Is it a good idea to deposit casino winnings into your bank?

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magick said:
What's the procedure if you goto Vegas and come back with $30k and deposit it into a UK bank?
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For a start - it's illegal to bring that sort of money into the UK as $ without declaring it. And if you are caught at customs with that amount of cash and no real (viable) explanation as to how you got it - or why it hasn't already been cleared with HRMC - it will be taken off you and held with a court order until you can prove otherwise - Bascially - you are in big doodoo.
 
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OK. From the replies in this thread and some of my own research regarding banking and money laundering, I have concluded that it is a very bad idea to deposit substantial amounts of untraceable casino winnings into your bank account. Winnings which are traceable to the casino and have been recorded in some form through a membership card or casino bank account are fine.

Thank you for the discussion.
 
mithrandir said:
You know what, I've seen a chap play roulette across two tables placing around 10-15 pink chips (£100) per round. His winnings is pretty staggering (few whites [£1,000] and stacks of pinks). He must hold around £15-£20k of chips on the two occasions I've seen him play (he looks muslim too from the style of his beard - no lie).
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How does that work? Shouldn't he have just one set colour of chips to play with?
 
dowie said:
How does that work? Shouldn't he have just one set colour of chips to play with?
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You can get asigned a colour for whatever the table is set at (in this case £1 per chip (although at other tables they can be 50p per colour or /35 per colour)
However, there are:

red -£5
Black - £25
pink - £100
white - £1,000


Anyhow, this chap just dishes out pink chips on the board although occasionally black ones too.
Been watching some games (but don't play) :D
 
What casino is that at? - surely that could cause loads of problems in terms of keeping track of who's chips are who's.
 
dowie said:
What casino is that at? - surely that could cause loads of problems in terms of keeping track of who's chips are who's.
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Unless the casino has lots of high rollers betting hundreds of pounds per spin its fairly easy to keep track off. The majority of the people on the table will be playing using coloured chips which are a designated amount. The guy with tons of cash would be paying with cash chips (notably £100 cash chips for the most part). Make's it easy for the dealer to keep track.
 
dowie said:
What casino is that at? - surely that could cause loads of problems in terms of keeping track of who's chips are who's.
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Yes it can cause problems and problems do happen. Most people at a table play with individually assigned coloured chips, not cash chips. One player using cash chips at a table is perfectly fine, but as soon as two players start placing cash chips things quickly get ugly. If there's someone using cash chips at a table I usually find a different one, but sometimes other's just join the table I'm at and start throwing cash chips around. Really annoying as sometimes I forget my own bets.
 
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