favored casino customer
Assuming casino gambling tax is 30% of gross revenue and no tax on personal casino winning. Maybe time to buy myself a casino.
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I offer the same game to the general public. But if you count cards I will kick you out, except my brother.
Quote: supergrassIf I owned a casino, can I bar all card counters except my brother. I offer him 1 deck BJ and shuffle when ever he wants it.
Assuming casino gambling tax is 30% of gross revenue and no tax on personal casino winning. Maybe time to buy myself a casino.
In which country?
Try this in the US and I'd say that your brother almost definitely ends up in jail and you probably do.
If a casino is going to open a game, it should be open on the same terms to everyone. I think whatever regulatory commission you'd be overseen by would insist on that.
There are probably some laws designed to combat money laundering that will thwart you, too.
Quote: supergrassMaybe time to buy myself a casino.
Fun to speculate on, always... but I think your bankroll is probably undersized. I hear there are a few up for sale, however.
Quote: DieterThat sounds like a disreputable thing to do.
If a casino is going to open a game, it should be open on the same terms to everyone. I think whatever regulatory commission you'd be overseen by would insist on that.
I thought it was already fairly normal for casinos to offer private games to very high rollers with special rules (like single deck, loss rebates etc...)? And even on the regular floor games can differ in rules depending on the limit of the table (sometimes higher limits tables get slightly better rules)?
Quote: GandlerI thought it was already fairly normal for casinos to offer private games to very high rollers with special rules (like single deck, loss rebates etc...)?
Perhaps, but wouldn't those games be offered to anyone with an approved line of credit who cares to play $25,000 a hand, not just the owner's brother?
It's (vaguely) reasonable to offer different terms on the $5 game vs the $100 game vs the $1000 game.
It's discriminatory to say that you can't play the $1000 game, despite there being a seat available and a million in your briefcase.
As for loss rebates, I get free buffets from my onesie-twosie red chip action, not unlike the other patrons. If instead of betting $5-$10 a hand, you're betting $10000 a hand, I rather expect the rebates to be... about 1000 times more. Most people don't want a new Kia every trip, so cash is more practical, and easier to park.
because of tax fraud for both. not for allowing the counting.Quote: AxiomOfChoiceIn which country?
Try this in the US and I'd say that your brother almost definitely ends up in jail and you probably do.
Casinos are allowed to set different rules for different people.
Quote: DieterPerhaps, but wouldn't those games be offered to anyone with an approved line of credit who cares to play $25,000 a hand, not just the owner's brother?
It's (vaguely) reasonable to offer different terms on the $5 game vs the $100 game vs the $1000 game.
It's discriminatory to say that you can't play the $1000 game, despite there being a seat available and a million in your briefcase.
As for loss rebates, I get free buffets from my onesie-twosie red chip action, not unlike the other patrons. If instead of betting $5-$10 a hand, you're betting $10000 a hand, I rather expect the rebates to be... about 1000 times more. Most people don't want a new Kia every trip, so cash is more practical, and easier to park.
I was always under the impression those games are negotiated for on an individual basis, so any individual can push for any rules he wants? That's how Don Johnson (at least according to him) won 15 million in AC without counting, he just had really good rules and perhaps a bit of luck.
Quote: AxelWolfbecause of tax fraud for both.
Yeah exactly.
The brother who won the money and didn't pay tax on it would be guilty of tax fraud (since the winnings are taxable in the US)
The owner of the casino would, at a minimum, be guilty of conspiracy to commit tax fraud. They would possibly also rule that passing the money to the brother was done only for the purposes of avoiding taxes, and thus tax the casino as though the money had never been passed to the brother (read up on step doctrine). And I'm sure that they could think of a few other charges if they put their minds to it. Most likely they take all the money as taxes / penalties AND throw you in jail for a long time.
Its basically a cash business.
Unless some employee turns you in there is no way to get caught by the IRS. No need to get your brother mixed up in this, or try to get some edge on table play.
You probably want to actually cash in chips through the Casino so the books balance each day. That shoudl be all there is to it.
Of course this is all hypothetical, and certainly no one ever involved in the casino business would ever think of engaging in tax fraud, ripping off their partners, or skimming.
Quote: Avenger803If you own the Casino why can't you simply just skim as much cash as you want out?
Its basically a cash business.
Unless some employee turns you in there is no way to get caught by the IRS. No need to get your brother mixed up in this, or try to get some edge on table play.
You probably want to actually cash in chips through the Casino so the books balance each day. That shoudl be all there is to it.
Of course this is all hypothetical, and certainly no one ever involved in the casino business would ever think of engaging in tax fraud, ripping off their partners, or skimming.
lol, of course you can get caught. Now you have all this cash? Now what? What are you going to do with hundreds of thousands (millions?) of dollars in cash that you have not paid taxes on?
I'm sure that the IRS won't think that it's strange that you report income of $50k per year when you live in a multi-million dollar home and drive a ferrari (except for the days when it's in the shop and you drive your lamborghini). Nope, no reason to audit you at all!
Quote: GandlerI was always under the impression those games are negotiated for on an individual basis, so any individual can push for any rules he wants?
There are likely differences between public games and private games. If someone says that they want to play alone at a table, and the casino decides to honor that, that's reasonable... but if someone else wants to play a similar bankroll & bet limit, they should open another private table for them.
Of course, any patron can ask for any rule they want. I've heard of people asking for surrender at a non-surrender table and getting it. The house can decline to offer that rule - I've also heard of people asking for surrender and not getting it.
I expect you get trouble when the "yes" is based on nepotism, instead of play.
Quote: DieterThere are likely differences between public games and private games. If someone says that they want to play alone at a table, and the casino decides to honor that, that's reasonable... but if someone else wants to play a similar bankroll & bet limit, they should open another private table for them.
Of course, any patron can ask for any rule they want. I've heard of people asking for surrender at a non-surrender table and getting it. The house can decline to offer that rule - I've also heard of people asking for surrender and not getting it.
I expect you get trouble when the "yes" is based on nepotism, instead of play.
I honestly have no clue. If it could be proven that the whole setup is purposely to lose money to claim less taxes, I am sure they could get you for some tax law?
But my question is, if he is so wealthy that he can whimsically buy a casino by himself so that his brother can count and split the money so the casino gets less revenue (and pays less taxes) and the owner gets more income, which I think was the point? Surely there are better investments that are less risky and easier to avoid taxes if he has such amounts of cash laying around?
Quote: Gandler
But my question is, if he is so wealthy that he can whimsically buy a casino by himself ... Surely there are better investments that are less risky and easier to avoid taxes if he has such amounts of cash laying around?
Less risky, sure. An all-cash business that might be easier to avoid taxes, probably not. The revenue authority surely performs routine audits to prevent successful tax evasion, however.
Maybe he's on the list and is just here slumming it. More realistically, he's not sure how expensive a casino is.
