as they win or tie. If they lose, the next hand is dealt to the player next following them in rotation. Any player may "go bank", the first claim to do so belonging to the punter immediately on the right of the banker; the next to the player on his left, and so on alternatively in regular order. If two players on opposite sides desire to "go bank", they go half shares. A player going bank may either do so on a single hand, in the ordinary course, or a cheval, i.e. on two hands separately, one-half of the stake being played upon each hand. A player going bank and losing may again go bank, and if they again lose, may go bank a third time, but not further. A player undertaking to hold the bank must play out one hand, but may retire at any time afterwards. On retiring, they are bound to state the amount with which they retire. It is then open to any other player (in order of rotation) to continue the bank, starting with the same amount and dealing from the remainder of the pack used by their predecessor. The outgoing banker takes the place previously occupied by their successor. The breaking of the bank does not deprive the banker of the right to continue, provided that they have funds with which to replenish it, up to the agreed minimum. Should the stakes of the punters exceed the amount for the time being in the bank, the banker is not responsible for the amount of such excess. In the event of their losing, the croupier pays the punters in order of rotation, so far as the funds in the bank will extend; beyond this, they have no claim. The banker may, however, in such a case, instead of resting on his right, declare the stakes accepted, putting up the needed funds to meet them. In such event the bank thenceforth becomes unlimited, and the banker must hold all stakes (to whatever amount) offered on any subsequent hand, or give up the bank. Macao David Parlett considers Macao as the immediate precursor to baccarat. Its name and rules suggest it may have been brought over by sailors returning from Asia where similar card games have been played since the early 17th century such as San zhang, Oicho-Kabu, and Gabo japgi. Macao appeared in Europe at the