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1arrowheaddr
I couldn't think of a great thread title, but I am interested in discussing a few things related to cash in casinos.
Are casino's obligated to pay you any amount in cash? Could Phil Ivey gotten his £7.7 million in cash? The biggest win I've ever had was a $4,000 royal which I took in cash, but that isn't a large amount for a casino. Do individual casinos have limits? 'We pay up to $20,000 in cash the rest in check'?

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AZDuffman
You could probably request cash and hey really shouldn't care. But you might have to wait if yos ask for your WSOP winnings in nickels.

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All animals are equal, but some are more equal than others
Ayecarumba
Nevada casinos are required to keep a certain amount of cash on hand to cover chips in action. If a player wants cash, even an obscene amount that weighs more than he could carry, they could certainly provide it, since many joints are corporately connected, and share vaults. Even if they are not corporately connected, many smaller joints have cash coverage agreements between them to comply with the Gaming Commission requirements.
If they don't have enough cash on hand, Gaming can, and will, shut them down. Binion's was in a low cash situation several years (and owner's), ago, and got shut down.
Certain large slot jackpots (e.g., Megabucks, Wheel of Fortune) specify that they pay via an annuity. I don't know if any table game jackpots, like the Carribbean Stud Royal bonus are also set up that way, but I doubt it, since awards rarely exceed a few hundred thousand.
Simplicity is the ultimate sophistication - Leonardo da Vinci
FleaStiff
Regs determine the amount of cash and cash equivalents the casino must have on hand.
That display of one million dollars ... doesn't earn interest but it does count as being 'on hand' for the casino.
The ultra high amount at which tables are banked in the Venetian make some minority shareholder grumble. Even during the recession the high limit tables were banked at very high amounts thus requiring high amounts to be on hand to cover the chips that just sat there, never being put into play.
A casino can pay by check but will accommodate various requests. One man, dressed as a monk, walked in carrying a brown paper bag containing eighty grand. Walked out with the same brown paper bag containing 250,000. No one ever asked him if he had taken a vow of poverty or not.
Mia, a young lady at the old Binions, whose style of shooting dice left no doubts as to her never wearing any panties always walked in with cash and sometimes walked out with cash but never once walked out with even a certified check. Mia lived in a one room dump but was often staking other gamblers.
Las Vegas Soft Count rooms were at one time selected as 'emergency currency sources' for FBI's Hijacking Team when a ransom demand couldn't be met in a certain time zone the selected casinos would step in and furnish the ransom which was driven to Nellis AF base.
DRich


Las Vegas Soft Count rooms were at one time selected as 'emergency currency sources' for FBI's Hijacking Team when a ransom demand couldn't be met in a certain time zone the selected casinos would step in and furnish the ransom which was driven to Nellis AF base.


Very interesting. I have lived in Vegas for 23 years and I had never heard that before.
Unfortunately, I have never won as much as six figures so I have never asked for a check.
Living longer does not always infer +EV
Jimbo
One method of money laundering is to buy chips with cash, play for a time (usually a short period of time), and then when cashing out the chips at the cage, be issued a check. The check can then obviously be deposited in the individual's personal bank account. Voila. Cash laundered.
To avoid this, it is my understanding that if you ask for a check, the casino will not issue a check to you for the amount of cash you bought in for. If you did have winnings in excess of the cash buy-in, you may ask for and receive a check--in an amount for all or part of the winnings only. But not for the amount of the buy-in.
For the amount of the cash buy-in, you must receive cash back.
FleaStiff
I understand that many people try to buy chips with credit cards and then cash the chips and walk away from the credit card debt n various fashions but casinos are wise to this. One P.I. in NYC followed a suspect to Atlantic City and found out what was going on so he told the casino that the wife's signature on the credit card account had been forged. Casinos move fast when they have to.
In the opening scenes of The Croupier, a somewhat speculative film noir, a woman comes in and puts two tall stacks on Red and Black and then immediately takes her winnings to the cashiers cage for a check. Of course that was an English film, not necessarily the real world.
Ayecarumba

... For the amount of the cash buy-in, you must receive cash back.


