MIT team
- Thread starter Harman
- Start date
Nutorious
Member
Well they wouldn't of wanted to put it in their banks because mr tax man would of taken a nice sum out of it! So say they won say 100,000 stuck it in their bank, the tax man (in england anways) would have take 40% (40,000) off that. So you would be left with only 60,000 thats most likely why!
EasyRhino
Well-Known Member
and, according to the book, the protagonist in Breaking Vegas accurately paid and filed taxes every year on the gambling winnings.
Using a bank in Vegas makes a lot of sense, although there's always a chance that information could somehow find its way from a bank employee to casino management, and that would be a bummer.
Also, the team played in many locales other than Vegas.
Also, banks are usually closed on weekends.
Using a bank in Vegas makes a lot of sense, although there's always a chance that information could somehow find its way from a bank employee to casino management, and that would be a bummer.
Also, the team played in many locales other than Vegas.
Also, banks are usually closed on weekends.
Nutorious
Member
Yes they can. They tax everything here, i know for sure! My dad is in the 40% tax bracket and absolutly everything he makes money on he HAS to declare it. No matter what it is.
(Dead link: http://www.gamblingtherapy.org/ShowThread.aspx?ID=512414)
look at that forum. He is talking about how he has to send onf a cheque for 23k+ out of his 75k winnings.
(Dead link: http://www.gamblingtherapy.org/ShowThread.aspx?ID=512414)
look at that forum. He is talking about how he has to send onf a cheque for 23k+ out of his 75k winnings.
You are wrong on this - in the UK. The way it stands at the moment, you don't pay taxes on gambling winnings in the UK. This was due to a court ruling that if you paid taxes on winnings, losses would have to be tax deductable. As the public lose more money than they win, the government decided it was best just to leave it non-taxable.Nutorious said:
As to the reason that the MIT team carried large sums of money, there are several reasons. Any time large sums of money are moved through financial institutes evidence has to be shown as to the money's source. This is simply to protect against money laundering. While the team did have perfectly legitimate and legal explinations for where the money had come from, they weren't easy to explain. It was easier to shift the money in the form of cash.
This also avoids bank charges, which as the sums get larger get substancial, lack of liquidity due to delays with banking services and letting anyone outside of their group know what was going on.
The reason that they didn't carry it in suitcases is that x-ray machines show money up quite clearly and you can count on it that anyone carrying $60k in a suitcase through an airport is going to have a few questions to answer.
RJT.
I'm not so sure about this one. I would much rather try and give an honest explanation to a bank manager rather than risk some $5/hr security guard at the airport confiscate my 60k. Also, they might strip search you if they discover you have a large sum of money hidden beneath your jacket.RJT said:
If you wire the money to Vegas, there is literally no risk of having your money confiscated.
So the more money I wire, the more I will have to pay in bank charges? I never really wire money so maybe somebody here can confirm this one.
Also, if you wire the money to a bank in Vegas, shouldn't that money be available for withdrawal the following business day?
MJ
Yes, banks charge to wire money. $15 last I did it.
Another way one might try would be to set up 2 PayPal accounts with
separate email addresses. One connected to your home bank, the
other to your bank account in LV. Then you could email yourself money
using PayPal, and use an ATM to access it.
BJinNJ
Another way one might try would be to set up 2 PayPal accounts with
separate email addresses. One connected to your home bank, the
other to your bank account in LV. Then you could email yourself money
using PayPal, and use an ATM to access it.
BJinNJ
EasyRhino
Well-Known Member
Also, ATM limits won't disburse enough cash to make higher stakes play workable (I'm not familiar with any ATM limits over $2000 a day)
It's not even necessary to wire the funds to a bank in Vegas, just have an account with a bank that has a branch in Vegas. (with a wire, it is necessary to have a bank account, you can't just wire it to a 7-11). But again, if you're making withdrawals from a local bank, there's the risk of unwanted information sharing (and they're still closed on weekends)
And you don't want to wire it to a casino's cage (or set up a line of credit) if you're trying to obfuscate your identity.
It's not even necessary to wire the funds to a bank in Vegas, just have an account with a bank that has a branch in Vegas. (with a wire, it is necessary to have a bank account, you can't just wire it to a 7-11). But again, if you're making withdrawals from a local bank, there's the risk of unwanted information sharing (and they're still closed on weekends)
And you don't want to wire it to a casino's cage (or set up a line of credit) if you're trying to obfuscate your identity.
blackjack avenger
Well-Known Member
What Does Geometry Have To Do With It?
What does an obfuscate triangle have to do with it?:joker: :laugh:
What does an obfuscate triangle have to do with it?:joker: :laugh:
Good idea. But what if my local bank does not have a branch in Vegas, would I still be able to wire the money from my bank to a completely different bank?EasyRhino said:
I would probably have to set-up an account at the bank in Vegas before sending the wire from my local bank, so I am not sure how that would work.
Can money from one's bank account be wired via the net or do you have to actually visit the bank?
Not sure where I stand on that one. I might want to earn comps while I play, which means I would either have to reveal my identity or give them a fake ID. But that is the least of my concerns at the moment.
MJ
Automatic Monkey
Banned
You are absolutely correct in this. Using a bank to transport money eliminates the risk of several problems. Confiscation by authorities and arrest is one, getting robbed or worse is another. If you are carrying $60K on your person you are now a target attractive to professional criminals for whom the decision to leave you alive or dead is as mathematical as the decision to raise our bet is to us.MJ1 said:
There are probably very few of us who need access to more than $10K in new cash every day, and those in that category I am sure have had to deal with the problem of money transfer between venues. Probably 2 or 3 bank accounts can cover every gaming venue in the US and the wire transfer fee between them is a small expense for a high stakes player.
And when you are arriving in LV at 8pm on Friday night for a heavy night playing - what then? Maybe LV banks have different opening hours to the ones i know, but i've certainly never encountered a bank open past 6pm.MJ1 said:
And as to comps - they did earn comps, just under different names. You give your bank details over, you've got to give your real name and connections can be made between players.
RJT.
zengrifter
Banned
So you are speculating that the MITs cheated on their taxes? zgNutorious said: