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Author: [Las Vegas] Topic: How do professionals play in vegas??
SportsFan9698
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#1
Posted: 2/11/2013 7:25:43 PM
Do they walk up to window and cough up $30,000 cash if they want to play 6 plays at 5K each?  Or is there a more safe and convenient way to make wagers without carrying enough cash to get you killed?

Also, I know at the racetrack if you win over $600 you fill out paperwork for your IRS ticket.  Same in vegas??  anything over $600?
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#2
Posted: 2/12/2013 12:14:09 AM

1. 6 plays at 5 dimes per is not as big an issue for the larger books....other than some college games, 5 dimes is under the limit for a side bet and, typically, these bets are made fairly easily.

2. As to your second question.....you should know that the $600 number pertains ONLY to a payoff in excess of 300-1. A federal law started before you were born and, usually, only pertains to race bets and slot machine payoffs. If you are foolish enough to play a parlay card that pays off in excess of 300-1 and, therefore, will have to receive a federal signer...then you should know better.

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SportsFan9698
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#3
Posted: 2/12/2013 6:34:33 AM
Thanks, but you really didn't answer my questions.  I know $30K in bets is not a "problem".  My question is do the sportsbooks keep a balance of funds fron which you can use to place wagers??  Rather than going to the window with large sums of cash each time.

And if $600 is not the number that produces IRS paperwork, what is the number??




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SportsFan9698
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#4
Posted: 2/12/2013 1:10:36 PM

C'mon guys... these are not tough questions... surely somebody can chime in??

 

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#5
Posted: 2/12/2013 6:22:29 PM
They use runners who make a bunch of small bets for them at different casinos.  They do this for two reasons.  1. So, like you said, nobody is carrying a large amount of money at one time.  2.  To try to disguise their betting.
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#6
Posted: 2/13/2013 12:31:38 PM
QUOTE Originally Posted by SportsFan9698:

Do they walk up to window and cough up $30,000 cash if they want to play 6 plays at 5K each?  Or is there a more safe and convenient way to make wagers without carrying enough cash to get you killed?

Also, I know at the racetrack if you win over $600 you fill out paperwork for your IRS ticket.  Same in vegas??  anything over $600?

I answered your original question......I assume by your subsequent posting that you were implying a question as to whether or not the sportsbook can maintain an "account" whereby the bettor does not have to carry/bet with cash; but instead bet using the money in his "account."....assuming that is what you were asking....Only Cantor gaming has a setup, Account Wagering, that can let that happen.

BUT, to your question.....hundreds of people, every major sportsday (like today, for instance) will be betting that kind of money at a number of books here and no one will notice or care.

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#7
Posted: 2/13/2013 4:56:30 PM
if u r trying to get 30k on a game go to 6 different books at 5k a piece!!! if u r trying to bet 6 games at 5k a piece just go to the window and give them your 33k and place your bets...   fyi u will draw lots of unwanted attention to yourself if u start playing that kind of $ on a regular bases..     bol
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#8
Posted: 2/13/2013 7:18:40 PM

It is far easier to make all your bets at the same sportsbook...assuming that you are comfortable with the lines that you are getting.....secure a players card from the casino and make yourself known to the supervisors at the sportsbook. The process is quick and easy and no one at the book (assuming major sportsbook...Wynn, Mirage, etc) will go out of there way to publicize your bets. Just keep it professional and friendly, don't try to hide anything...just as you would at a bank....and your transactions, both incoming and outgoing, will be handled properly.

Once again, if you do not want to use cash freely, then contact Cantor Gaming...their "hub" is at The M....and discuss "account wagering"

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#9
Posted: 2/13/2013 10:51:08 PM
Sidenote: $30K in $100's is not as bulky or obvious as you probably think. I, like many of the others on this forum, have carried $10K on our person without so much as a glance. I had mine in the front pocket of my jeans and to be honest there are many cell phones that are larger/bulkier.

