TITOs and the Change Shortage
November 20th, 2021 at 2:04:06 PM
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The Wizard had an interesting rant on the last LiveStream, pointing out that many casino TITO machines no longer give out coins. Instead, you get your paper money and then another TITO voucher for the change. You then have to take this new change voucher to the cashier's cage to receive your coin. The casino explanation is that this is due to the nation's coin shortage.
My knee-jerk thought was this sounded like a casino scam of convenience. After all, who's going to stand in line to collect a measly 16 cents? (It's also kind of embarrassing cashing in so small an amount.) Thus the casino gets to "keep the change" and, at a busy location, this could add up to quite a substantial amount on the quarterly earnings, all of it while conveniently getting to blame someone else. (Sorry friends. The government has tied our hands.)
My next thought, however, was maybe this was legit. Maybe the casinos are simply trying to protect themselves. If there is indeed a coin shortage (many, including the Wizard, are skeptical), then a casino would make a good target for other merchants in need of change. A liquor store owner, for example, could take 20 one-dollar bills to the casino, insert them one at a time into a penny slot, play for 1 cent and immediately cash out. Then take the 20 vouchers to the TITO machine and bam, he has plenty of change for his cash drawer until the bank opens. How many small merchants are near a casino?
I know there are some casino employees who post here so I'm hoping some of you might offer your thoughts and observations.
Last edited by: Gialmere on Nov 20, 2021
Have you tried 22 tonight? I said 22.
November 20th, 2021 at 2:15:36 PM
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I've been thinking about whether to stand in line to cash out. I could just take the TITO home and reuse it on my next visit. If I have a few <$1 TITOs I could put them in the slot machine and they might add up to a dollar. I could use a 2 cent TITO to separate my sessions of cash in my wallet. As far as the coin shortage goes, what if there's a cash shortage and the ATM's run out of $20's? I should cash out my TITOs at $100 increments.
November 20th, 2021 at 2:20:20 PM
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Today I took the full payout ticket of $89.75 to the cage and got an additional $3 of quarters for the laundry machines.
I played 25-cent poker.
If I played $25 VP I wouldn't have the problem of extra coins, nor the problem of doing my own laundry.
I played 25-cent poker.
If I played $25 VP I wouldn't have the problem of extra coins, nor the problem of doing my own laundry.
November 20th, 2021 at 2:24:07 PM
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While I was at it, here is my Facebook post from Friday.
It engendered 14 good replies. Here is a link, but it may not work if you're not a FB member.
I am still skeptical of this coin shortage. When I offered to bring in about $1,000 in change to my local bank, where I've done business for at least 25 years, they said I would have to wrap them in rolls and put my name, address, and account number on each roll. If they were truly short on change, they would have been happy to run them through their coin counter, which they do have.
I can't prove it, but I think the casinos do this because most people will not fuss with it to cash out a TITO for under $1 and throw them away. If this wasn't their motive, I think they should make it convenient to donate the TITOs to charity.
It engendered 14 good replies. Here is a link, but it may not work if you're not a FB member.
I am still skeptical of this coin shortage. When I offered to bring in about $1,000 in change to my local bank, where I've done business for at least 25 years, they said I would have to wrap them in rolls and put my name, address, and account number on each roll. If they were truly short on change, they would have been happy to run them through their coin counter, which they do have.
I can't prove it, but I think the casinos do this because most people will not fuss with it to cash out a TITO for under $1 and throw them away. If this wasn't their motive, I think they should make it convenient to donate the TITOs to charity.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
November 20th, 2021 at 2:28:04 PM
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Again, I would stock up on a years supply of quarters for laundry machines. Check in with the banks every few months and restock up if you can. The trend towards cashless is gonna leave these laundry machines high and dry.
November 20th, 2021 at 2:38:54 PM
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Thoughts:
Technology is out there for laundry machines to accept credit, debit, and loyalty cards (points). ($2.50-$5/cycle is typical pricing.)
Several places that formerly charged commission to convert coins to cash now do it commission free, effectively paying more.
Unredeemed vouchers are often heavily taxed when the casino keeps the proceeds (varies by jurisdiction).
Technology is out there for laundry machines to accept credit, debit, and loyalty cards (points). ($2.50-$5/cycle is typical pricing.)
