Thread Rating:

Marcusclark66
Marcusclark66
Joined: Mar 26, 2020
  • Threads: 12
  • Posts: 613
July 13th, 2021 at 11:14:41 AM permalink
Quote: darkoz

So player puts $2000 into slot. Loses $1900.

Wins $1900 jackpot

Puts $1900 back in slot.

Repeat that four times.

He has to explain to the IRS where he got $10,000 even though he only walked in with $2000?



No, first time a non id'd player hits the threshold, he is asked for id. If he fails to give, his play is stopped. As far as where the money came from, the casino will not and does not ask.

And yes, all cash transactions are counted. Green cash from the player and yes, if he won it on the slots, cashed out and then bought in again. That counts towards the $10k.

Marcus Clark
Real Person; AKA MarcusClark66
Professional Casino Security Expert
Certified Company Firearms Instructor
Certified Gaming Regulations Interpreter for Corporate Applications
Tic-Tac-Toe Expert (Real Competitive Versions) & Mastering Chess
Honorary & Official #1 Fan of the MDawg Adventures Club
Mastering Cracking it. Bit-by-Bit, Piece-by-Piece Crediting Forum Members
Baccarat Winning Session Record: 6 out of 6 & 1 out of 1 Mini Session
Marcus Clark. Real Person; AKA MarcusClark66. *Professional Casino Security Expert. *Certified Company Firearms Instructor. *Certified Gaming Regulations Interpreter for Corporate Applications. *Tic-Tac-Toe Expert (Real Competitive Versions) & Mastering Chess. *Honorary & Official #1 Fan of the MDawg Adventures Club. *Mastering Cracking it. Bit-by-Bit, Piece-by-Piece Crediting Forum Members. *Certified Casino Property Entry & Exit Point Analyzer *Baccarat Winning Session Record: 11 out of 11 & 1 out of 1 Mini Session. Baccarat Losing Session Record: 2 Losing Sessions.
AxelWolf
AxelWolf
Joined: Oct 10, 2012
  • Threads: 151
  • Posts: 19845
July 13th, 2021 at 11:21:18 AM permalink
Quote: gamerfreak

A friend told me they were at an AC casino and saw someone putting bills into various machines and cashing out without playing.

He (probably drunkenly) went up to him and asked him where the laundromat was. The guy said nothing and left immediately.

He was probably up to something else. Other than turning small bills into large ones, there is no good reason to do this. There has to be an easier way to turn small bills into big ones.

I'm fairly certain there are places that will sell you precious metals without reporting if it's under 10k, and they will probably take your 20's.

I'm sure guys buying and selling crypto will take small bills.
♪♪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♪♪
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 28
  • Posts: 3185
July 13th, 2021 at 11:24:03 AM permalink
I'd go with what someone like me who is actually playing at the tables knows and said. No win - no check.

Or with what someone who works in the industry like MarcusClark66 says.

Then we have someone like AxelWolf who comments, "I'm sure people are getting away with something." Or talks about how millions in cash go through casinos. What's the relevance? I see people dump hundreds of thousands in bills into the slot at Baccarat tables. Doesn't mean they aren't being identified and reported for it. Every time I see any significant cash dropped the pit boss demands a player card or ID, and if the player is not fully identified including with SSN his cash over any significant amount is not accepted.

I can see someone dropping some hundreds into a slot machine without identifying himself, but $150,000. (DarkOz's figure)? without being CTR'ed/SAR'ed or identifying himself? No way.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
Mission146
Mission146
Joined: May 15, 2012
  • Threads: 132
  • Posts: 14626
Thanks for this post from:
gordonm888
July 13th, 2021 at 11:27:26 AM permalink
Quote: MDawg

I'd go with what someone like me who is actually playing at the tables knows and said. No win - no check.

Or with what someone who works in the industry like MarcusClark66 says.

Then we have someone like AxelWolf who comments, "I'm sure people are getting away with something." Or talks about how millions in cash go through casinos. What's the relevance? I see people dump hundreds of thousands in bills into the slot at Baccarat tables. Doesn't mean they aren't being identified and reported for it. Every time I see any significant cash dropped the pit boss demands a player card or ID, and if the player is not fully identified including with SSN his cash over any significant amount is not accepted.



Maybe you should play the, ďSomeone who knows,Ē card with a person who isnít a professional gambler.

By the way, havenít some hosts gotten high-end clients blow and hoes before? I want to say that those things are illegal.

