A tip for keeping your winnings

Discussion in 'Bankroll Management' started by The Midnight Skulker, Sep 9, 2014.

  1. The Midnight Skulker, Sep 9, 2014

    The Midnight Skulker

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    I thought I had posted the following idea I read about, but I'll be damned if I can find either my post or the original posting of it. IIRC the author told of observing a blackjack player on a winning streak who periodically left the table with a handful of chips, returning empty-handed to the spot he had reserved to continue playing. When asked the player explained that he was redeeming some of his winnings for a check which he then mailed to himself at home. In this way he kept himself from yielding to the temptation of digging into his profits should his fortunes reverse. As the following article suggests, cash could also be converted into Travelers Checks, though I doubt this could be done at the casino.
    While I'm at it I would also offer my own tip on sticking to a win goal.
     
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  2. Grizzoola, Sep 9, 2014

    Grizzoola

    Grizzoola Member

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    This link refers to people who travel to play & want to spend most of their time at the table, so they stick around too long after achieving a win goal, only to lose it back.

    I'm in this category, & the way I've solved it is, if I reach my win goal, say, in 15 or 20 min., I color up with the ability to feel good that I won this session. Then, I'll buy-in, again, after maybe a half hour or hour later for another session.

    In this second session, I may come out a loser, but at least I won a session, and I'm getting the time at the table I want. It isn't fun to reach or exceed a win goal & stay in, only to lose it all back. At least leave up with a good feeling.

    I gauge my sessions according to win vs. loss limit. Sometimes I'll play 4 sessions in a day, some lasting 2 hours, some only half hour & others in between.

    Yes, I could (and have) lost in a following session. So, why leave the first session? As I say, I take it session by session & find that even if I lose a session, I know I've won a session & can win again. I suppose I could pocket my wins & stay in, using my original BR & may try that, but I've been satisfied so far with what I'm doing. It's just feeling good about being able to color up.
     
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    Last edited: Sep 9, 2014

  3. Liman

    Liman Member

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    checks leave a paper trail, do people really want the govt to know how much they are winning?
     
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  4. Morgue, Sep 9, 2014

    Morgue

    Morgue Member

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    Solution: Migrate here. Gambling winnings are tax free. No BS forms to fill in when winning big.
     
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  5. basicstrategy777, Sep 9, 2014

    basicstrategy777

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    A friend and client of mine go to Vegas once a year. He likes slots. Once he hit a 5000 dollar jackpot and got a check from the casino and he mailed it to himself in CT.

    777
     
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  6. rudeboy99, Sep 16, 2014

    rudeboy99

    rudeboy99 Member

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    Depending on the type of gambling you are doing, at least in NV, wins below $1200 on slots, $1500 at Keno and 10K at the tables are not reported. However, anything over 3K and a floor boss fills out a Reg 6 form which will include your personal info if they have it on file, or just a physical description if they don't know you.This is done for internal control but I wouldn't be surprised if the state gaming control doesn't get a peek at it. This is done if you're EITHER up or down 3K. If you're plus or minus 10K then you are entered into the Cash Transaction Log (CTL) and you must provide valid ID. You can refuse, but in every instance I've seen players do this, they've been 86'd permanently. And this is at several different properties. I'm reasonably sure that the house gets fined pretty good if they fail to get the players info. So if you're gonna mail yourself a check, I'd suggest maybe mailing two for 5K instead .Comprende?
     
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  7. bubba

    bubba Member

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    I always make sure and cash out on the bubble craps around 1K when up that high and try never over that even though the $1200 is the magic number you don't want to hit cash out on. I stood at voucher machine once cashing about $3500 out one after another and no one seemed to notice or come over. Sometimes ill split em up different machines or wait hours between cashing them in. I don't play with a players card ever as its non of their business who I am when I am playing and Ive actually been hounded before almost demanding I get a players card or asking if I am staying at hotel. I don't give any more info than absolutely necessary.
    My wife just asked me if I was gonna drive to Reno tonight and play! No the deer are out all over the place so I don't do back-roads after dark usually around here. Deer know its open season on them on the 20th then they will go in hiding....LOL
     
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  8. The Midnight Skulker, Sep 16, 2014

    The Midnight Skulker

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    What you refer to is, I believe, called a Suspicious Activity Report (SAR), in which case government entities do indeed "get a peek" at it. There is no government mandated trigger for an SAR but I understand $3k is pretty standard.
    $10k is a government mandated trigger for a Cash Transaction Report (CTR), which must be filed with the -- um -- Internal Department for Investigating Obfuscatory Tactics Secretly (IDIOTS)...or something like that. I would therefore expect the contents of a CTR to be well -- overly, in fact -- defined and any who fail to provide the defined information to be fined.
    Redeeming chips a few at a time to avoid triggering a report is called "structuring". Casinos are supposed to be on the lookout for players doing this, but I imagine the level of diligence in doing so varies greatly from house to house. Hence structuring a big cash-in into two or three visits to the cage might work, but any more visits than that might in itself arouse suspicion.

    The player I wrote about in the OP was not trying to skirt reporting requirements; he was merely trying to force himself to practice some good money management. While I do not remember the total amount of his winnings being mentioned I got the feeling it would not have triggered a CTR, and he was not worried about an SAR.
     
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    Last edited: Sep 17, 2014