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AlanMendelson
AlanMendelson
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Mission146
July 13th, 2021 at 3:55:32 PM permalink
Quote: coachbelly

Quote: AlanMendelson
Are you able to turn those tickets into a check without hitting a taxable jackpot?



I don't think that you did answer that question. Your quote above is a question.



I wrote I dont know. My answer is still I dont know.
coachbelly
coachbelly
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Mission146
July 13th, 2021 at 3:57:43 PM permalink
Quote: darkoz

You come in here, change the subject to ECraps, then whine that's not what we were talking about.



I didn't change the subject to E-Craps.

Read the thread before all the knee-jerk reactions, comments and head-shaking.
darkoz
darkoz
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Mission146
July 13th, 2021 at 3:59:11 PM permalink
Quote: coachbelly

Under what conditions playing E-Craps that exist?

What would the betting scenario be to (nearly) guarantee a a W2G with each roll?



Mission, even if you brought it up first, Coach asked a direct question about how ECraps could be used to money launder.

For him to then receive a satisfactory answer and say, hey that isn't what we were talking about is ridiculous.

He really just didn't like the fact that we knew how to do it and he didn't.

Coach, if you wanted the conversation to stay on slots then you should never have asked the question above.
For Whom the bus tolls; The bus tolls for thee
Mission146
Mission146
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July 13th, 2021 at 4:00:28 PM permalink
Quote: coachbelly

That's the scenario that DO originally proposed, that a 10K bankroll would generate 150K in W2Gs.

If your point is that it's ridiculous, then I will concede that point.

But your explanation above is filled with a lot of "ifs", as though you're not sure if the conditions you outlined actually exist.

Are you sure that the limits you outlined are available?



He was giving an example.

Im at home at this precise moment, so I am in no position to confirm or deny that those precise conditions are available this very second. Im certain that is the standard to which I would be held.

Yes, I use, Ifs, when making statements hypothetically related to things that I am less than precisely 100% sure about. At least, I try to. God knows someone would call me out on it immediately if I did otherwise or only implied a conditional.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
coachbelly
coachbelly
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July 13th, 2021 at 4:00:49 PM permalink
Quote: AlanMendelson

My answer is still I dont know.



You answered your own question, but not my question.

It wasn't clear to me if you meant requesting a check from a slot attendant at cash out, or redeeming slot tickets at the cage and requesting a check from the cage attendant.

What did you mean?
Mission146
Mission146
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July 13th, 2021 at 4:02:48 PM permalink
Quote: darkoz

Mission, even if you brought it up first, Coach asked a direct question about how ECraps could be used to money launder.

For him to then receive a satisfactory answer and say, hey that isn't what we were talking about is ridiculous.

He really just didn't like the fact that we knew how to do it and he didn't.

Coach, if you wanted the conversation to stay on slots then you should never have asked the question above.



They are being treated as slots if they issue a W2-G for that amount. W2-Gs on Table Games require that the winnings be a certain multiple (or more) of the amount bet. I believe that multiple is 600x, but would have to look it up again to be sure.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
darkoz
darkoz
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July 13th, 2021 at 4:04:36 PM permalink
Quote: Mission146

He was giving an example.

Im at home at this precise moment, so I am in no position to confirm or deny that those precise conditions are available this very second. Im certain that is the standard to which I would be held.

Yes, I use, Ifs, when making statements hypothetically related to things that I am less than precisely 100% sure about. At least, I try to. God knows someone would call me out on it immediately if I did otherwise or only implied a conditional.



Betting limits are different for Casinos, high limit areas, and geographic location.

I have seen on E-roulette as low as $99 max and as high as $10,000 max although that's not for a single wager but total wagers.

Trust me, if I can make a $10,000 wager for the table in Roulette I can guarantee a jackpot.

I happen to be passing through a casino tomorrow that has the $10,000 limit on E-roulette. I will take a snapshot.
For Whom the bus tolls; The bus tolls for thee
Mission146
Mission146
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July 13th, 2021 at 4:05:02 PM permalink
It is $600 AND 300x the wager amount, or a greater multiple.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
AlanMendelson
AlanMendelson
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July 13th, 2021 at 4:05:04 PM permalink
Quote: billryan

Why would anyone want a W2-G? The idea of money laundering isn't to convert it to money you owe taxes on. It's to convert it to after-tax money without actually paying taxes on it.
In many cases, it is also about converting a truckload of small bills to a couple of backpacks worth of big bills to move them.



I think youd have a harder time moving $100 bills than twenties. There aren't many stores that will accept too many $100s. Car dealers won't. Tiffany's won't. Supermarkets won't.

Money laundering is all about converting suspicious cash into assets that can be used without obstacles.

Having W2Gs doesn't mean you have taxable profits. Having casino checks doesn't mean taxable profits either.

If you really want to launder money you buy a business that takes a lot of cash: car washes, gas stations, convenience stores, souvenir shops, restaurants, snack bars... places where you can add dirty money to clean receipts.

That's where you soil unused table cloths to justify the extra 20% of cash.

I'll show you how it's done. LOL
coachbelly
coachbelly
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Mission146
July 13th, 2021 at 4:07:51 PM permalink
Quote: darkoz

He really just didn't like the fact that we knew how to do it and he didn't.



I explained how to use E-Craps to redeem nearly 100% of free play years ago.

What I don't know is if the playing conditions you outlined actually exist.

What are the typical betting limits on the E-Craps machines?

I haven't seen any of those machines in the high-limit rooms.

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