Or, I guess I could submit to the notion that Commercial Casinos, the paragons of social responsibility, moral integrity and honesty that they undoubtedly are, do things by the book 100% of the time.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
AxelWolf
AxelWolf
Joined: Oct 10, 2012
  • Threads: 151
  • Posts: 19845
July 13th, 2021 at 11:31:11 AM permalink
Quote: MDawg



Or with what someone who works in the industry like MarcusClark66 says.

Allegedly.


Anyways, I was not talking about table games.
♪♪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♪♪
AlanMendelson
AlanMendelson
Joined: Oct 5, 2011
  • Threads: 113
  • Posts: 3891
July 13th, 2021 at 11:37:24 AM permalink
Has anyone here ever been audited for casino winnings?

When I say "casino winnings" I mean that casino winnings were the ACTUAL trigger for the audit.

I've been audited twice. Once for the big daddy of audits, the Taxpayer Compliance Measurement Program audit. The second time it was an audit when I sold my Internet company -- and that was the same year I had $2.6-Million in W2Gs.

In BOTH cases the auditors did not even look at my casino records. When my accountant asked why they were ignored the auditors responded "our position is no one has a profit from casinos."

So again, has anyone here ever had a casino-triggered audit?
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 192
  • Posts: 11772
Thanks for this post from:
MDawgMission146
July 13th, 2021 at 11:38:21 AM permalink
Quote: gamerfreak

A friend told me they were at an AC casino and saw someone putting bills into various machines and cashing out without playing.

He (probably drunkenly) went up to him and asked him where the laundromat was. The guy said nothing and left immediately.



I'm sure criminals love working in an environment where cameras capture their every move.
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 28
  • Posts: 3185
July 13th, 2021 at 11:43:45 AM permalink
Quote: AxelWolf

Anyways, I was not talking about table games.


I assume AxelWolf knows much more about slots than I do. I play table games only.

But still, everything everyone has said to this point still points to that must win even at slots to get a check.

And yes, I agree, it makes perfect sense that the casino wouldn't run right up and demand ID and SSN from every person who is dropping cash into a slot machine, but anyone who is dropping serious cash into a machine would eventually be identified, either through CTR/SAR for incoming, or W2-G for outgoing, or both.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
AxelWolf
AxelWolf
Joined: Oct 10, 2012
  • Threads: 151
  • Posts: 19845
July 13th, 2021 at 11:48:49 AM permalink
Quote: MDawg

I assume AxelWolf knows much more about slots than I do. I play table games only.

It's not just slots I was talking about(this would include poker and other things), but I get your point.

Using words like IMPOSSIBLE when talking about certain things seems a bit overstated.
♪♪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♪♪
Mission146
Mission146
Joined: May 15, 2012
  • Threads: 132
  • Posts: 14626
July 13th, 2021 at 11:54:38 AM permalink
Quote: MDawg

I assume AxelWolf knows much more about slots than I do. I play table games only.

But still, everything everyone has said to this point still points to that must win even at slots to get a check.

And yes, I agree, it makes perfect sense that the casino wouldn't run right up and demand ID and SSN from every person who is dropping cash into a slot machine, but anyone who is dropping serious cash would eventually be identified, either through CTR/SAR for incoming, or W2-G for outgoing.



No, it doesnít point to that. You could ask for a check if you had a win that would result in a W2-G, even if you were down for the day, and you would probably get it. If someone was playing without a card, how would the casino know whether or not the person is up or down for the day? Even what the card says might not necessarily be correct.

Anyway, you should have stopped at, ďI assume AW knows much more about slots than I do.Ē

Imagine a player putting in 20ís who switched machines a lot. Do you REALLY believe that it would even be possible to keep track of that for every player on the floor?

Iím not saying they make ZERO effort to track it. Here are some things they do.

1. W2-G (Hit of $1,200+) automatic.

2. Some machines will, ďLock up,Ē if certain amounts are hit that do not result in a W2-G. $1,000 is common. Iíve heard $500 before, but have never had that happen to me.

3. Some machines will, ďLock up,Ē when the accumulated credits on a machine add up to a particular amount, or more. Iíve personally seen $1,500 on this, but Iíve had machines accumulate more than that at a different casino without locking up.

So, there you go. But, a player feeding $20 at a time who doesnít hit anything big and at least sometimes switches machines? Nope. I would say theyíd generally have no idea how much that player was up or down.

Do you think surveillance comes in to switch shifts and exchanges physical descriptions of every single slot player and how much up or down they are?

Anyway, you guys are mostly just talking past each other, but at least you both seem to realize that now, to some extent.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219

  • Jump to: