What do you do when you want to be a high roller gambling at the casino, but you are not? You take out some pay day loans. That is the new trend among the working class in Cleveland. I wouldn’t call myself a gambler, although I have visited a few casinos in other cities. I work hard for my money, and I don’t want to see it disappear in the blink of an eye. I am all about receiving value. I like to quit while I’m ahead. My understanding is that you win a little and you lose a little more and eventually the house comes out ahead. You have some fun and they get your money.
I’ve been to the Horseshoe Casino in Cleveland twice. On each occasion I had some time to kill so I played a little. The only time I was up was when I took the 20 out of my wallet. There was no give and take there. It was all give. I lost so fast I was stunned. I will never ever go back. Not so with others I have spoken to. Often they are up by a few hundred dollars then the bottom falls out and they lose that and more. Then they start chasing the money they previously won by playing more.
They want the money back, but they have no more to gamble. So they borrow. If they don’t have credit the next stop is the pay day loan. Fast, easy money. Just sign a postdated check and you are on your way back to the casino. They lose and then borrow again. I have seen people take out a dozen pay day loans in quick succession. The concept is that you pay it back with your next paycheck. The problem comes on the next payday there is one pay check to cover 12 or more postdated checks.
How do they cope? They take out more pay day loans to cover the ones that are due plus a few more to take to the casino. Borrowing to gamble is a treadmill you have to jump off. So is pay day lending. See that toll free number on all the casino adds? If you are borrowing to gamble, call it (800-598-9966). That will give you options for the gambling addiction.