the hapless high-performance professional athletes, Missouri is about to turn the casinos into usurers. Lobbyists in the gaming industry [I refuse to use the term “games”] and their paid employees – Missouri lawmakers want us to believe that professional millionaire athletes who come to the city need loans for their games of chance high-risk. [Some of these people, apparently, bet with up to $ 30,000 in one night.] We can not expect them to carry so much cash, argue the lobbyists, so we must allow the casinos to lend them the money so they can shit on the tables of dice.

That’s a very smart cover story, but it does not contain enough water to float a toy boat in a fake pit. Do you want us to believe that athletes with huge salaries and financial advisors to administer them do not have high-limit credit cards to take advantage of? For real?

No, player loans are not really for well established athletes. They are an excellent way for casinos to get even more money, through a new source of income for interest payments, from everyone, especially the average person who puts himself over the head and needs just a little more to recover it. . What a great strategy for casinos: keep customers playing longer, lose more money and then return it with interest.

They want us to believe that the loans for gambling will be safe and that the applicants will be examined carefully. If you want an instant casino loan, you must show that you qualify for a $ 5,000 line of credit. That sounds reasonable enough, until you discover that casinos will use criteria similar to those used by furniture stores and used car dealers, and are widely known as some of the most selective bankers in the United States, right?

And, by the way, does anyone know what the interest rates on the loans for gambling will be? Missouri already allows exorbitant interest rates on payday loans, [averaging between 300 and 400 percent], and efforts to reduce those rates are regularly crushed in the legislature. Will borrowers improve with a loan from a casino? Is not this what used to be called, in the days of the gangster of old, “vig”?

Instant loans for players is a lousy idea with no redemption value, except for the added value it provides to casino operators. Even casino operators know this. A recent St. Louis Post-Dispatch editorial notes that some of the operators’ own websites offer links to toolkits that help people identify their own problems with the game.