CHIPS ARE NOT CASH!

This discussion of “collecting” chips brings to mind another very important aspect of gambling: recognizing that the chips per se are not cash. They need to be converted to cash in order to have any value.

I followed a story several years ago about an old couple who would always take some. chips home with them so that they would have a “starting stake” for their next casino trip. Well, after several months went by and they returned to the-casino, they were shocked to find out the casino would not redeem the chips... over a thousand dollars worth!

It seems the casino had changed its chips during the interim and had announced a cut-off date until which the casino would honor the chips (casinos call chips “checks,” so if you’re talking about chips, and they’re calling them checks, it’s the
same thing).

Well, the nice old couple didn’t care whether they’re called chips or checks. they called their lawyer. I understand a settlement was reached but who wants to go through all that aggravation.

Cash your chips before you leave for home. In fact,, cash your chips immediately after-a playing session; Here’s why:

Let’s say you had a big score and you’re not that well known at a particular casino. Chances are, the people at the cage will ask you where you got the chips before they pay you. You can yell and scream all you want to, ‘and I can’t blame. you, but you’ll most likely have to tell, them exactly at what table, and exactly when the chips were won.

Stolen chips

The casino’s excuse for this is that too many times chips are turned -in for payment that were stolen, especially the larger denomination. I doubt that -the casino will hassle you over a stack of green chips, but they probably will over a stack of purple. If they know you, that’s different. If they don’t, be prepared to tell them where and when you won the chips. Someone will make a call to the pit and confirm that the table had a particularly large payout and, yes, they remember you, and, yes, you’ll get your money.

If you can’t tell them exactly where and when you won the casino chips, or if the casino can’t verify your. story, you may be in for a surprise. Don’t get the idea that chips are as good as-cash. They’re not.

Most high rollers know’ what to4o when they have large denomination chips :to cash in. They cash in the chips immediately and put the cash in -a safety deposit box that the cage offers to everyone. Don’t put the chips in the box; Cash them in first and put the cash in the box for all the reasons we just went through.

Another chapter deals with all the reasons why you want to keep large amounts of cash in a box at the cage. It should be obvious, but we’ll cover it. [see players every day walking around a casino, or sitting in the coffee shop, proudly counting their roll of hundred-dollar bills. They might as well hang a sign around their neck that says: I’ve got lots of cash on me.

Do yourself a favor. Be discreet.