The casino industry just like with other industries have their language. Not an entire language per se. But some certain words or phrases only make sense to a certain group of people.
In this blog post, we’re going to talk about casino operators, owners, and executives. So, are you familiar with any of these terms?
We’re not talking about the slot machine handle. The Handle in the casino is the total amount of wagers made by casino players or customers. Calculating the total amount of the handle is important if you want to determine if your casino is making money or not.
It is important to make sure that the handle you want to be calculated is allocated for various gaming or gambling activities offered by casinos and online casinos. In New Jersey, it’s not casinos and online casinos generating big handles, it’s sportsbooks.
In September 2019, New Jersey sportsbooks generated more than $445.5 million in wagers ever since sportsbooks were given the green light back in June 2018. Bets on American Football generates most of these.
This is an easy one. Casino credit is a sum of money lent to you by the casino. You can ask for a certain amount but will then be subject to approval. This is where casinos get strategic. They only accept credit requests from responsible gamblers with great records and winnings.
Casinos are finding it hard to chase someone with outstanding casino credits. Now that is an issue or a possible issue you might want to assess how you’ll cope. In New Jersey, casinos are pretty lenient when it comes to handing out casino credits and are open to different arrangements for payment.
What they do is they sit down with the customer and ask him or her the best way to pay the credit without it taking a toll on his or her livelihood. Talk about good guys! On the not-so-fortunate side, New Jersey casinos still lose millions because of unpaid casino credits.
Many people assume front money and casino credit are the same, they are not. Front money is money upfront in exchange for chips. A certain amount of money is deposited into a casino account and is then used for casino transactions and even wire transfers.
Most casinos prefer this method to get tangible payments straight to their pockets. However, not all gamblers can present money upfront, therefore, casino credit is in place.
An important reminder. Either it’s front money or casino credit. Operators, as well as gamblers, need to be responsible for their actions to avoid any personal or financial issues.