The position of the banker and who undertakes it is the main difference between Baccarat variations. In the version of the game known as Chemin de Fer, the position of the banker passes clockwise from player to player each time the banker loses rather than being fixed by the individual casino. The house, however, provides the banker with funds throughout the game. The role of the banker can be passed to the next player. The objective of each version of the game is the same: to reach 9. The player, who plays the role of the banker, deals each player four cards, then the cards are turned over and their value is summed. Traditionally if the total is lower than 5, the player draws one more card, if the total is 5 or higher the player stands. The total of the hands is then compared and the player with the best hand (closest to 9) wins.

The origin of Punto Banco has always been discussed. George Raft's Capri Casino in Havana is said to be the inventor of the game. Punto Banco is said to have been brought to Las Vegas by Tommy Renzoni in the late 1950s. Renzoni wrote that his game owed its roots to European "Chemin de Fer" via Argentina. He claimed that the night of the game's first modern American play, the Sands casino lost 0,000. The first version of the game appeared in Italy in the 1480s from a deck a tarot cards. If translate form Italian the word ‘baccarat’ means ‘zero’, the game got the same name as the value of most cards is zero. Early Baccarat stories claim that the game is based on an old Etruscan ritual of the nine gods, who prayed to a blonde virgin on their tiptoes waiting for her to throw a nine-sided die. Her fate depended on the result of the die. If an eight or a nine was thrown, she would become the priestess. If 6 or 7 was rolled the virgin was prohibited from any further religious activities. If she threw any number less than six, she would walk into the sea.
Later, in the 1550s the game was introduced to the French public and got a new name. It was called ‘Chemin de Fer’. However, the French also claim credit for inventing Baccarat. Either way, the French aristocracy, always seeking new and different idle pastimes, warmed to the game immediately. Then, in the 1950's, Baccarat made the long voyage from France to Argentina. It landed at the casinos of Mar del Plata, home to the South American upper echelon.