How dumb an idea is this?

My youngest nephew is going to his boss's bachelor party in Vegas. They are offering the whole cabana/bottle service nonsense, and he is budgeting $10,000 for the trip, including gambling. It's his first trip since he started making real money.
He and his friends each chipped in $500, so they have a different $10,000. They want to turn it into $80,000 to lease a car as a wedding present.
Betting $10,000 and winning three decisions gets them the money.
Blackjack is out as they can't double or split.
Is playing a color in roulette better than an even-money craps bet?
If they win, they have their wedding present paid for. If they lose, they will still owe a multi-hundred-dollar wedding gift.

Choosing which game to play notwithstanding, if they do get to $80,000, when they try to cash out at the cage, won't that trigger RICO paperwork, which I assume generates a W-2G in turn, so somebody is going to be on the hook for 28% or so of $70,000?

Next problem: finding a game with a $10,000 or higher maximum bet. I might consider starting with a craps pass line bet of $2500 plus $7500 odds.
However, if he insists on three all-or-nothing even-money bets, I assume the best bet is three player bets in baccarat.
If he is willing to "settle" for $74,000 or so, three banker bets is slightly better.

I'm missing something here- $80K to lease a car as a wedding present?

To me, leasing a car means something like $249/mo. @ 36 mo., and $80K is what you would use to buy a high end car.

Tell him there's a 7 in 8 chance of losing the $10K and to give the money to you for safe keeping so it doesn't get bet on.

Quote: AutomaticMonkey

I'm missing something here- $80K to lease a car as a wedding present?

To me, leasing a car means something like $249/mo. @ 36 mo., and $80K is what you would use to buy a high end car.
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Just checked. $80k gets you around 2 years on a lower end Lamborghini lease. Not my cup of tea!

Friend just returned from wedding in Italy. Father of the bride is worth 9 figures. Around 90 guests. He and wife and 3 adult children put up in villa. He said ‘when I wanted to wipe my ass there was someone there to help me’. He was able to find out that the villa runs $25k a night with the chef/butler/etc…. He guesstimated the whole thing was between $3 and $5 million.

What kind of gift do you give that bride and groom? Check for $500 seems skimpy!? Not giving a Hyundai Sonata lease either.

The Wedding is at Oheka Castle, which non-New Yorkers might know from Royal Pains, AKA Boris's Chalet. I think the car is a Maybach, but I'm not sure which model.

Quote: billryan

My youngest nephew is going to his boss's bachelor party in Vegas. They are offering the whole cabana/bottle service nonsense, and he is budgeting $10,000 for the trip, including gambling. It's his first trip since he started making real money.
He and his friends each chipped in $500, so they have a different $10,000. They want to turn it into $80,000 to lease a car as a wedding present.
Betting $10,000 and winning three decisions gets them the money.
Blackjack is out as they can't double or split.
Is playing a color in roulette better than an even-money craps bet?
If they win, they have their wedding present paid for. If they lose, they will still owe a multi-hundred-dollar wedding gift.
link to original post

Yes it sounds like a terrible idea.

I think you’d want to play banker baccarat unless the 5% commission on banker is a problem. In which case it’s close to a toss up between baccarat player or craps don’t pass.

It’s a lot easier to find a baccarat limit of $25k than a craps limit.

But I don’t think any strip casino is taking the last $40k bet without negotiating special limits , so this is not a simply 3-step parlay.

Crazy idea: how about just buy him something really cool with the $10K, instead of the gift for a few hundred?

Quote: billryan

My youngest nephew is going to his boss's bachelor party in Vegas. They are offering the whole cabana/bottle service nonsense, and he is budgeting $10,000 for the trip, including gambling. It's his first trip since he started making real money.
He and his friends each chipped in $500, so they have a different $10,000. They want to turn it into $80,000 to lease a car as a wedding present.
Betting $10,000 and winning three decisions gets them the money.
Blackjack is out as they can't double or split.
Is playing a color in roulette better than an even-money craps bet?
If they win, they have their wedding present paid for. If they lose, they will still owe a multi-hundred-dollar wedding gift.
link to original post

In the unlikely event that he wins, don't forget about the government's $20k or so. Maybe more, depending on what state he lives in.

Quote: ThatDonGuy

, if they do get to $80,000, when they try to cash out at the cage, won't that trigger RICO paperwork, which I assume generates a W-2G in turn, so somebody is going to be on the hook for 28% or so of $70,000?

It will not generate a W2G or 1099. It is up to the player to report the winnings to the IRS. If they take the amount in cash it will generate a CTR for the person collecting it but that just lets FINCEN know somebody collected over $10k cash. FINCEN doesn't report it to the IRS unless a case is opened for another reason.