Question For The Pros

[Finn Dog]

They start filling out forms if you cash out more than $2,500 at a time.

I take it that's just a casino policy? (I thought you didn't get a CRT unless you tried to cash $10,000 worth of chips?)

Also, let's say they started to fill out forms at $2,500 and you refuse to give your name & SS#, I suppose they would then just refuse to cash your chips? (In which case I suppose you'd just walk away, split the stack in two, play one and cash the other at the next casino--which raises another question: do all casinos in Vegas accept each other's chips?)

Thanks for your help.

FD

 

[SleightOfHand]

I take it that's just a casino policy? (I thought you didn't get a CRT unless you tried to cash $10,000 worth of chips?)

Also, let's say they started to fill out forms at $2,500 and you refuse to give your name & SS#, I suppose they would then just refuse to cash your chips? (In which case I suppose you'd just walk away, split the stack in two, play one and cash the other at the next casino--which raises another question: do all casinos in Vegas accept each other's chips?)

Thanks for your help.

FD

Refusing to sign a CRT will result in a barring (as a CRT refusal) from what I hear. I recall a previous post where a different form was being signed when a larger cashout (but less than 10k) was being done. I think it is still related to the CRT and requires your SSN, but a bit different.

As far as accepting chips from other casinos, this is more popular in the Reno/Tahoe area. I don't believe most Vegas casinos will accept other casino's chips

 

[tribute]

I take it that's just a casino policy? (I thought you didn't get a CRT unless you tried to cash $10,000 worth of chips?)



FD

My understanding is all financial institutions are required to file a CTR for any transaction more than $10,000. Also, most casinos will require you to show your ID when buying in or cashing in for $3000 or more.

(Finn Dog, you have a PM.)

 

[Finn Dog]

(Finn Dog, you have a PM.)

Tribute: never received it!

FD

 

[Finn Dog]

This one got lost in the shuffle--anyone?

And what about a bank account--how's that styled/set up: DBA, any special type of account, etc?

Thanks in advance,

FD

 

[KenSmith]

No special bank account is strictly necessary, but you could open a checking or savings account as a DBA. You'll still be filing under your SSN.

 

[bigplayer]

odds of losing

This is completely false. This means that there is a 25% chance of a pro losing over a year. That means they didn't even hit the N0. Unless your N0 is 300k a pro card counter might lose 1 out of 100 years.

To play to N0 in a year you will still have a 15.85% chance of a losing (the back tail on 1SD normal bell curve). To have only a 2.275% (two sigma) chance of losing you need to play 4 x N0. That's why playing heads up as much as possible and/or playing to a SCORE of $50 is so important. Games with a SCORE of $50 have an N0 of 20,000 rounds. 4xN0 is 800 hours (assuming 100 rounds per hour average). 800 hours is a pretty realistic number of hours for a full time pro.

In summary, play 800 hours a year and stick to games with a SCORE > $50.00 or DI >7.0 and play heads up as much as possible to get game speed faster than the standard assumption of 100 hands per hour, especially if forced to play a lot of sub-$50.00 SCORE games and you'll lose about one year out of 40.

 

[WRX]

Love your new avatar, bigplayer!

 

[bigplayer]

Ultimate Gambit in Today's Game

The difference is that playing all with no cover will get you barred in short order. Anderson maintains that using the UG will allow you to play undisturbed.
It's the old tortise vs hare scenerio. Having a big advantage only works when you are actually able to play.

Andersen's UG in todays game is not worth what it once was. Casinos are either sophisticated and will catch you regardless of your cover bets (so cover is worthless) or they aren't sophisticated (cover is really worthless) in which case you'll be leaving a buttload of money on the table if the unsophisticated casino is also tolerant (often the case). There is a lot in his book about casino comportment that is of good value and it is an entertaining read, but computerized player evaluations were not as widely used in 1999 as today. His gambit may be of use during those times when you think you are being evaluated (like in AC when a counter catcher stands there and hawks your game).

Your best cover is to play short sessions, make some random medium bets in neutral counts, and keep your top bets at a level that is realistic for that casino. Using that approach you'll get the most bang for your buck and won't be giving up too much. You'll never know if that casino is going to really take the action unless you push them just a little bit. Besides, if they toss you quickly you'll be able to recycle them more easily and have good tolerance information that you can exchange with other players who also play like you do. If you locked in on using cover the only cover that I'd use would be to always stand on 16 vs 10 if you can't surrender, surrender 88 vs 10, and always insure at least one of your two hands (for much much less if the count doesn't call for it). Remember some of Andersens gambit plays hurt N0 much more than they hurt your EV. You don't want to lengthen your long run index too far, especially on shoes.