Topic: Loophole in stopping Money Laundering through Wagering - page 4. (Read 1678 times)

Well, you are right, but how about if a player discovers a bug in the online casino's system first before the casino and then decides to exploit it, that is use it to his or her own advantage, isn't that cheating as well, and wont the casino punish such a user when they get to find out?

On the issue of players abusing a bonus, yeah, that I completely agree is not cheating, and I wont call it abuse also, I will rather refer to that as the player being smart, yeah, a casino launching a bonus should already know that if they don't put measures in place to deter participants from claiming multiple times, players will definitely want to claim multiple times, and in such situation, I do not blame the players but the casino for doing one part of a promotion and neglecting the most important part which i can refer to as security.

If we are talking about online casinos, then there is literally no way one can cheat a casino unless they have some error or a bug in their system that gives a player an advantage in which case the player might not be punishable if caught but they might take back what has been won by the player, but, cheating is not possible in an online casino, tell me how can one cheat when the options and everything they have are just what the casino is providing itself?

The only way a player might be able to cheat a casino is when they are offering some bonus and a player tries to claim the bonus with multiple accounts using different IP addresses and everything, but even in such cases, you can't call that cheating, it can be called abuse of the bonus but not cheating.

The thing is that money launderers already know the risk of using casinos to carry out their money laundering act since they will be subject to x number of wagering as a requirement to prevent that act,  so for that they rather make use of coin mixing service,  that way all that their need is to pay small fees and get the coin mixed up.

So I think the idea to avoid casinos becoming a venture for money laundering is the main reason why there is demand for that x wager and sometime KYC requirements on suspicious accounts.

Maybe in other countries, it is not easy to eradicate corruption because it has occurred from the lowest level to the highest so when there are corruption operations, they will go to places where they cannot or are difficult to detect. Moreover, many high-ranking government members are involved in corruption cases but unfortunately, they are not proven to have committed corruption. And those people have probably run illegal businesses from casinos, and drug factories, abuse government policies and pretended they are immune from the law and can't be caught. The cyber war is also ongoing until now and each of them puts out their best ability to avoid attacks from the enemy. And the ones who have nothing to hold on to will fall victim to it so those at the top of the chain remain untouched.

When we involve the fiat banking system, money laundering can be easily tracked, as banks are required to report suspicious transactions on clients' bank accounts to the AMLC (Anti-Money Laundering Council), and they will conduct an investigation on such matters. That's why crypto gambling is very popular, as it allows gambling anonymously. However, the government is aware that this can become a haven for money launderers, so they are ensuring that casinos will be required to have a license before they can start to operate.

Even if there are mixers and other methods to anonymize your coins, casinos will never take down their anti-money laundering policy because some people have different views on online casinos, others view it as an entertainment portal, others as investment platforms, and others to wash their dirty money, and so far casinos are good in checking money coming into their platform.

People will have to learn and accept the fact that you cannot use casinos now to launder your money, especially the big casinos they do not want to be a platform for money laundering because they will be taken down by authorities if casinos become a platform for this.   

Casino usually offer VIP rewards for players such as rakeback that will cover some of this loses plus the tournament prize in case there is since the volume of this sample will guarantee a place on any tournament. I think no one will realyy do this just to gamble since it’s very obvious for the casino to detect a laundering with this method since this is just pure safe bet without the goal of winning any huge amount that is proportion to his total bankroll.


This is very easy to track since fiat transaction on the business is audited. Crypto is the best option to launder imho.

Does low odds guarantee winning? Capital NO! The loophole can not be completely absent as far as technology is advancing. The bookies here will allow you to deposit up to a maximum amount but will not required you to wager all the amount before you can withdraw. It depends on how active the account is before that suspicious deposit. Some will allow you to withdraw the remaining balance after wagering with 10% of the total deposit. In this case, if the amount is very huge, one can sacrifice the ten percent. It might win or lose. KYC is however mandatory before you can withdraw.

Sure, losing 1.1% of your wager at a 98% win chance may seem minimal, but remember the house always has an edge! The more you play, the more the numbers catch up. As for money laundering, that's a murky pond you'd best avoid.

Funny you mentioned setting up "fake" businesses - that sounds like a plot from a crime drama series. Still, you're right; the Fiat Banking system does make it easier to camouflage illicit activities. Not advocating for it, just saying. And if your money is clean, you wouldnt need to go through this, would you?

Remember, online casinos are there for entertainment, not a laundromat for dirty money. Be a sport, play fair, and keep your nose clean.

Only a fool wants to launder his money in the casino because I'm sure it will be detrimental too and lose a few percent of money, if he launders big money losing 0.1% is big enough, I think besides you try it too there must be other big losses you've ever had tried it by others as well, even though there is a loophole in the casino I'm sure people won't try it.

I also believe that people who launder money will not be possible in the casino even though there are opportunities and loopholes, surely in the way you think of also setting up a fake business and laundering money or trying to launder money in other ways, after all there are many ways to launder money without having to leave to the casino and use that platform. 

I usually configure "Dice" to give me a 98% win chance to wager a lot more, but I still lose just over $10 for every $1000 wagered. So I lose about 1.1% of my own money, when I wager at 98% win chance.

