“It begins by converting your official money into various formats created by the casino such as chips to play at the tables. At the end of your gambling, you then return to the cashier to exchange whatever chips you have left back into official currencies. There is an implicit presumption that you will be able to make that conversion as you leave the casino.
Those casino chips can be thought of as derivatives based upon your currency, which itself is a derivative based upon the full faith and credit of the issuing government. In essence, the casino is a country-like entity with which you temporarily exchange your labor and productivity in the form of currency for the casino coin of the realm. With it, you can buy entertainment services. When you are ready to leave the casino, you reconvert the casino currency back into sovereign currency.
Read the complete article at King World News here.
Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.