Sounds like VegasGourmet answered your concerns though.
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#10
Posted: 2/14/2013 1:40:41 PM

Thanks guys... looks like Cantor has what I was asking about.  Account wagering.  I'm surprised the other books don't do this.

 

I have no plans to move to vegas now... but who knows down the road.  I was thinking about how it would look, taste, etc.  I'm thinking I don't want to carry large sums on a regualr basis.  The bad guys obviously can figure out who to roll and when and where to do it.

 

 

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#11
Posted: 2/14/2013 3:55:33 PM
cant you bet with chips also? if your really worried about the money and you have that kind of cash, wire it to the casino and ask for it in chips. that was nobody has to see you walking around with a huge amount of money until you cash out. i know a lot of the huge whales transfer money to the casinos and are given it when they get there 
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#12
Posted: 2/14/2013 7:44:08 PM
well in a book, i read about, if you win over 10,000$, u have to fill an IRS form. but if u take money as chips, u dont fill. so people bet to win 9000, 9000. or take money in chips since filling form is too much hasssle for both bookie and player. is it true or thisnumber changed?

what is account wagering btw? they track you by an ID?
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#13
Posted: 2/17/2013 1:53:48 PM
Most pro bettors have runners.
And yes they will come in with a lot of cash.
But they also dont run back to cash a ticket as soon 
as it wins they will hold a winning ticket until they place another bet.
Or if they have a winner for 10g they might hold it until they have another big bet. and cash or use other ones so they dont collect
so much cash. They also bet and ask for chips also
5k chips are popular.
I worked at caesars palace in the sports book for a short time.
Also if a book knows they have some big players they will open early or right when then open.

 
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#14
Posted: 2/19/2013 1:39:57 AM
The Station Casinos have account wagering too. Can bet from the comfort of your home (in Nevada). Might want to check William Hill too.
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#15
Posted: 2/19/2013 2:21:35 PM
station casino's, cantor gaming, and william hill
all have account wagering not by phone its by
internet/vpn, of wifi/gps tracked cell phone.
station does have auto/phone wagering but you 
need their pager to get password to access your account
each time you call.
I was also told most pro's dont use these because they
have much lower limits then if you go to the windows.

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#16
Posted: 2/20/2013 8:36:58 PM

PM ME FOR DETAILS

I AM ONE OF LV'S TOP 20 PLAYERS!

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#17
Posted: 2/21/2013 1:11:51 PM
QUOTE Originally Posted by MrMath:

well in a book, i read about, if you win over 10,000$, u have to fill an IRS form. but if u take money as chips, u dont fill. so people bet to win 9000, 9000. or take money in chips since filling form is too much hasssle for both bookie and player. is it true or thisnumber changed?

what is account wagering btw? they track you by an ID?

I believe the law states if you collect $10k or more they have to file an 8300 form.  I tried to place a wager of $8k last year at MGM and was told they required my SSN because the payout total was in excess of $10k.  I'd assume betting 6 games at even $2k each would require your SSN.
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#18
Posted: 4/19/2013 8:05:09 PM
Nice
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#19
Posted: 4/25/2013 10:55:25 AM
At the Cal Hotel Casino you can cash in chips from table winnings like craps or Blackjack, etc. with no tax liabilities.  However the slot winnings over 1200 you will receive a tax form and be paid in check I believe.  Anything less, you get it in cash.  I have marker limits established  so I need not worry about carrying cash with me.  I get chips from the tables by making a marker, then cash em in.  Or go to the cage and request a cash marker and get cash directly.  When I return home, I receive my markers and pay them off or pay them off before I leave if I brought my checkbook. 
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#20
Posted: 5/1/2013 12:13:47 PM
My roommate used to be a 'runner' before he transferred from UNLV for a year with a syndicate and he hated it. Couldn't party cause he had to be up and out at 9 every single day and if he missed a day(I think he missed 2 in over a year, 365 days) he got a lot of garbage for potentially costing $$$ in profits.