Several places that formerly charged commission to convert coins to cash now do it commission free, effectively paying more.
Unredeemed vouchers are often heavily taxed when the casino keeps the proceeds (varies by jurisdiction).
May the cards fall in your favor.
November 20th, 2021 at 2:59:33 PM
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I had a cashout voucher at Cache Creek for an amount that wasn't in full dollars, and pretty much every redemption machine had "THIS MACHINE DOES NOT GIVE OUT COINS" on it - instead, the main option was to donate the change to one or more local charities, the same way that some stores ask if I want to "round up" my payment with the money going to some charity.
November 20th, 2021 at 3:20:24 PM
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The best hybrid solution I have seen so far is one casino with two redemption machines at their main entrance that dispenses coins.
The rest have signs that warn you they don't but give an option to donate the change to charity on the acceptance screen.
Also the change vouchers are playable, so if you have seventy five cents you can try to win a quarter at a slot.
Some casinos just give an unplayable receipt and the only way to redeem is at the cashier. That's really rude imo.
The rest have signs that warn you they don't but give an option to donate the change to charity on the acceptance screen.
Also the change vouchers are playable, so if you have seventy five cents you can try to win a quarter at a slot.
Some casinos just give an unplayable receipt and the only way to redeem is at the cashier. That's really rude imo.
For Whom the bus tolls; The bus tolls for thee
November 20th, 2021 at 3:29:17 PM
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2021 is shaping up as a good year for coin collectors. On a side note, I found a Mercury Dime on the street today. It looked like it had been in the wild for a very long time. I thought it was a penny but it was too small.
The difference between fiction and reality is that fiction is supposed to make sense.
November 20th, 2021 at 3:29:24 PM
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The other excuse is that it’s expensive/ PITA to stock coins. Basically, and casinos are far from the only businesses with this strategy in 20/21, rather than trying to make their patrons satisfied they’re instead trying to see just how far they can push things and what they can get away with before customers revolt. And expose their cashiers to the maximum amount of possible COVID in the process cuz cashiers lives don’t matter, to them in comparison to stocking coins anyways.
November 20th, 2021 at 7:49:38 PM
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Nevada has strict rules about how the casinos must treat unredeemed vouchers and a large percentage of the money must be donated to the State. Its not all profit for them.
https://m.lasvegassun.com/news/2016/dec/20/forget-a-casino-ticket-heres-what-happens-to-the-m/
So Wizard what were you playing that gave you an odd 16 cents?
https://m.lasvegassun.com/news/2016/dec/20/forget-a-casino-ticket-heres-what-happens-to-the-m/
So Wizard what were you playing that gave you an odd 16 cents?
November 21st, 2021 at 3:28:48 AM
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Quote: AlanMendelsonNevada has strict rules about how the casinos must treat unredeemed vouchers and a large percentage of the money must be donated to the State. Its not all profit for them.
https://m.lasvegassun.com/news/2016/dec/20/forget-a-casino-ticket-heres-what-happens-to-the-m/
So Wizard what were you playing that gave you an odd 16 cents?
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That just implicates the state as a co-conspirator!
For Whom the bus tolls; The bus tolls for thee
November 21st, 2021 at 6:39:21 AM
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Ideally, they would have the donation bin for this. Two of the casinos that I frequent have easy to spot donation bins...and they even give change (as of right now).
Without a donation bin, but in a casino that gives change, I usually just leave the coins in the cup...but will sometimes take the quarters if I don't have any parking meter quarters in the car. If someone else wants the change, they can have it. I guess what I will do in casinos that don't give change (and don't have a donation bin) is just print out the change ticket to waste some of their paper and throw it in the trash.
Of course, the casinos are almost certainly not actually tallying up and donating what goes into the donation bin...but it's fun to pretend.
I just figure these huge mega corporations with market caps in the billions care about literal pennies more than I do. Not surprised. Either way, I didn't care about the coins before and I don't care about them now...if not in a hurry, the most I would do is sometimes, "Play off," the change to try to get it to the next even dollar amount up or down.
Without a donation bin, but in a casino that gives change, I usually just leave the coins in the cup...but will sometimes take the quarters if I don't have any parking meter quarters in the car. If someone else wants the change, they can have it. I guess what I will do in casinos that don't give change (and don't have a donation bin) is just print out the change ticket to waste some of their paper and throw it in the trash.