I've never heard this. First, how does the cashier know what the original buy in was? What if the customer buys in for $5,000 in cash at the BJ table, loses it all, then moves to the Craps table, buys in for another $5,000 in cash, doubles up after a few hours, then goes to the cashier window with $10k in chips.
I'm pretty sure the player could get a check for $10k. Of course, there's going to be some government paperwork to fill out too.
Simplicity is the ultimate sophistication - Leonardo da Vinci
Jimbo
Thanks for this post from:

First, how does the cashier know what the original buy in was?....I'm pretty sure the player could get a check for $10k

Well, I do not work for a casino, so I could be wrong, but I have dealt with some of the procedures involving larger cash transactions.
If the cash transaction at the cage is for a relatively small amount--less than $2,500--it is possible to perhaps get away with some things, since that amount typically does not involve any sort of identification. I still think that if you ask for a check of even that small amount, they may inquire as to your buy-in and only issue a check for the amount of the winnings. If you did not use a player's card when you bought in, and if they cannot confirm the amount of your buy-in, then they may refuse to issue a check to you. Again, my opinion.
In the situation you described involving $10,000, the cashier will definitely know (or I should say, will find out) how much your buy-in was. You asked, How? The cashier will ask for your player's card and then will call surveillance as you cash out, since they will take a photo of you and of the chips (from the eye in the sky). Other in-house records will be documented. Depending on the jurisdiction and depending on the casino's policies, this could be for an amount as small as $3,000, but at least for amounts approaching $10,000.
In addition, either surveillance or the cashier may call the pit to find out that the chips were properly obtained by you.
Assuming you used a player's card, the amount of your buy-in will be in the system. If you did not use a player's card, there was still an entry made by the pit supervisor describing your buy-in. I assure you, the pit bosses at the BJ pit and the craps pit made a record of those two buy-ins of $5,000 each. There was also a record made when you lost the first $5K at the BJ table and left the table.
So, I respectfully disagree. I am pretty sure the player will not get a check for $10K.
You are also right about some paperwork.
If the amount is $10,000 or less, they will not ask for your SS number. Again, they may still ask for a player's card.
If the amount is more than $10k, they will ask for your SS number and ID and complete a CTR.
By asking for a check to be issued to you--again depending on the circumstances of how long you played and several other factors, such as whether you provided a player's card when you bought in--the casino may even file an SAR (Suspicious Activity Report). The SAR can be for amounts less than $10K--usually not less than $5K, but it can be if they think there was suspicious activity.
I believe--again, I have not looked into this and I could be wrong--Treasury Dept. regulations may even define suspicious activity to include buying in with cash and then trying to obtain a check for the amount of the buy-in. I think another defined suspicious activity is if you use small bills in excess of $2,500 (such as 10s and 20s) as your buy-in as part of an effort to exchange it for larger denominations. There are certainly additional activities that are defined under the regulations.
AlanMendelson
What surprises me is that the Federal Reserve has a branch in Miami and one in LA but not in Vegas. How do they get the cash in and out?


I visited my first casino, The Sands in Las Vegas, in 1996. The VP of marketing at the company where I worked told me that the first thing I should do when I got there was place a bet on “7 black” at the roulette table. He thought this was big fun, because, of course, the 7 on the roulette wheel is red.

I wish someone had given me some real, practical advice before I visited a casino for the first time. Since no one did that for me, I’ll do that for you. The things you should know listed below are obvious to regulars at the casino.

But they can save you a lot of money and heartache if it’s your first.

Here are the top 10 things you need to know if you’re visiting a casino for the first time:

1. The Wide Area Progressive (WAP) Slot Machines Are Some of the Worst Bets in the Casino

A progressive slot machine is one with an electronic ticker at the top which displays an ever-increasing jackpot amount. You’ll find 3 kinds of progressives:

  1. Single machines
  2. Local area progressives
  3. Wide area progressives

What all these games have in common is that they “fuel” the progressive jackpot by taking a percentage of each bet and applying it to the jackpot. In the case of single machines, the jackpot only grows when you’re playing that specific machine.

