Hypothetical Idea: using casinos to clean cash?

I know we all <3 BTC/Monero, but many things can't be bought with them: rent, cars, vacations, meals.

So let's say you manage to have some cash income but don't have an explanation for it. You need some sort of "legit" taxable event.

So I'm curious: technically, casino winnings are taxable income.

How do most casinos handle winnings? I've played a little in Vegas, and often I'd buy a few hundred dollars in chips, play, then cash out, never showing an ID at any step of the process.

It seems to me that if you had cash and wanted to have a "legitimate" source for it, you could just go to a casino and play a game with a low house take. (single zero roulette for example)

Hypothetically, someone could go from table to table, getting a few hundred at each. Or come multiple days then cash out at once when you have a large enough amount that they'll take an ID and issue a tax form.

Has anyone thought about this?


Comments


[12 Points] None:

[deleted]


[9 Points] throwahooawayyfoe:

If you're only trying to launder small amounts, a few hundred here and there, there's nothing wrong with that plan. If you walked into a casino with $450k and started dropping $1k per hand, then you would get their attention.


[5 Points] JesseisWinning:

Put 500 in a slot machine and print the ticket voucher out and cash out the voucher?


[4 Points] DickCheeseKillah:

Do you honestly think nobody has thought of this ? I'm really curious , like if you honestly think your the first to come up with this.


[3 Points] 556bars:

Pretty sure this is a commonly used method of money laundering. I see it working for infrequent, small amounts.


[3 Points] investinwaffles:

they are on to casinos.


[1 Points] ice_cream4breakfast:

Casinos report winnings to IRS over certain amount


[1 Points] thatnicca21:

over a certain amount they take your SSN so they have to report the earnings to the IRS.... so be careful


[1 Points] None:

You are not the first to think of it. It's been a mafia thing for decades. As a result of it, the cops have caught onto it and closely monitor people who do this.


[1 Points] None:

Better call Saul


[1 Points] None:

[deleted]


[0 Points] brasiliancardking:

I can show you money laundering techniques.


[-2 Points] MandyThatGirl:

How is gambling money any cleaner than drug money?? If you want really clean money launder it through a non profit organization that helps people, like a soup kitchen.