Of course, the casinos are almost certainly not actually tallying up and donating what goes into the donation bin...but it's fun to pretend.
I just figure these huge mega corporations with market caps in the billions care about literal pennies more than I do. Not surprised. Either way, I didn't care about the coins before and I don't care about them now...if not in a hurry, the most I would do is sometimes, "Play off," the change to try to get it to the next even dollar amount up or down.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
November 21st, 2021 at 6:54:51 AM
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Quote: AlanMendelsonSo Wizard what were you playing that gave you an odd 16 cents?
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I was playing Buffalo Gold Collection, for purposes of making a video I wrote about in another thread.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
November 21st, 2021 at 7:03:21 AM
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Just was at Suncoast. Vultured $5.86 at UTX. Put voucher in the machine and got $25.86. (Started with $20) I used the dime as a ball marker. The rest of the coins will go into a vat I have at home. Once a decade or so I do something with the coins I accumulate. Hearing about the shortage I may do it now.
November 21st, 2021 at 8:15:23 AM
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The Southpoint, and otherwise player friendly casino, doesn't even give you a ticket back. It just rounds down to the nearest dollar.
If you do have accumulated coins you'd like to turn into cash, most grocery stores have a coin star machine. They charge a vig if you want cash (I have no idea how much) but pay you at face value in Amazon cards, which, if you are like me, are = to cash. I think there are other vig free options as well.
If you do have accumulated coins you'd like to turn into cash, most grocery stores have a coin star machine. They charge a vig if you want cash (I have no idea how much) but pay you at face value in Amazon cards, which, if you are like me, are = to cash. I think there are other vig free options as well.
November 21st, 2021 at 8:39:37 AM
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Quote: 3for3If you do have accumulated coins you'd like to turn into cash, most grocery stores have a coin star machine. They charge a vig if you want cash (I have no idea how much) but pay you at face value in Amazon cards, which, if you are like me, are = to cash. I think there are other vig free options as well.
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11.9%, according to the Coinstar website. I also use the Amazon option; it usually pays a large chunk of my annual Amazon Prime fee.
A few years ago, I brought a considerable amount of change to the cage at a Vegas casino (can't remember which one), and they converted it to bills without any fee - even though there was a Coinstar machine pretty much ten feet away from me.
Oh, and if anyone needs quarters in Vegas that badly, I know a place where you should be able to get them - the change maches at the Pinball Hall of Fame.
November 21st, 2021 at 9:29:07 AM
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I don't know...
Have you tried 22 tonight? I said 22.
November 21st, 2021 at 10:26:49 AM
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Quote: WizardQuote: AlanMendelsonSo Wizard what were you playing that gave you an odd 16 cents?
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I was playing Buffalo Gold Collection, for purposes of making a video I wrote about in another thread.
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Then the 16 cents represented a business expense/income. Did you write it off as waste? (I'm being facetious.) But everyone with businesses needs to account for these pennies. They add up.
November 21st, 2021 at 11:12:41 AM
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These numbers may have changed a bit but a few years ago, it was said that about half of the US coins made since 1965 are not in circulation. That is especially true with cents and half dollars, and then people started saving their quarters as well once each quarter is now a limited edition, only produced for six weeks or so.
Pre-1965 coins that contained silver have long since disappeared from circulation, as have most pre-1959 pennies.
People's spending habits have changed. With many people using plastic, the little change they do get tends to be emptied out of pockets and accumulated, not spent.
I used to save all my change and around Thanksgiving, I would roll it up,cash it in and it would go towards Christmas presents. I still save it, didn't roll it last year, and have about thirty dollars tops, after two years. When I lived in NY I'd have about $200 a year. These days I can go a week without getting coins as change.
Pre-1965 coins that contained silver have long since disappeared from circulation, as have most pre-1959 pennies.
People's spending habits have changed. With many people using plastic, the little change they do get tends to be emptied out of pockets and accumulated, not spent.
I used to save all my change and around Thanksgiving, I would roll it up,cash it in and it would go towards Christmas presents. I still save it, didn't roll it last year, and have about thirty dollars tops, after two years. When I lived in NY I'd have about $200 a year. These days I can go a week without getting coins as change.
The difference between fiction and reality is that fiction is supposed to make sense.