He was one of 12. Two were always on standby and rotated with the other ten so that the other ten can have 'days off' but those two weren't trusted like the other ten. He was assigned to a specific book(Trop) and the book knew who he was. The $9K thing is partially right, there are much more specific details to pay attention to which is why they required 10 runners to make a $75-$90K plays on a single game. Moneywise, $50K is 500 bills which when stacked like ones from the bank actually isn't much. I've seen pics of book bags with $200K and it looks like nothing. They had a driver but no bodyguard or anything like that. Remember you're in a freaking casino that has more security than the White House, so there's nothing to worry about on that end.

Books for some reason like these guys, contrary to popular belief. They usually help the books even the split as most of the plays are against the public. Even though he didn't bet big, it was to avoid taxes, not to avoid being cut off. They knew who he was and had an idea who he worked for, coming in every single day at noon with $40,000-$50,000 bets make you stick out. As long as he was straight up with them, they were 'cool' with it. It's when guys wear disguises and bring fake IDs that they get pissed off.

So just be straight up with the book and you'll be fine.
Posted using a mobile device.
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#21
Posted: 5/5/2013 2:34:07 PM
QUOTE Originally Posted by Grimmmm:

My roommate used to be a 'runner' before he transferred from UNLV for a year with a syndicate and he hated it. Couldn't party cause he had to be up and out at 9 every single day and if he missed a day(I think he missed 2 in over a year, 365 days) he got a lot of garbage for potentially costing $$$ in profits.

He was one of 12. Two were always on standby and rotated with the other ten so that the other ten can have 'days off' but those two weren't trusted like the other ten. He was assigned to a specific book(Trop) and the book knew who he was. The $9K thing is partially right, there are much more specific details to pay attention to which is why they required 10 runners to make a $75-$90K plays on a single game. Moneywise, $50K is 500 bills which when stacked like ones from the bank actually isn't much. I've seen pics of book bags with $200K and it looks like nothing. They had a driver but no bodyguard or anything like that. Remember you're in a freaking casino that has more security than the White House, so there's nothing to worry about on that end.

Books for some reason like these guys, contrary to popular belief. They usually help the books even the split as most of the plays are against the public. Even though he didn't bet big, it was to avoid taxes, not to avoid being cut off. They knew who he was and had an idea who he worked for, coming in every single day at noon with $40,000-$50,000 bets make you stick out. As long as he was straight up with them, they were 'cool' with it. It's when guys wear disguises and bring fake IDs that they get pissed off.

So just be straight up with the book and you'll be fine.

Good stuff Grimm
were the syndicate plays any good?Did your roommate ever bet there plays with his own money?..seems like your roommate had a good thing going...its not easy but the potential to make good money was huge
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#22
Posted: 5/8/2013 10:10:25 PM

Its not an IRS form for over 10k to cash out on. Its just an in house transaction form for house records,it doesnt go anywhere. I have a friend who works for CET in one of their books and he had explained it to me.

Carrying large amounts of cash is not really that big a deal, 20k-30k fits in your pocket. Pretty safe in and out of casino's and u could always valet in and out to stay out of parking garages.

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#23
Posted: 5/29/2013 10:00:53 AM
For anyone using account wagering (online) through Station Casinos, what are the limits for baseball, hockey, etc.

Someone commented that the limits for account wagering were less than going to window, and I'm interested in how much less.
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#24
Posted: 6/21/2013 12:44:35 PM
carrying large amounts of cash around is not a good idea to me.  If you establish an account in your casino, your cash should be easily attainable.  Years ago Lady Luck gave me a 10k marker limit, no problems.  Now they are more strict as Main St. started me at 2k and said they will raise my limit only if I play enough at the tables but I still have a 5k marker limit at the Cal established a long time ago which I thankfully still kept active.
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#25
Posted: 6/22/2013 3:44:11 PM
To answer your question... we use high denomination chips and have safe deposit boxes in the casino...i can carry around 50k in chips and no one ever know it and when im done for the day go to my lock box and walk out with no cash...thats how its done.
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