Topic: Have some people used casinos to hide the origin of funds? - page 3. (Read 1045 times)

Have some people used casinos to hide the origin of funds? This is not a nowadays cases but hide money on casino is regular case it happen like many times.

Casino involved with big money and thats really is lets say you win a slot game or lottery based games that involves ton of money heck gambling it self is game involving with money.

This might the reason why there is program Anti Money Laundry and Know Your costumer to prevent case like this happen

Do they give you an invoice only for what you withdraw and not for what you deposit? I mean, I go in, I cash in $10,000 in chips, I bet (and lose) $1,000 and they give me an invoice as if I won $9,000? I don't buy it. If they give you an invoice they have to give it to you for all the money movement, for the net. Although I have never asked for an invoice in casinos, but there is something wrong with the story.

short term answer for the OP question is: yes, probably yes.
these are probably some quite cool and interesting stories


I haven't heard this before but makes a lot of sense, not hard to see it happening, for sure

This is false, the moment you deposit funds on centralized services such as casino and exchange will automatically gives you the risk of exposing your identity since the authority can request for your account records because each wallet address is unique to each user that gives us the distinction of wallet ownership.

Mixer is the only way to hide the source of funds if user just want privacy. Centralized services is already prone to revealing your identity due to AML policy imposed to this services by their license provider.

I don't know if you guys know the story of the CIA agent that had a difficult duty to find how one of the most notorious drug dealers hide their money.He stayed after him for so long and nothing so one day he got to him put the gun down on his head and said "you will be free to go if you tell me how you launder your money and if you don't you are going to jail".The drug dealer said Ok and told that he gave 10.000 dollars to ten persons sharing 100000 dollars working for him and these persons got to different casinos played 1000 dollars and the 9000 they got back with invoice.So yes people still do it through casinos since they already did long ago like this story.

Of course, it’s terrible that such things still happen and a clear, strong, logical system has not been invented that would allow us to get rid of this. I personally play in casinos with KYC, because I have nothing to hide and I have nothing to beat, but at the same time, I understand that there are players who also have honest money, but they value their privacy and do not want to upload their documents once again, which also has logic and meaning. But such players must understand that at the same level there are those who also do not upload their documents deliberately in order to hide the origin of their money.

It is obvious those kind of things have happened on the past and are they are the very reason why exchanges and casinos are being forced to be way more forceful on the application of KYC policies, however criminals are very smart, so I have no doubts that even now they are using casinos and exchanges in this way without attracting too much attention to themselves, so they are not caught and they can avoid to have to answer questions about the origin of their funds.

These laws existed in pretty much every developed and stable countries long before cryptocurrency came along - you can look back at how poker rooms were shut down in America before 2009 because they were unlicensed. People using crypto were "under the radar" for a while or living in more of a grey zone buffer that was hard to track. Now you'll see that most money flows through exchanges and those exchanges are providing information to the regulators. Of course anywhere you have large amounts of money flowing through, you'll find criminals who want to wash their dirty money and physical casinos were notorious for this. However unless these criminals are getting paid in cryptocurrency it's not as easy as traditional money laundering.

Restrictions like withdrawal limits and being ineligible for some kind of bonus offer make anyone who is afraid of KYC not even make an attempt at gambling in a KYC-enabled casino, as you never can predict when you will make a big win or anything that might trigger the casino to ask for KYC verification documents when the person might least expect it, which if found to be playing in a restricted country, will result in the account being suspended and funds confiscated.

Is that bad?
The governments are conditioning people to believe that making money hard to trace is a crime. That you're doing something wrong by staying anonymous.
The truth is, the act of stealing money, scamming people is a crime. Moving that money around anonymously is not. We all have the right to protect our wealth. To hide what we have if that's what we decide.
I'm sure some scammers use casinos to hide their profit, but many people just want to stay anonymous. How many scammers are there in a population? Maybe it's 1% maybe 2% but we are all having our rights taken away because of that small group.

Even those that think gambling for fun is an option there are no remedy to it. In these days it is you are gambling for money or you're not gambling at all. In some casino when you have gamble and make lots of money there are some restrictions that you will be having in your betting or funding account.

You can't be able to gamble in some casino without passing through KYC and if your successful in it just know that there are some restrictions you will be eligible to

It's not as fun as it used to be and now there are so many rules and regulations to follow that gambling in peace is not possible. As gambling is banned in my country so i want to gamble secretly. So kyc is a big barrier so it is better if there is no requirement to use kyc in crypto market. But in the past almost all gambling platforms were independent and you could gamble as much as you wanted without kyc hassles. Now many platforms make trouble when you win big money and give withdrawal.