November 21st, 2021 at 12:13:55 PM
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Quote: GialmereI don't know...
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oops...
Actually, I am a little surprised this is a problem, considering that PHOF is now in a pretty much out-of-the-way place unless you happen to be in the area (say, to get a picture at the Welcome To Las Vegas sign).
November 21st, 2021 at 12:15:53 PM
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The banks are out of quarters, otherwise this wouldn't be a problem.
Arcades in the past would switch to tokens. You'd get an extra dollar of tokens if you put in a $5 bill. But if there's not much return traffic because it's a tourist spot, they should stick to quarters & dimes.
They mentioned using a card to put credits on the machines. I have no idea how that would work. Every machine would have wi-fi or blue tooth? I don't get it.
Arcades in the past would switch to tokens. You'd get an extra dollar of tokens if you put in a $5 bill. But if there's not much return traffic because it's a tourist spot, they should stick to quarters & dimes.
They mentioned using a card to put credits on the machines. I have no idea how that would work. Every machine would have wi-fi or blue tooth? I don't get it.
November 21st, 2021 at 12:29:30 PM
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Quote: ThatDonGuyQuote: GialmereI don't know...
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oops...
Actually, I am a little surprised this is a problem, considering that PHOF is now in a pretty much out-of-the-way place unless you happen to be in the area (say, to get a picture at the Welcome To Las Vegas sign).
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I think it is more visible at its new location than in its old location. How many tourists drove by it's location on Tropicana, a few miles east of the strip?
The difference between fiction and reality is that fiction is supposed to make sense.
November 21st, 2021 at 12:31:41 PM
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Quote: ChumpChangeThey mentioned using a card to put credits on the machines. I have no idea how that would work. Every machine would have wi-fi or blue tooth? I don't get it.
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Coin acceptors and bill acceptors can be readily retrofitted with modern electronics.
Many soda vending machines now accept credit cards; the retrofit hardware can be easily fit to most venders that were designed to accept bill acceptors.
Places like Chuck E. Cheese (probably now gone) and Dave & Busters already have amusements that are credited with an in-house card.
May the cards fall in your favor.
November 21st, 2021 at 12:36:39 PM
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Unless people are walking away with the quarters, the POH should be pretty much a closed environment with the quarters in the machines at the closing equalling the amount distributed in the day. How difficult can it be to empty the machines more often?
The difference between fiction and reality is that fiction is supposed to make sense.
November 21st, 2021 at 12:39:20 PM
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Unless people are walking away with the quarters, the POH should be pretty much a closed environment with the quarters in the machines at the closing equalling the amount distributed in the day. How difficult can it be to empty the machines more often?
The difference between fiction and reality is that fiction is supposed to make sense.
November 21st, 2021 at 12:55:58 PM
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People are walking away with the quarters, as evidenced by the unusual amount of $20 bills in the change machines. Even then it wouldn't be a problem except the PHOF would have to go to the bank to get more quarters. In this post-9/11 country, you can't even get change at a bank without an account there. If the bank the PHOF banks at is out of quarters, or rationing quarters severely, the PHOF will have a hard time keeping their doors open. Banks could choose to give you anywhere from 0 to 5 rolls of quarters. If your business needs $500 of quarters a week, it's gonna take a lot of creative banking to get it. If your TITO machines needs $1000's of dollars of coins a night, just put an "out of order" sign on it.
People are noticing a toilet paper shortage again too. Get a years' supply.
People are noticing a toilet paper shortage again too. Get a years' supply.
Last edited by: ChumpChange on Nov 21, 2021
November 21st, 2021 at 1:29:29 PM
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I'm having a hard time believing there is a problem at the place with people walking out with hundreds of dollars worth of quarters. As Judge Judy says, if it doesn't make sense, it isn't true.
How many businesses need that much change in the first place, and it would be very simple to identify the few people who might do that.
How many businesses need that much change in the first place, and it would be very simple to identify the few people who might do that.
The difference between fiction and reality is that fiction is supposed to make sense.
November 21st, 2021 at 1:36:21 PM
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Judge Judy isn't there, but the TV news station is there. Get your time slots right.
Grocery stores, laundromats, arcades, casinos, etc. they all need lots of coins, which the banks are clearly not giving out in many parts of the country. This is why the self service lanes took out the cash option and only accept plastic. Of course the money could have the plague on it and that's a better reason to go to plastic. Banks are shuttering branches nationwide at an alarming rate, and credit cards are getting cancelled for no reason with no notice. I'm wondering what plastic will be left in a year.
