How does chemin de fer differ from basic baccarat?

The primary difference between chemin de fer and basic baccarat lies in the role of the banker and the nature of the betting.

In basic baccarat, the house acts as the bank, and players bet against the house. In contrast, in chemin de fer, the bank is not held by the house; instead, it passes from player to player among those at the table. Consequently, in chemin de fer, players bet against each other rather than against the casino.12

While both games share the same objective—to achieve a hand total of nine using two or three cards—the structural difference in banking is the defining distinction between the two versions.12