It seems you are only asking the people here in our forum? Because you already know that these things are happening before and even up to this date. Well, in my case, no. I have nothing to hide and I only use the exchange to trade coins. I only admit that I use some casinos as a crypto wallet. Yeah, you heard that right. Crazy isn't it? Because some of you can say that why will I do it when there are still plenty of crypto wallets and then there is a chance that I might gamble my funds away. Well I'm only a newbie that time so I don't know many trusted wallets and I find it hard or hassle to create another. I'm also thankful because I haven't got the urge to gamble my funds away.

I once made a deposit on one of the well-known crypto gambling platforms, after making the deposit, I thought I made a deposit that was too big so I made a withdrawal after the deposit. What happened was, I failed to make my withdrawal, that was because I was deemed to have intended to launder money. Talk to customer service & get an idea to play a few hands and then make a withdrawal.

On some other gambling platforms, it must be 1X TO (Turnover) of the deposit amount, to show that we are making a deposit for the purpose of gambling & not money laundering.

I never used casinos and exchanges to hide the origin of my funds, since I entered the cryptocurrency market my funds have always had only 2 origins:

1 - signature campaign

2 - my bank account, I buy bitcoin using cex.io since 2017 and then I transfer the bitcoins to my wallet, when I want to trade I transfer them to the exchange and when I want to play I transfer litecoin from my wallet to the casino.

Since I got into cryptocurrencies I've been doing this, I always comply with the laws, I believe that complying with the laws is something that helps casinos and exchanges so they don't have problems with governments, and it also helps myself so I don't have problems with the government. unfortunately there are or were people who in the past used exchanges to hide the origin of funds. I don't know if there has ever been a case of a thief using a casino to hide the origin of funds, and I honestly think that someone using a casino to hide the origin of funds is not very smart. because who would steal 1 million and go play in a casino knowing that the chances are low of winning? because even in the past, casinos already had withdrawal requirements, something like 1x or more of the amount deposited. So if a person deposited 1 million, they would have to play with the entire 1 million to be able to withdraw.

I don’t want this to be some sort of argument but personally I have this feeling that, before the government intervention, some of these casinos were already aware of some of these criminal activities and I could remember a discussion some time ago with some guys in my neighborhood and one of them was proposing that some of these casinos are aware of the fact that their casinos were used to launder money but since there was nothing the government could do about it then, and maybe they could also have a bite from the money, they kept mute and looking into his points, there were some sort of truth in them.

But for the sake of doubt, let’s say they’re not aware, but yes that the casinos were used as a channel to launder money but I don’t think it’s that very easy this days.

Well, I do not know actually if there will be people out there who use online Casinos, or exchanges to hide the origin of their funds, since I myself have never deposited funds to a casino or exchanges which such intentions.
One thing I definitely will say is that anyone doing such is not smart enough and sure taking a big risk, and this specially is because; most online casinos and exchanges are kyc enabled, so there is really nothing hidden about such customer who is using the casino or the exchange as a means of hiding the origin of their funds.

There are better alternatives to use, like I believe many of us here can already correctly guess what I am talking about, there is absolutely no need to mention it.

Money laundering or hiding money has become an open secret and we often see it in various media. gambling and exchange are the targets of news that is always associated with it, whether it is true or just information to scare the public.

If that's what the OP asked, the answer is, don't know, as far as I know, gambling is done by some people just to bet, of course they experience losses and wins, it's logical if I think about why they hide funds on gambling sites, After all, if they bet if they lose or lose, they are the ones who lose or have problems when withdrawing, it's not a higher risk, if the corrupt funds are stored in the casino, I think even then there are only a handful of people.

It's better to buy the money in gold and keep it in the ground, it might be safer for them than in an online casino.

Casino was not purposely promoting money laundering activities but it became an avenue that money launders discovered they can use to clean their stolen money not until it was discovered by the government agencies and regulations was added to casino, deeming it necessary that every legally operating casino my request KYC from their customers. Just as you said, every reputable casino will demand for KYC, there are also some reputable web3 casino that doesn't ask for KYC.

It wasn’t about you but rather op was on a random quest of knowledge in the subject matter.
Previously, there wasn’t this much of strictness on online casinos but currently now, it will be very difficult seeing a reputable casino that doesn’t ask for KYC at any point in time  and this was as a result of some sort of criminality through these casino and money laundering and that’s one thing the the KYC is actually helping to fight in the modern day casinos.

And just like mixers, anything that has the ability to alter the linkage of funds passage can be used for money laundering and that’s exactly what the casino was doing and I think with the help of KYC, such cases have been reduced.