Local area progressives are machines within a specific casino which tie into the same jackpot. Any bets placed at any of these machines grow the jackpot amount.

Wide area progressives are machines within a certain geographic radius. In Las Vegas, the most famous wide area progressive slots are the Megabucks machines. Literally, thousands of slot machines power these jackpots, and they’re correspondingly huge – at least $10 million.

The problem with slot machines with jackpots this large is that their payback percentage is inferior to the payback percentage on a flat top machine. (A flat top machine has a fixed jackpot amount.)

A typical Vegas slot machine has a payback percentage of at least 90%. A wide area progressive has a payback percentage of 80% or less when you discount the effect of the progressive jackpot. Since you only have a 1 in 15 million chance of winning the top jackpot, it’s sensible to deduce that amount from the overall payback percentage for the machine.

2. Payback Percentage Is How You Measure the Odds for Gambling Machines

You might have heard of the house edge. That’s a term used to describe how good or bad the odds are for table games. It’s a mathematical prediction of how much you’ll lose per bet on average over a tremendous number of trials.

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The house edge is expressed as a percentage. If a game has a house edge of 1%, the casino expects to win $1 every time you bet $100, over the long run. In the short-term, anything can happen. What most gamblers don’t realize is that they long run is longer than they think.

The payback percentage is the flip side of the house edge. It’s the amount of money the casino expects the player to win back for every bet. It’s also expressed as a percentage. For example, if I tell you a game has a 99% payback percentage, the casino expects you to win 99 cents every time you wager a dollar – again, on average, over time.

You can use house edge and payback percentage to compare the odds for different games.

3. Video Poker Machines Have Transparent Payback Percentages that Are Superior to Slot Machines

The higher the payback percentage, the better. The problem with slot machines is that they’re the only game in the casino where you can’t know what the payback percentage is. In fact, the payback percentage for slots is usually the lowest in the casino.

That’s one of the major differences between slots and video poker, in fact. On a video poker game, the probability of getting a result is something you can calculate. The random number generator on a video poker game emulates the same odds as a standard deck of 52 cards.

You need 2 pieces of data to calculate the payback percentage for a gambling machine:

  1. The prize amounts
  2. The probability of winning those prizes

Unless you’re Rain Man, you can’t just look at a video poker pay table and know the payback percentage.

But computer programmers and gambling writers have analyzed almost every video poker pay table you can imagine and published the results online.

A quick search of Google can help you compare video poker machines to find the ones with the best odds.

Also, even the video poker games with the worst odds are usually better than slot machines.

4. Drinks Are Free in the Casino

This isn’t true in every jurisdiction, but in most major casino destinations, drinks are free – but only if you’re gambling. (Last time I was at the Winstar, they were charging for alcohol, even if you were playing.)

You still need to tip your cocktail waitress, though. A buck or two is sufficient.

But just because the drinks are free doesn’t mean you should over-indulge.

Casinos offer free drinks because alcohol impairs your judgment. You’ll gamble over your bankroll and lose more money than you intend to if you drink too much.

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Don’t be that guy who thinks he’s more macho than the other drinkers in the casino, either. He’s the guy who loses the most money, regardless of what he claims.

No one likes that guy.

Also, a word to the wise:

If you can’t control your drinking, you probably can’t control your gambling, either. You might be better off avoiding casinos altogether.

5. Table Games Offer Better Games than Gambling Machines – With One Exception

The rule of thumb for gambling at a casino is that the easier the game is to understand, the worse the odds are.

It’s easy to understand a slot machine. You put your money in, spin the reels, and hope that winning symbols line up.

Blackjack, on the other hand, is harder to understand. You have to learn the values of the cards. You have to know what your options are when playing each – hit, stand, double down, split, etc. And it helps to know what the right move is in each situation.

