Chemin de Fer
Chemin de Fer is the original European form of baccarat, predating the standardised punto banco version played in Macau and most modern casinos. Unlike punto banco — where the casino always controls the Banker hand — in Chemin de Fer, the Banker role is held by one of the players, who funds the bank from their own chips. Players take turns being the Banker, and the role passes around the table like a railway train (chemin de fer means 'railway' in French), giving the game its name. Chemin de Fer is still played at French casinos and a small number of upmarket European venues, and it is the version of baccarat depicted in Ian Fleming's James Bond novels.
Rules & Gameplay
One player acts as Banker and sets a bank (maximum bet amount). Other players (Punters) bet against the bank in descending order, starting with the player to the Banker's right. A player may call 'Banco' to match the entire bank. After bets are placed, Banker and active Punter each receive two face-down cards. If either has a natural 8 or 9, cards are revealed immediately. Otherwise, the Punter may request a third card (hit) or stand. The Punter's draw decision may be forced or optional depending on their hand total — differs from punto banco in that the Punter exercises genuine choice on 5. The Banker may then draw or stand based on their hand and the Punter's decision. Highest total (closest to 9) wins. Banker keeps the bank on a win; passes it on a loss. Casino takes a 5% commission on Banker wins.
Basic Strategy
As Punter: always stand on 6 or 7; always draw on 0–4; the key decision is on 5 — standing on 5 is traditional, drawing on 5 is the mathematically optimal choice. As Banker: mirror optimal punto banco drawing rules — the difference is you can observe the Punter's hesitation and infer hand strength in a skilled game. Calling Banco (matching the full bank) is a social statement as much as a strategic one — it exposes you to the entire bank on a single hand. The 5% commission structure means the Banker advantage is equivalent to punto banco's Banker bet. Experienced players develop a feel for when to pass the bank (after a loss streak) versus defending it (on a positive run).
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