Grocery stores, laundromats, arcades, casinos, etc. they all need lots of coins, which the banks are clearly not giving out in many parts of the country. This is why the self service lanes took out the cash option and only accept plastic. Of course the money could have the plague on it and that's a better reason to go to plastic. Banks are shuttering branches nationwide at an alarming rate, and credit cards are getting cancelled for no reason with no notice. I'm wondering what plastic will be left in a year.
November 21st, 2021 at 1:37:22 PM
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Quote: billryanI'm having a hard time believing there is a problem at the place with people walking out with hundreds of dollars worth of quarters. As Judge Judy says, if it doesn't make sense, it isn't true.
How many businesses need that much change in the first place, and it would be very simple to identify the few people who might do that.
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Nobody is walking out with $100 worth of quarters by themselves. However, if enough people "walk out" with $20 worth of quarters, the problem is just as bad. Of course, part of the problem could be that $20 bills are all that a lot of people have, but they're not going to play $20 worth of pinball, even if the newest machines are $1/play.
The obvious solution to me would be, switch to tokens. However, this could cause another problem; what if somebody wants to play, but doesn't want to play $20 worth of pinball, and all they have are $20 bills? Another possible solution: ask people to convert their unused quarters back to bills - there's usually somebody behind the counter (selling T-shirts) who could do this.
November 21st, 2021 at 1:49:19 PM
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The bill breaker should give bills as well. Put in a $20, get four fives. Then you can get $5 worth of quarters. I doubt many people are putting in a $20, playing two or three dollars worth of games, and leaving with $17 in quarters.
Over the years, the POH has been very good at getting publicity and I think this is just another example.
Over the years, the POH has been very good at getting publicity and I think this is just another example.
The difference between fiction and reality is that fiction is supposed to make sense.
November 21st, 2021 at 1:56:23 PM
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They said they've been hoarding quarters for years, but now they're getting worried. How big is their stash of coins? If each machine can handle $250 of coins times 125 machines, that's over $30K of coins. No bank is gonna make a dent in replacing that these days.
November 21st, 2021 at 4:23:31 PM
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Well I did my part last week.
I took ~ $ 90 worth of coins to a Coinstar and got the voucher for Lowes Hardware store (no vig / commission for that). And the Lowes is right next door to the grocery store that had the coinstar. Easy peasy.
I took ~ $ 90 worth of coins to a Coinstar and got the voucher for Lowes Hardware store (no vig / commission for that). And the Lowes is right next door to the grocery store that had the coinstar. Easy peasy.
There's emptiness behind their eyes
There's dust in all their hearts
They just want to steal us all and take us all apart
November 21st, 2021 at 4:58:16 PM
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Quote: JohnnyQWell I did my part last week.
I took ~ $ 90 worth of coins to a Coinstar and got the voucher for Lowes Hardware store (no vig / commission for that). And the Lowes is right next door to the grocery store that had the coinstar. Easy peasy.
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You, sir, are a Great American!
The difference between fiction and reality is that fiction is supposed to make sense.
November 22nd, 2021 at 6:50:22 AM
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But clearly with my ~ $ 90 in coin BACK in circulation, no reason for VEGAS not to resume dispensing out the coins again, right ?
There's emptiness behind their eyes
There's dust in all their hearts
They just want to steal us all and take us all apart
November 22nd, 2021 at 7:12:44 PM
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I saw this in a few spots at Wind Creek (formerly Sands) in Bethlehem PA yesterday.
While they were in several locations, none were next to a redemption machine.
Full disclosure: I didn’t check the machine to see if there’s any notification about the change.
While they were in several locations, none were next to a redemption machine.
Full disclosure: I didn’t check the machine to see if there’s any notification about the change.
I invented a few casino games. Info:
http://www.DaveMillerGaming.com/ —————————————————————————————————————
Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
November 23rd, 2021 at 8:21:57 AM
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We were at Wind Creek in Bethlehem PA this weekend. On the way out they have a donation slot where patrons can drop their unused vouchers. All proceeds go to the Lehigh Valley VIA.
