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DRich
DRich
Joined: Jul 6, 2012
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Thanks for this post from:
rsactuaryJmarch79
September 4th, 2018 at 7:05:51 PM permalink
For anyone that understands accounting, tickets must expire at some point.
Living longer does not always infer +EV
AxelWolf
AxelWolf
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September 4th, 2018 at 7:39:37 PM permalink
Quote: TigerWu

No, because that would still be fraud, and ultimately illegal, depending on what the scam is.

Casinos do not rely on fraudulent premises to operate, unlike scammers.

So as long as it's a legal scam its ok.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
AxelWolf
AxelWolf
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September 4th, 2018 at 7:42:39 PM permalink
Quote: DRich

For anyone that understands accounting, tickets must expire at some point.

How do other jurisdictions do it?

I would accept one year.

Someone posted an expiration of one day. Does anyone here think that's not a "scam"?
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
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September 4th, 2018 at 7:50:49 PM permalink
Quote: AxelWolf

How do other jurisdictions do it?

I would accept one year.

Someone posted an expiration of one day. Does anyone here think that's not a "scam"?

If tickets expired after 99 years, that money has to be protected for redemption. He says they must expire, that is obviously false and misleading, I already mentioned how NJ had tickets never expiring. They changed the law so the money could be taken in as a profit and removed as a liability. It is true a ticket must expire for the money to change hands, but the money must not change hands, so he is wrong.
#FreeNATHAN #Paytheslaves
darkoz
darkoz
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September 4th, 2018 at 7:51:44 PM permalink
Quote: DRich

For anyone that understands accounting, tickets must expire at some point.



So pennsylvania casinos dont do accounting?

Their vouchers dont expire

Edit: the ones I have been too before someone names a casino in west bubbaclump pennsylvania as an example that doesn't
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
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September 4th, 2018 at 7:51:49 PM permalink
Quote: AxelWolf

How do other jurisdictions do it?

I would accept one year.

Someone posted an expiration of one day. Does anyone here think that's not a "scam"?

If tickets expired after 99 years, that money has to be protected for redemption. He says they must expire, that is obviously false and misleading, I already mentioned how NJ had tickets never expiring. They changed the law so the money could be taken in as a profit and removed as a liability. It is true a ticket must expire for the money to change hands, but the money must not change hands, so he is wrong.
#FreeNATHAN #Paytheslaves
DRich
DRich
Joined: Jul 6, 2012
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September 4th, 2018 at 8:54:14 PM permalink
Quote: onenickelmiracle

If tickets expired after 99 years, that money has to be protected for redemption. He says they must expire, that is obviously false and misleading, I already mentioned how NJ had tickets never expiring. They changed the law so the money could be taken in as a profit and removed as a liability. It is true a ticket must expire for the money to change hands, but the money must not change hands, so he is wrong.



Please explain to me how NJ accounts for liability while staying compliant with GAAP? Or do they? My guess is they don't.
Living longer does not always infer +EV
DRich
DRich
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September 4th, 2018 at 8:58:35 PM permalink
Quote: AxelWolf

How do other jurisdictions do it?

I would accept one year.

Someone posted an expiration of one day. Does anyone here think that's not a "scam"?



One year seems reasonable to me but my point is that we just need some number otherwise the patron gets screwed. If the patron believes the tickets are good forever, business eventually fail and the customer gets screwed. If the customer know the expiration date they can only screw themselves.
Living longer does not always infer +EV
KevinAA
KevinAA
Joined: Jul 6, 2017
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September 4th, 2018 at 9:01:10 PM permalink
That would be odd if a ticket never expired. The casino would have a reserve that increases without bound. At some point, when you're sitting on a pile of cash, you should invest that in something other than a bank account.

my opinion... a day is way too short. A year is long enough. A month is fine.
rxwine
rxwine
Joined: Feb 28, 2010
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September 4th, 2018 at 9:03:06 PM permalink
If the money went to State unclaimed money funds, you'd have years to collect.
Quasimodo? Does that name ring a bell?

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