Now the goal of any money launderer are not to lose any money whilst they are doing it... and 1.1% of $1 000 000 = $11 000! So, it adds up if you are laundering drug money of several million Dollars every week.

It is easier to setup "fake" businesses and to launder money through the Fiat Banking system.... than doing it through a online Casino, where the risk and security are so much higher. 

Even so, a criminal cannot do much when he has to be confronted with orders or law enforcement.
Maybe criminals can use hackers to help but the hacker network owned by the government is also reliable enough that they can even track and fight the hackers used by some of these criminals.
I'm sure that corruption or embezzlement of funds within the government system occurs in any country and the only country with the lowest corruption cases, in my opinion, is only North Korea.

Ops you should not that gambling games are unpredictable and no matter how low the odds are it does not determine the winning ratio of the games,  in fact, sometimes,  casinos try to play tricks on gamblers by obviously giving the low odds to the weak team and giving a very high odds for the stronger team,  this could easily mislead the gamblers into selecting the wrong team if he follows the odds.

So for such no matter how sensible the alleged money launderer is, there is still a tendency that he will lose the money if he wagered the total balance trying to meet to 1x wager requirements on all deposits.

You are right, casinos know every bit of what there customers are does or are doing, a proof to this is, think and tell if someone has ever cheated in a casino game, and won as a result of cheating, then he or she placed a withdrawal request, and the casino processed the withdrawal request without questioning the user through either asking them to pass kyc verification or in any other form?, there have been none I know of.
So indeed, casinos know everything that goes on around their platform, if a casino allows a supposed gambler to use their platform to launder money, and the casino kept quiet about it, know it that the casino benefitted huge from that act and that is why they kept quiet, in such a situation, when the wrath of the law come in force, such casino will go in for it most especially if they can not provide the personal data of the said user who carried out the operatin.

If you are a big wagerer then expect those things that would really happen into you, considering that these platforms are regulated now or abiding government rules and regulations which
it would really be just that normal that they would really be abiding those laws and would be applying it out on those people or gamblers who had been using up their platform.On the time that you do
able to hit up those deposit threshold or even on withdrawals then expect that you would be experiencing such verification but as long you are dealing with sites that are reputable and known
then i would say that there's no much to be worried on but i cant really blame out people on not to have such thing on the time that we are talking huge money on here on which it is
something that cant really be ignored.

Speaking about loop hole about moneylaundering then no one on their right minds that those launderers would really be making out this kind of option.It is really just that way too risky.
Why they cant just make use of mixers instead?

It won't take long because they can easily see the deposit amounts of their gamblers.
Now, for most high rollers, casinos are requiring to undergo KYC depending on how strict the casino is complying with the regulations.
If the casino doesn't care as some won't bother as long as they are earning from it, but usually issues arise when the player wins big.
And that will be the subject of investigation and they will dig more about the transactions of that player.
But if you are a high roller, always best to think that the casino would ask your credentials, whether you are winning or losing so you will not be caught in the middle with your funds frozen.

In any casino, alarms always go off when there are large deposits, and if it is a fraudulent casino, then they make it easy for the casino, because now things are different, because there is money and if it is a lot, then a fraudulent casino is not going to matter to them. the accusations of fraud that they make because that is the way things are when it comes to money , now if a Person or whoever decides to make or deposit money to launder money in a casino, make it clear that they must send documentation and nothing more, if they he does a blatant and obvious Investigation that they are going to get to where he is and resides then it Would be a rookie felon mistake.

We when we are in a casino we can see that Things when we make normal Deposits , that is to say 500-900usd can be seen well , and the casino is seeing what a player's style of play is like , obviously if they need to make a withdrawal then they have What to follow the rules, otherwise if the casino does not request any type of KYC or something, then it continues to operate normally , however, it is also necessary to highlight that if a person makes larger deposits , the casino will try to see this more Carefully Due to what is called "money laundering" , it is for this reason that over time a player can become more reliable for the casino, however, a casino must always follow up on its clients and demand the documents that are necessary until good , It seems that everything is in confidence, and there are no associated problems.

As long as I know, money launderer is smart people who will not take the risk to lose their money by wagering it in casino especially if it is about huge amount of money. Even if there is no KYC, money launderer will not be that stupid to launder their money in casino imo. Lets say money launderer is fine with KYC, they will not choose casino due to the big risk. They can split their money into several exchanges, trade it few times (as trading will be safer than gambling).

The casinos must know it somehow because the casinos own the business. In having a gambling business, the casino must have had special ways to deal with these fraudulent gamblers and be able to find out which gamblers did it. Perhaps it takes time because it depends on the security team's work from the casino, but on average, it doesn't take long for them to find it. Gamblers who commit money laundering with the excuse of using big money must be prepared for all the risks, and if they decide to continue using gambling, it means they are ready for all the risks.

If no KYC involve and only have wagering requirements involve maybe this can be easily exploit by money launderer since they could still wager the required amount then proceed to withdraw the funds stolen from somewhere. There's nothing impossible if there huge money involve so criminals could still get away with it, unlike if they implement KYC which required other necessary details like providing selfie then provably this could stop this activity from any casino.