But look at the difference in house edge.

The house edge for most slot machine games is at least 7%. Even if you’re terrible at blackjack, the house edge isn’t more than 4% or so. If you spend a little time learning basic strategy, you can but the house edge to blackjack down to 1% or less.

Even the table games with no skill required, like baccarat, craps, and roulette, offer a lower payback percentage than most slot machine games.

There’s one exception, though – video poker machines.

Good video poker machines combine the thrill of playing a gambling machine with the low house edge of a table game.

Much of this is because video poker games are based on card games. The random number generator duplicates the odds you’d see if you were dealing hands from a 52-card deck.

Slot machine payback percentages usually range between 75% and 93%. The outliers might top out at 97% or 98%.

Video poker payback percentages range from 92% up to 100.1%. Those numbers assume that you play with a reasonably correct strategy most of the time.

6. Betting Systems Don’t Work

It won’t take long at the casino before you meet someone who’s a proponent of the Martingale or some other betting system. It’s tempting to think that a betting strategy like this might work, but it doesn’t – at least not in the long run.

Here’s how the Martingale System works:

You start by defining a single betting unit and choosing an even-money bet. The most common game people try the Martingale on is roulette, which has several even-money bets that seem to have a close-to-50% chance of winning.

You then start by betting a single unit. If you lose, you double your bet, hoping to recoup the previously lost bet along with a single unit profit. You repeat this doubling of your bets every time you lose.

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Here’s an example:

You bet $10 (one unit) on red. The ball lands on black, so you lose your $10. The system says you double your bet, so now you bet $20 on red. The ball lands on black again, so you lose $20. The system says you double your bet again, so now you bet $40. This time, the ball lands on red, so you win back the $30 you lost on the previous bets. And you’re ahead by $10.

This can work well in the short run, but people have a few misunderstandings about the viability of such a system.

The first is the assumption that long losing streaks are terribly unlikely. The truth is, losing several times in a row is a lot more likely that you probably think.

The second is the lack of understanding of how fast doubling your bets makes you put money into action. $10 is no big deal, and neither is $20. Heck, even $40 isn’t that much for most people.

But if you lose 4 or 5 times in a row, you’re betting hundreds of dollars per spin.

It doesn’t take long for you to get to a point where the next bet in the progression is beyond your bankroll or beyond the betting limits at the table.

All the Martingale System does, in the long run, is get you some small wins here and there, all of which will eventually be wiped out by a huge losing streak.

The house edge for a casino game remains unaffected by your betting system.

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7. Casinos Offer Classes in How to Play Their Games

Some people who are new to the casino adventure are intimidated by table games – especially craps. That’s too bad because these games offer better odds than the slot machines. They’re easy to learn, too. And I think they’re more fun.

But you don’t have to try to puzzle out how to play blackjack, craps, or roulette from tutorials on websites like this one. You don’t even have to buy a book or an instructional video about how to play.

Almost all casinos offer classes on how their games work. To find out when these games are scheduled, just ask anyone in customer service at the casino. If the specific individual can’t tell you what the schedule is like for these free classes, they can point you in the direction of someone who can.

These classes are usually held in the mid-morning. They’re usually followed by actual game-play, but that’s optional.

I learned to play blackjack from my mom at the kitchen table. Roulette was so easy I just sat down at the table and got the hand of it.

But I learned to play craps at a class at the Planet Hollywood Casino in Las Vegas.

You can also learn to play these games using free games at Internet casinos, but I think you’ll enjoy the free classes at the casino.

One caveat, though:

Take strategy advice from casino dealers with a grain of salt. For example, they love to explain hedging your bets in craps at these classes. That’s a lousy strategy.

8. Almost Everyone Working in or Near the Casino Industry Rely on Tips to Make a Living

You don’t have to dole out all your money to everyone working at a casino. But it sometimes feels like it. If you want to be a good person with a little bit of class, remember to tip a reasonable amount for various services.

