Table Games Cash Buy In's On Table Games

So I spent the day by the pool today reading the book about Steve Cyr and one part caught my attention...

I understand that this is about a ten year old book but when discussing buy in's there was a part that mentioned that $3000+ cash buy in's will invite government scrutiny.

No way that is correct, right? And even if it is what kind of scrutiny would they be referring to??

 

They'll report if you cash in or out more than $10k in a day. I had a friend where they wouldn't pull up his players info for him until he provided his social because he bought more than $10k in chips with cash ( lost it all).

For casinos they will generally require your card if you cash out more than $1-2k, so they can keep track whether you are at more than $10k for the day.

Doesn't really matter if you're above the board. Worst thing to happen is they think you're doing something suspicious at which point they're required to file a SAR (?) with the government at which point you may get some extra scrutiny.

 

Yeah I knew about the $10k and the reports and paperwork generated by that amount. It just shocked me to hear that something as little as $3k would attract attention.

Completely above board here...but I guess I could see where someone trying to wash their money would be a concern to the casino's.

 

Yea I'm guessing maybe if you cash in a few k, play a few hands, and then take the chips out (esp if they're small denom like $100 and $500 which aren't tracked).

I wouldn't see any reason why the casino would feel the need to report as long as they're below $10k/day otherwise. It's in their best interest to do the bare minimum when it comes to following the reporting rules

 

3k I highly doubt. If you try to buy in thru out the day for over 10k while being rated, they will not let you unless they have your SS#.

 

When you say not tracked, do you mean the pit does not bother to keep track how many are in the tray and which player has how many? Or, do you mean not tracked with rfid? If it is the former, I believe casinos most definitely do keep track of those chips, as best they can.

 

Structuring is srs bzns, they start a suspicious activity report at the $3K point and demand a CTR SSN# at $10K in 24 hrs, that parts isn't BS

btw Rocky I was reading the same book this weekend

 

It is a pretty good read although it gets a bit weird towards the end where the author starts trying to delve into problem gambling and makes references to the shrinks liking it to anal and masturbatory issues. I literally said "wtf is this dude talking about" while going through that section.

 

ummm, no.

the casino is about the last place you'll ever find a SAR being filed.

every casino knows that a good chunk of their money comes from shady sources.

they don't ask questions.

they do file CTRs for over 10k cash-in/out in order to comply with the IRS requirement.

that's it.

 

http://www.lasvegassun.com/news/2010/aug/05/irs-seeks-fast-tips-big-cash-deals/

 

The article says the IRS "urges" not requires. It also states the filings to be in the thousands for the year. Buy in and cash outs of over 3K+ happen in the thousands per month if not week. So that tells me that most large transactions over 3k are not reported. The 10k mark is the sweet spot.

 

Technically speaking any casino who generates more than 1 million in gaming revenues is considered a financial institution and is subject to Title 31. They are supposed to produce an MTL for cash transactions (paid in or paid out) beginning at $3,000. Whether they actually do this or not I don't know. The MTL is not as big a deal for the player as the CTRC, but both of these are things to be aware of as a player as one must and the other might contain your ssn.

 

Pretty sure this is not an IRS thing, but for tracking money laundering, etc. Just like on an airplane going out of the country, you have to declare anything over $10k. It is okay to have it, but you have to declare it.

 

It is an IRS thing as the Financial Crimes Enforcement Network (known as FinCEN) is part of the IRS

 

I stand corrected.
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/FAQs-Regarding-Reporting-Cash-Payments-of-Over-10000-Form-8300

But to be clear, the report itself does not generate issues like a W-2, W2g, 1099 might.

 

You'll be fine. I always buy in 3k+ multiple times a day. Over 10k equals a CTR. I get those often too.

 

I would like to go to the cage with $10k win and I'd be happy to have the CTR done lol

The $3k thing in the book threw me off because I imagined that so many people bought it for equal to or greater than that amount that the paperwork must be mountainous.

 

I thought it was banks that had the $3k limit which would start the behind the scenes paperwork.

 

banks are 10 k

 

I have always wondered at what point you would be noticed by the IRS on winnings. Or at what point the casino would let the IRS know.

Also, what if you won about 10k during a day. Could you have a couple friends help you cash it in throughout the day. Lets say you have 3 guys cash out 2k each early in day, then about 1500 each later in the day? Would that work?