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Thread: Cashing out $8k several days in a row

  1. #1


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    Cashing out $8k several days in a row

    I have been running really good the last few days and as a result have accumulated many dozens of $1000 chips. I've never cashed out for more than $10k at this casino though. I'm thinking I'll just buy in with chips when I play and keep cashing out $8-9k a day, and eventually I can get rid of them all after a week or two. I'm not cashing out for more than $9k because I've heard that $9900 and similar amounts can get you an SAR. I cashed out over $10k once at their affiliated property in another city, but I doubt that my SSN transfered over because their computer system isn't very good. I don't really want to do a CTR because (1) they have my old address on file and I don't want it updated, (2) I'm afraid if they have my SSN it can help them further identify and spread information about me once they kick me out, and (3) they already take forever to cash me out, and it could create a big hassle if I do more than $10k.

    Is it OK to just keep cashing out $8k a day? Is that considered structuring? Could it get an SAR filed on me? Is it unlawful in any way? Could it cause any other problems?
    Last edited by beta; 02-04-2018 at 01:41 AM.

  2. #2


    1 out of 1 members found this post helpful. Did you find this post helpful? Yes | No
    There is a Suspicious Activity Report (SAR) required by the casino at amounts (much less than the 10K) set by their policy that goes to the Treasury. I am amazed they are not requiring ID at 8K! Are you using a cashier in high limit, they may have more "tolerance"?

    Yes, what you are doing is called structuring (felony I think) and will get you a comped room and board to your dislike.

    Rethink your problem. CTR is less negative than prison.
    Luck is nothing more than probability taken personally!

  3. #3


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    Quote Originally Posted by Stealth View Post
    There is a Suspicious Activity Report (SAR) required by the casino at amounts (much less than the 10K) set by their policy that goes to the Treasury. I am amazed they are not requiring ID at 8K! Are you using a cashier in high limit, they may have more "tolerance"?

    Yes, what you are doing is called structuring (felony I think) and will get you a comped room and board to your dislike.

    Rethink your problem. CTR is less negative than prison.
    This is actually a very good question. Under most, if not all situations, Stealth is right. Further, both IRS and CCRA (old Revenue Canada) specify that any advice etc., given over the phone, is not binding.

    However, written rulings are binding. So, is it feasible to seek a written ruling, and further, is it advisable. The question to be posed is as follows. A professional gambler with no intent to structure for nefarious purposes as it relates to terrorism or crime, wants to structure in furtherance of the cat and mouse game as played between the casino and the AP - in other words, industry specific.

    The position would obviously need to be supported. I suspect that no leeway would be given, but then again, who knows.

  4. #4


    1 out of 1 members found this post helpful. Did you find this post helpful? Yes | No
    Here’s what I would do:

    1) Don’t accept $1,000 chips. Keep the denomination $500 or below.

    2) Is this a place you play regularly? If so, it’s good to have a chip inventory.

    3) I would just keep playing and stock pile chips, only cashing out little at a time. Then when the casino finally decides to back you off, I’d just cash everything all at once and just CTR.

  5. #5
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    Quote Originally Posted by beta View Post
    Is it OK to just keep cashing out $8k a day? Is that considered structuring? Could it get an SAR filed on me? Is it unlawful in any way? Could it cause any other problems?
    It is clearly "structuring", a felony. If records show that you
    have cashed out sums exceeding $5,000 repeatedly, what
    is your excuse for same?

    The casinos do NOT want to file S.A.R.'s but do so primarily
    to keep 'money launderers' at bay. They identify same as a
    person who buys in for large sums and quickly cashes out
    and leaves the premises. His actions betray his lack of interest
    in gambling, just small-time money laundering.

    NOTE: AP's have been cleared of such charges by simply stating
    the truth, ie. "I do not want the casino(s) to be able to readily
    identify me because they are hostile to skilful patrons."

    I have done more CTR's than I can count and it has never
    caused a problem for me as the I.R.S. does not (directly)
    receive C.T.R.'s from the Justice Dept.
    unless the Feds are actively seeking to prosecute someone
    for more serious charges than simple Tax Evasion.

    You should purposely make transactions at your bank that
    EXCEED $10,000 every so often, to establish that you are
    NOT interested in structuring your cash transactions.

    That is what I have done in years past.


  6. #6


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    Quote Originally Posted by Ryemo View Post
    1) Don’t accept $1,000 chips. Keep the denomination $500 or below.
    +500

    If you're paying your taxes, unless you're tyring to avoid giving them ID, there's no reason to not CTR.

  7. #7


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    OK, I am really concerned about this now. I have been showing ID when I cash out and I am playing rated. Should I just go back today and cash all my chips? How can I remedy the situation?

  8. #8


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    OK, maybe it would be good to get a check, but I kind of want to do a $10k+ transaction now so I can't be accused of structuring. Should I just do $10k cash and then the rest check? Is that a good idea?

  9. #9


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    Quote Originally Posted by Three View Post
    Do the whole thing as a check. That is not structuring
    Agree

  10. #10


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    Quote Originally Posted by 21forme View Post
    +500

    If you're paying your taxes, unless you're tyring to avoid giving them ID, there's no reason to not CTR.
    CTR's are not sent to the IRS. I believe they go to Treasury for money laundering purposes.
    Luck is nothing more than probability taken personally!

  11. #11


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    The IRS is part of Treasury. I expect their computers can talk to each other.

  12. #12


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    Quote Originally Posted by beta View Post
    OK, I am really concerned about this now. I have been showing ID when I cash out and I am playing rated. Should I just go back today and cash all my chips? How can I remedy the situation?
    Yes, at this point.
    Luck is nothing more than probability taken personally!

  13. #13


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    OK, thanks for your advice.

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