I'm not sure that you understand what money laundering is,
and why the laws are set up the way that they are.
You understand of course that "laundering" is a euphemism,
they don't actually wash the powder off of the bills.
When you buy chips with cash, the source of the cash is undetermined.
When you redeem chips for a check, the source can be identified as a gambling win.
If you buy chips for cash, and redeem them for cash, then the source of the cash
still cannot be determined, unless you present identification.
The owner still needs to explain where all the cash came from, if not from gambling.
When you redeem chips for cash, do you present identification?
Last edited by coach belly; 05-24-2021 at 12:30 AM.
I'm not sure that you are current on the procedures in Las Vegas.
If the player pulls 30K in markers, and wins 100K, he now has 130K in chips.
If he pulls $30K cash out of his pocket to pay the markers off in cash,
he still has $130K in chips. What happens when he goes to cash them?
The cage will give him a check for $100K which is the extent of the verified win.
They will not give him a check against the extra 30K in chips,
they will give $30K cash for these only.
This is my understanding of how casinos currently work.
Please feel free share your most current experiences in this regard.
An article about IDs and Nevada casinos.
https://www.feelingvegas.com/gamble-vegas-temporary-id/
I have bad news for Messrs Coach Belly and Mdawg. I have reviewed Regulation 5 of the Nevada Gaming Control Board and there are no rules about the issuance of checks to players.
There are rules pertaining to players giving checks to casinos to fund their play.
Regulation 5 is available online. Read it yourselves.
The bullshit is over.
Here's your link Mr Coach Belly.
https://gaming.nv.gov/index.aspx?page=51
Regulation_5_as_of_04-18.pdf
If it were true that players could only get a check representing casino profits, casinos would not offer checks to any slot jackpot winner before checking their win/loss totals. It would also mean that no checks could be issued to any player without a players card as they wouldn't have a win/loss history.
I can keep coming up with reasons why the Belly/Mdawg theory is invalid.
But the best reasoning continues to be the Nevada Gaming Regulations. Check Regulation 5.
https://gaming.nv.gov/index.aspx?page=51
Coach belly doesn't understand the basics, much less the wrinkles and ways to circumvent the basics.
I will give him credit, though. He's generated all this nonsense, including replies from me, while not knowing what he's talking about.
Think about all of the coach belly posts. I think he once got how free play works right six or seven years ago. Other than that, he hasn't gotten anything right. Think about his posts, and what gambling knowledge he's shared over the years. He's has not revealed that he knows a whit about anything. But he keeps on truckin', like the little engine that thought it could, but really didn't know it was off the tracks.
He publicly argues about things he knows nothing about. And when it's clear he's wrong, he keeps chugging.
How could anyone really think that a notation on a check that says "casino winnings" was proof of winnings? LOL. It's something a third grader might think. It's fucking ridiculous.
It never even occurred to me when I heard about the MDawg check with the memo that anyone would try to claim that. I thought that size check was evidence that MDawg got a good sized check from a casino. That's what it "proves." So he appeared to be playing at reasonable stakes. That's it. And there's a lot of ways around that, to be honest. He could be playing for squat and wind up with a 100K check that says "casino winnings." I can't believe anyone is trying to use a memo line on a check as evidence of something.
Remind me the next time I hit a future to order a stamp that says "Male Whore Earnings" that I can use on my check from the casino.
Last edited by redietz; 05-24-2021 at 09:11 AM.
Just ignore Coachbelly. Dude is a moronic trolling dumbass.
How many pages of back and forth does it take to figure that out?
I have to admit that I'm not 100% sure as to your meaning here. I guess everyone should differentiate, "Winnings," from, "Profits," which will at least add some clarity to the overall conversation.
The W2G (in the context of electronic games) is issued as a mandatory requirement for any single result that results in a return-to-player of $1,200, or more, with the total amount that was bet being irrelevant. The amount that was bet is listed on the W2G form, but has nothing to do with whether or not one gets a W2G. Unlike W2G's for Table Games, the amount that was won relative to the amount that was bet is irrelevant.
Anyway, a player could be $10,000 down for the day on a slot machine, hit a $2,000 jackpot and they will be issued a W2-G. At that point, they could request the payout in the form of a check, regardless of whether they are up or down overall.
To be clear, I am speaking only to how it works on machines and not checks as relates Table Games. I take no position on the discussion related to MDawg's check. I wouldn't know.
I've had W2Gs that sometimes list the denomination and some that don't. Frankly that's only for statistical purposes. The IRS wants your SS number and name and address in additional to taxable amount and any withholding. I've hit 25-cent VP progressives that required a W2G.
But that has nothing to do with the silly claims of Messrs Belly and Mdawg.
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