This is similar to what Borgata AC is doing. At the redemption kiosks they have an option to donate change to the Atlantic County food bank.
Edit: LOL, jumped right to the end, didn’t see post above.
This is similar to what Borgata AC is doing. At the redemption kiosks they have an option to donate change to the Atlantic County food bank.
Edit: LOL, jumped right to the end, didn’t see post above.
A falling knife has no handle.
November 23rd, 2021 at 11:00:37 AM
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Not sure if it was mentioned already but there are casinos currently offering a premium if you bring in change. Not saying that confirms there is a shortage. Also most if not all the casinos I visit have a donation option on their atms for the remaining change on your tito to some random charities.
November 23rd, 2021 at 5:23:38 PM
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I was in the middle of mentioning that (I't was more prevalent soon after the covid outbreak). Some guys did well. Then I decided not to mention it as I didn't want to mess up anyone's current gig. Good Job Viper, u just let the cat out of the bag. 🙆♂️ 😀Quote: Viper21Not sure if it was mentioned already but there are casinos currently offering a premium if you bring in change. Not saying that confirms there is a shortage. Also most if not all the casinos I visit have a donation option on their atms for the remaining change on your tito to some random charities.
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♪♪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♪♪
November 23rd, 2021 at 7:02:04 PM
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Quote: 3for3The Southpoint, and otherwise player friendly casino, doesn't even give you a ticket back. It just rounds down to the nearest dollar.
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Really? Can anyone else confirm this? I normally speak very highly of the South Point, but they would lose some of my respect if they were doing this.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
November 23rd, 2021 at 7:03:15 PM
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Quote: Viper21Not sure if it was mentioned already but there are casinos currently offering a premium if you bring in change. Not saying that confirms there is a shortage. Also most if not all the casinos I visit have a donation option on their atms for the remaining change on your tito to some random charities.
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Are any Vegas casinos offering this? I have about $1,000 in change.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
November 23rd, 2021 at 7:23:20 PM
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Quote: WizardQuote: 3for3The Southpoint, and otherwise player friendly casino, doesn't even give you a ticket back. It just rounds down to the nearest dollar.
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Really? Can anyone else confirm this? I normally speak very highly of the South Point, but they would lose some of my respect if they were doing this.
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In Harrah's, Caesars, and Tropicana in Atlantic City, there are signs on the redemption machines about the coin shortage. Many new players don't read the signs and don't know to wait for the receipts for their missing coins, so they think they have been robbed.
Regarding rounding down, for at least a week Borgata was rounding up. For example, a voucher for $4.25 would get $5.00 from a redemption machine in Borgata.
November 23rd, 2021 at 8:22:32 PM
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Random thought:
When I was a Harrah's LV a while back, they had joined the no coin brigade. And the most obnoxious version - no TITO, but rather the transaction receipt you had to take to the cage. I wonder if the transaction receipt method is exempt from the TITO rule that abandoned tickets got 75% to the state and 25% to casino; could the casino claim 100% of the abandoned ticket, as it is not technically a TITO?
When I was a Harrah's LV a while back, they had joined the no coin brigade. And the most obnoxious version - no TITO, but rather the transaction receipt you had to take to the cage. I wonder if the transaction receipt method is exempt from the TITO rule that abandoned tickets got 75% to the state and 25% to casino; could the casino claim 100% of the abandoned ticket, as it is not technically a TITO?
November 23rd, 2021 at 9:00:00 PM
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Quote: LoquaciousMoFWcould the casino claim 100% of the abandoned ticket, as it is not technically a TITO?
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(quote trimmed for clarity)
I believe it would still constitute an unredeemed voucher.
May the cards fall in your favor.
November 23rd, 2021 at 9:15:17 PM
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Consider that in state quarters alone, there was over 1 billion per year produced on average, along with other coins, there is virtually no chance of a coin shortage. That being said, like a lot of things now, an excuse is always made why things cant be like they used to, whether it be the coin shortage, covid, etc, but ironically, all of these things make MORE money for the casino.
The last few times I was at the casino, I was picking up all the "extra change" tickets that people leave around the redemption kiosks and on average, I picked up over $20 per day, just doing it when I was redeeming my tickets. I actually believe that you could be a full time vulture and make over $100 per day at the casino without a sweat.