If you eat at a buffet restaurant, a dollar or 2 for each person is a reasonable tip. Your waitress is only refilling your drinks, not providing full table service, so that doesn’t warrant a 20% tip.

Real sit-down restaurants work the same way in Vegas as anywhere else. You should tip a minimum of 20% in a casino destination. If you’re happy with the service, consider 25% or 30%, instead.

Casino game dealers deserve tips, too. It’s customary to throw them an occasional tip after a win. If you want to look sophisticated, place a bet on behalf of the dealer. This is especially common at the blackjack table.

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A good rule of thumb is to plan on using 5% to 10% of your starting bankroll for tips to the dealer. It’s up to you to decide when to tip. Some players tip when they’re ready to leave the table, while others tip during the game. I think it’s more fun to tip while you’re playing.

Cocktail waitresses deserve at least a dollar for bringing you a drink. I’ll often tip more than this early in the evening to make sure I’m not ignored throughout the night, though. If you’re planning to spend several hours drinking in the casino, consider giving the cocktail waitress $10 or $20 for the first drink she brings you.

You can scale back after that but occasionally provide a larger tip to keep her coming around.

It’s also customary to tip bell hops, taxi drivers, and the hosts who seat you at the various shows. Tipping the host at a show can get you a better seat. You can even tip the person at the check-in desk in hopes of getting a room upgrade. It’s customary to include a $20 or $50 with your credit card when you check in. Don’t be shy. Ask if they have any upgraded rooms available at the same price as your room.

If you get a reputation as stingy with your tips, you won’t have as much fun at the casino. No one likes that guy.

9. Casinos Have Their Own Rules of Etiquette

You’ll pick up on the most common rules of etiquette in the casino eventually. But a little knowledge in advance can help you be less of a bore.

I’ve already covered tipping, but there are other unwritten rules you should know about.

The most important rules of etiquette, at least from the perspective of the casino’s staff, relate to the handling of cash. You never hand a dealer money. You put your cash on the table, and the dealer exchanges it for tips.

This is for security purposes, but it also protects the dealer from accusations. By putting the money on the table, you make the entire transaction visible to the cameras above the casino floor. (These are called “the eye in the sky”.)

Kenny Rogers is right, too – never count your money at the table. It’s crass. It’s also dangerous because casinos attract pickpockets and thieves just like any other den of iniquity.

Specific games have specific rules of etiquette, too. For example, in a single deck blackjack, it’s customary to pick up your cards. But in a game dealt from a shoe, you should never touch your cards.

10. You Should Budget More Money for Your Trip than You Think

The biggest mistake I made the first time I went to Vegas was underestimating how much money it would cost. After all, Vegas is famous for cheap meals and free (or close-to-free) entertainment.

The thing is, all these cheap and free experiences are come-ons to get you gambling. And gambling is always more expensive than most first-time gamblers expect it to be.

I recommend having multiple budgets for your trip, too. Your gambling funds, especially, should be entirely separate from all your other expenses.

I have a friend who went to Vegas and gambled almost all his money away the first day. He barely had anything to eat for the rest of the trip, and he spent most of the rest of his trip watching television in his hotel room. He had enough sense to set aside money to get himself back to the airport.

I can’t imagine a more disappointing end to a trip to Vegas, though.

You should have a budget for meals, a budget for entertainment, and a budget for getting to and from the things you want to do while you’re there. Your gambling budget should be separate from all that.

I suggest drawing up a budget for each of those, based on what you’ve learned about prices there from Frommer’s or from travel guides on the Internet.

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Then add 20% to each line item in the budget.

You’ll be better off having too much money for your trip than too little.

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Conclusion

Casinos are a lot of fun, especially if you’re visiting for your first time.

But gambling and casino entertainment can also be intimidating for the beginner. They don’t have to be, though. With a little bit of education and some planning, you can have a successful first trip to the casino.

If you’re like most people, your first trip to the casino probably won’t be your last.