Do Vegas books ask for ID for $5K Payout?

Whoson1st · Sep 5, 2006

Just curious
Not being smart--Have no idea.

Dante · Sep 5, 2006

edited your title to include the ASK word Who...

dmmd98 · Sep 5, 2006

No they don't...well atleast the one I was lucky enough to get a payout from.

mvbski · Sep 5, 2006

No ID but they will fill out a CTR with ticket info and description of you to track your payouts in case you go over 10,000 in that 24 hour period.

Whoson1st · Sep 5, 2006

mvbski said:
No ID but they will fill out a CTR with ticket info and description of you to track your payouts in case you go over 10,000 in that 24 hour period.

No ID--but they fill out a description of you???? :icon_conf

That is comical.

PO69 · Sep 5, 2006

No,

The CTR is used because alot of gamblers will have multiple $5,000 tickets. So over the $10,000, they will.

Whoson1st · Sep 5, 2006

Let's see---Male Approx.5'10" inches late 50's maybe 60. Brown hair. Is this what they fill out for a description? How does that help track anything when it would probably fit xxxxxx people?

NICKYTHEFISH · Sep 5, 2006

Whoson1st said:
Let's see---Male Approx.5'10" inches late 50's maybe 60. Brown hair. Is this what they fill out for a description? How does that help track anything when it would probably fit xxxxxx people?

Basically you are right on. I have filled out many.

GreenDoberman · Sep 5, 2006

The government requires all financial institutions to verify identification for all cash transactions exceeding $10,000 in a 24-hour day.
This applies to you if you go to the bank as well as if you wagered cash or collected cash in a casino or sportsbook.

If you refuse to present identification then you will be barred from the premises until it is given under law.

It is a requirement given to casinos by the government, specifically the IRS, not something the casinos want to do.

Whoson1st · Sep 5, 2006

GreenDoberman said:
The government requires all financial institutions to verify identification for all cash transactions exceeding $10,000 in a 24-hour day.
This applies to you if you go to the bank as well as if you wagered cash or collected cash in a casino or sportsbook.

If you refuse to present identification then you will be barred from the premises until it is given under law.

It is a requirement given to casinos by the government, specifically the IRS, not something the casinos want to do.

Others above have responded that they do NOT ask for an ID.

GreenDoberman · Sep 5, 2006

Whoson1st,
Reread my post. The magic number is $10k. At $5000, no one will ask or need your ID. Over 10k, it is required.
Sorry if it was misunderstood.
There is a log at 3k, but no ID is required.

NICKYTHEFISH · Sep 5, 2006

GreenDoberman said:
The government requires all financial institutions to verify identification for all cash transactions exceeding $10,000 in a 24-hour day.
This applies to you if you go to the bank as well as if you wagered cash or collected cash in a casino or sportsbook.

If you refuse to present identification then you will be barred from the premises until it is given under law.

It is a requirement given to casinos by the government, specifically the IRS, not something the casinos want to do.

people always get confused by this one

GreenDoberman · Sep 5, 2006

Is it confusing Nicky?

NICKYTHEFISH · Sep 5, 2006

People really never understand that rule they always question it.I understand it thats cause when working out there I have filled many 8300 forms. To me its cut and dry.

GreenDoberman · Sep 5, 2006

It's always good to have handy cards that explain why it is required for the patron. This way they will understand it is not the financial institution or casino requiring this type of information (or even wanting it for that matter, god knows I'd love to do less paperwork), but they are required to do it by law.

I think last year, the Mirage and Stations got hit with big fines for not complying with it.

NICKYTHEFISH · Sep 5, 2006

Its just so easy for the supervisors to turn the other way I seen it all the time. Specifically in the racebook. But like with everything it will catch up to you at one time or another.

Whoson1st · Sep 5, 2006

Umm-- I wasn't at all confused. I know about $10k transactions. My question was specifically about $5K.
In another post I understood Olympic to say that "their" government required ID at $5K. This is what triggered my question about Vegas books.

Key word---ID

GreenDoberman · Sep 5, 2006

Ok, then the short answer is NO.

Olympic is not bound by U.S. Laws, so they may have a different policy in their home country.

Whoson1st · Sep 5, 2006

Thanks

Kindly help an older man understand this reporting requirement at (3K). I know that I'm past my prime thinking days....but exactly how is ANYONE helped by a casino writing down a "description" of a player cashing in $5K?

key word--description, (not an ID).

GreenDoberman · Sep 5, 2006

The log is supposed to track multiple wagers, so that when their sum goes over 10k the ID is needed. The descriptions are very nebulous, so in reality without a name it is nearly impossible or useful to track cash transactions. It is their thinking that the general description will identify a player. In reality, you are right it does not help at all and is just more unnecessary paperwork (but I can't say that, can I?)
Would you expect anything less from the government when it comes to paperwork really?
I mean just look at your tax forms and you'll think Multiple Transaction Logs are entirely too efficient.