The last few times I was at the casino, I was picking up all the "extra change" tickets that people leave around the redemption kiosks and on average, I picked up over $20 per day, just doing it when I was redeeming my tickets. I actually believe that you could be a full time vulture and make over $100 per day at the casino without a sweat.
November 23rd, 2021 at 9:36:16 PM
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Upon further investigation, I believe that avoiding payment to the state is the reason for issuing receipts rather than TITO tickets for <$1.00.
For the amount to be paid to the state, it must be on a "wagering voucher". What constitutes a wagering voucher is set forth in NRS §463.369, and further defined in NGCB regulation 1.190 as
So, I imagine the casino's position is that since the receipt cannot be used in the TITO system, it is not a "wagering voucher" under Nevada regulations, and thus not subject to the payment to the state under the expired voucher NGCB Regulation 6.110(11) that specifies 75% of expired "wagering vouchers" will be transferred to the state.
It's a crappy customer unfriendly move, but I'd wager that the casino is correct.
EDIT: Also it saves administrative overhead, as uncashed "wagering vouchers" must be tracked under the Regulations, and I bet the number of uncashed wagering vouchers would explode if they issued them for sub-dollar amounts. Yes, it would mostly be handled by computer reports, but it would just be another thing to go wrong and get in trouble with the Board.
For the amount to be paid to the state, it must be on a "wagering voucher". What constitutes a wagering voucher is set forth in NRS §463.369, and further defined in NGCB regulation 1.190 as
[Emphasis added]Quote:“Wagering voucher” means a printed wagering instrument, or
digital representation thereof, used in a cashless wagering system, that has a fixed dollar wagering value
and is redeemable for cash or cash equivalents.
So, I imagine the casino's position is that since the receipt cannot be used in the TITO system, it is not a "wagering voucher" under Nevada regulations, and thus not subject to the payment to the state under the expired voucher NGCB Regulation 6.110(11) that specifies 75% of expired "wagering vouchers" will be transferred to the state.
It's a crappy customer unfriendly move, but I'd wager that the casino is correct.
EDIT: Also it saves administrative overhead, as uncashed "wagering vouchers" must be tracked under the Regulations, and I bet the number of uncashed wagering vouchers would explode if they issued them for sub-dollar amounts. Yes, it would mostly be handled by computer reports, but it would just be another thing to go wrong and get in trouble with the Board.
November 23rd, 2021 at 9:40:47 PM
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Thanks for digging into it, LoquaciousMofW.
I'm happy to stand corrected and better informed on the matter.
I'm happy to stand corrected and better informed on the matter.
May the cards fall in your favor.
November 24th, 2021 at 4:45:28 AM
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And a quick internet search comes up with this:Quote: mtcardsConsider that in state quarters alone, there was over 1 billion per year produced on average, along with other coins, there is virtually no chance of a coin shortage.
https://www.federalreserve.gov/faqs/why-do-us-coins-seem-to-be-in-short-supply-coin-shortage.htm
Anyhows, I think Citizen Wizard should put his $1k worth back into circulation, OR at least some of it. Like I said in an earlier post, I used Coinstar's feature to get a voucher to Lowe's Hardware store to avoid any commission.
That's easier imho than trying to find a bank that doesn't require the coins to be counted and rolled/wrapped.
There's emptiness behind their eyes
There's dust in all their hearts
They just want to steal us all and take us all apart
November 24th, 2021 at 5:39:30 AM
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Quote: JohnnyQAnd a quick internet search comes up with this:Quote: mtcardsConsider that in state quarters alone, there was over 1 billion per year produced on average, along with other coins, there is virtually no chance of a coin shortage.
https://www.federalreserve.gov/faqs/why-do-us-coins-seem-to-be-in-short-supply-coin-shortage.htm
Anyhows, I think Citizen Wizard should put his $1k worth back into circulation, OR at least some of it. Like I said in an earlier post, I used Coinstar's feature to get a voucher to Lowe's Hardware store to avoid any commission.
That's easier imho than trying to find a bank that doesn't require the coins to be counted and rolled/wrapped.
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My bank will accept my loose coins and count them for me because of my ‘select customer status’.
Wegmans Coinstar will also do it for free if you accept a Wegman’s voucher. So plenty of options for me. I think I’m going to do it today! I’m guessing $200? We shall see!
Last edited by: SOOPOO on Nov 24, 2021
