Casino and Rolling Credit

Hi Mr Tan

The following is a short description of how the casinos are using "rolling" credit to encourage gamblers to gamble more. Please post it up if you think it is useful to share with others so that they do not fall into the trap of problem gambling.

CRA implemented rules to try and reduce the incidence of problem gambling.

Unfortunately, these restrictions have been cleverly bypassed.  The main way of doing this is via rolling credit. This is offered to gamblers which the casino has identified as big gamblers based on their gambling patterns recorded in their card.

These big gamblers are advised to make a deposit (e.g. $50,000). After making a deposit, they are given a rolling “commission” based on the amount they play. This commission ranges from 0.5% to 1.0% of the gambled amount.

To earn what seems like “free money”, many big gamblers are enticed to make the deposit. In doing so, they are consistently tempted to gamble with more money than they had originally planned to gamble by drawing down on the deposit.

When the deposit is exhausted, the casino will usually offer to extend credit to allow the gambler to continue gambling. The amount extended will depend on the credit check done by the casino when the initial deposit is made.

Hence beyond operating a casino, the casino is also involved a lucrative money lending business. At this point in time, it is unknown what are the charges the casinos are levying for providing this credit. It is however likely that this makes up a significant portion of the record profits that have recently been reported.

Aurvandil

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Betting money

I like to share this joke. Hope you enjoy it.
A beggar approached a wealthy person and said "Please let me have $10 for my food. I have not eaten for two days".
The wealthy man replied, "I know you. If you give $10 to you, you will bet it on Toto!".
The beggar glared at the wealthy man and said, "I need your $10 for food. I already have betting money for Toto!".

Insist on cash-only gambling

Give your own views this survey.


Published in Straits Times Online

UNLIKE some Singaporeans, I have supported the building of the two casinos in Singapore. I consider gambling to be a part of life.

Many people gamble on 4-D, Toto, mahjong and on sports events. For most people, the biggest gamble is on the stock markets. They speculate on the movement of stock prices, although they think they are making an investment.

In my view, there is nothing wrong when a person gambles away money that he can afford to lose. If he does not spend the money on a bet, he could have spent the same money on other forms of entertainment.

It is a different matter, however, when a person gambles away money that he cannot afford to lose. I was, therefore, shocked to learn that a person could lose $26 million over three days at a casino. It does not take so much money to cause financial disaster for a family. Many people cannot afford to lose a few thousand dollars that are needed for the expenses of their household.

The real danger is not in gambling with cash, but gambling on credit. The Government should forbid the casino from granting credit to patrons. All gambling should be with cash brought in or wired in advance to an account in the casino. This restriction should be extended to all other licensed gambling outlets. I also urge the Government to pass a law to disallow the operation of loan sharks that lend money for gambling. All such loans should be treated as unlawful and unenforceable.

When the real danger, that is, gambling on credit, is dealt with, I suggest the removal of the levy of $100 that has to be paid by Singapore citizens and permanent residents visiting a casino. Do not deprive Singapore residents of the chance to enjoy the excellent facilities of these two casinos when they are made readily available to tourists from our neighbouring countries and from afar.

Tan Kin Lian

Here is another view by Lucky Tan

ADDITIONAL COMMENT
For those who think that each person should be responsible for his own behavior, just imagine what would be your feeling, if your spouse or family member come home one day from the casino and told you that he or she had incurred a big debt. It does not have to be $26 million, but it could be half of your net worth! Can you afford to have this happen to your family? It is so easy for any family to be caught in this situation.

Housing prices

According to this article, housing prices in the future will at best keep up with inflation and will not produce the spectacular return in the past. In the near time, it has to correct downwards, i.e. fall by 20% in the USA. I agree with this analysis and believe that this will also apply to Singapore.

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1. 25-403 sets out the basis on which the court will determine who gets custody of the child and this is based on the best interests of the child. The best interests of the child are judged by the following criteria

• The wishes of the child’s parent or parents as to custody.
• The wishes of the child as to the custodian.
• The interaction and interrelationship of the child with the child’s parent or parents, the child’s siblings and any other person who may significantly affect the child’s best interest.

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