Johnny Socko 0 Posted December 13, 2004 Share Posted December 13, 2004 Daniel often talks about winning/losing $100,000 or more during a session. I'm curious, how are these payments made? It would be nearly impossible (not to mention dangerous) to carry that kind of cash "on person". So do the high rollers have accounts set-up at the various casino's? That would seem to be the only reasonable way to handle that kind of money.Any thoughts? Link to post Share on other sites
jonnyhockey 0 Posted December 13, 2004 Share Posted December 13, 2004 I figure that when Casino's host big time players, they allow them to open some type of account directly with the casino. So guys like Daniel can walk in, and withdraw say, $50,000 from their account with which to play. When leaving, he simply hands in his total, and it updates directly into his account. He likely has the option of cashing out any amount at any time via a cheque. I would say it is very similar to how we play online. He might have initally put $100,000 into an account there with his CC or something.Not sure but something like this would be easy to set up, and make a lot of sense. Link to post Share on other sites
jonnyhockey 0 Posted December 13, 2004 Share Posted December 13, 2004 Sorry, just re-read your post, and you mentioned the account idea. Ya, I think that's what they do. Link to post Share on other sites
Suited_Up 2 Posted December 13, 2004 Share Posted December 13, 2004 I actually saw Daniel mention this somewhere. They all have safety deposit boxes at the casino. So they just come in and take it from there, get chips and play...and I assume they'll just put it back when they're done... and if they do ever need to cash out...They would probably take a check. (Daniel correct me if I'm wrong) But I think this is how it works. Link to post Share on other sites
adamkadmon 0 Posted December 13, 2004 Share Posted December 13, 2004 players bank and deposit boxes. The cash is still floating around though, I've seen Lederer shuffling sandwich bags of cash here and there with runners and daniel did mention losing 10k cash out of his pocket one night. I usually keep my mulla in my front pocket or the safe in the room or both. Last Jan. in tunica I saw Sammy farha win a green hefty garbage sack filled with 10k stacks of hundreds, must of been a million or more, after the guy lost the contents of his garbage sack he left the room and retuned a few minutes later with another garbage sack filled with who knows how much. he lost that too, in about two hours. Good question, I wondered the same thing and would like to know first hand. Link to post Share on other sites
ddudley 0 Posted December 14, 2004 Share Posted December 14, 2004 I actually saw Daniel mention this somewhere.  They all have safety deposit boxes at the casino.  So they just come in and take it from there, get chips  and play...and I assume they'll  just put it back when they're done... and if they do ever need to cash out...They would probably take a check.  (Daniel correct me if  I'm wrong)  But I think this is  how it works.I saw a Dateline(or some such other news magazine) story on Jennifer Harmon and she had a safety deposit box at her main casino (Belagio, but they never named which one it was).I do think if they play at other casinos and tournaments they have to carry cash for the buy-in though. I wonder if they have some sort of way to wire money from one casino to another. It would seem awfully dangerous to be carrying that much cash around. Link to post Share on other sites
Suited_Up 2 Posted December 14, 2004 Share Posted December 14, 2004 I saw a Dateline(or some such other news magazine) story on Jennifer Harmon and she had a safety deposit box at her main casino (Belagio, but they never named which one it was).I do think if they play at other casinos and tournaments they have to carry cash for the buy-in though. Â I wonder if they have some sort of way to wire money from one casino to another. Â It would seem awfully dangerous to be carrying that much cash around.Tell you what... If I was a theif or a mugger... I'd be living in vegas for sure. Link to post Share on other sites
grdred944 0 Posted December 14, 2004 Share Posted December 14, 2004 Last Jan. in tunica I saw Sammy farha win a green hefty garbage sack filled with 10k stacks of hundreds...Two things.I saw Daniel the other day when he was in the high stakes game he mentioned in his blog. He definitely wasn't carrying that much on his person. I'm sure he keeps money at Bellagio. Interesting you mentioned Farha. I was playing at Bellagio a couple months back and Sammy left a table to go get some more money. I assumed he got it from a safe deposit box in the hotel but sure enough he did come back with more cash. Question for you tax people out there. If Daniel (or anyone else) wins say, $200K and they tell Bellagio to keep $100K on account and give them $100K, do they only pay tax on the $100K the casino actually paid out to them? Link to post Share on other sites
KKsuited 0 Posted December 14, 2004 Share Posted December 14, 2004 I'm a CPA, so I think I'm qualified to speak about the tax issue (although I don't do taxes everyday).If Daniel makes $200k, he owes taxes on all $200k no matter how much he leaves at the casino. If that wasn't the case, you could just leave in all at the casino, then on January 1st of the next year, take it out and not pay taxes on it.The IRS wants their money no matter what you do with it. If he lost it all at the craps table, that would be different. You can deduct gambling losses up to the total amount of winnings you've had in a given year.Hope this helps. Link to post Share on other sites
malonewhite 0 Posted December 14, 2004 Share Posted December 14, 2004 Daniel often talks about winning/losing $100,000 or more during a session. Â I'm curious, how are these payments made? Â It would be nearly impossible (not to mention dangerous) to carry that kind of cash "on person". Â So do the high rollers have accounts set-up at the various casino's? Â That would seem to be the only reasonable way to handle that kind of money.Any thoughts?"High Rollers" as you call them usually have, or can easily qualify for, lines of credit (LC) with the casinos. I know some of these types and that is exactly what you do. You get x amount of money on an LC and you can play until it's gone. When you are finished you can have money wired to, or from, an account of your choice. Link to post Share on other sites
superchuck 0 Posted December 15, 2004 Share Posted December 15, 2004 i like the hefty bag with farha, thats how i would carry my money. and id have two huge black guys on both sides of me pushing people out of the way, on the casino floor. pistol whipping folks. Link to post Share on other sites
smurdogg 0 Posted December 15, 2004 Share Posted December 15, 2004 Speaking of Dateline, when's Daniels' interview with one of those shows airing? Link to post Share on other sites
grdred944 0 Posted December 15, 2004 Share Posted December 15, 2004 I'm a CPA, so I think I'm qualified to speak about the tax issue (although I don't do taxes everyday).If Daniel makes $200k, he owes taxes on all $200k no matter how much he leaves at the casino. Â If that wasn't the case, you could just leave in all at the casino, then on January 1st of the next year, take it out and not pay taxes on it.The IRS wants their money no matter what you do with it. Â If he lost it all at the craps table, that would be different. Â You can deduct gambling losses up to the total amount of winnings you've had in a given year.Hope this helps.Thanks for the info. I suspected as much but there seems to be a loophole for just about everything so thought I'd check. Regards. Link to post Share on other sites
adamkadmon 0 Posted December 15, 2004 Share Posted December 15, 2004 from my experience, bellagio does everything with chips, as far as payouts for tourneys, so as long as you lose all of your chips you pay zero. If on the other hand you decide to cash out more than 4999.99, not exactly sure they are very hush hush as to the exact figure yet everyone in the "know " seems to know, then you have to fill out this nasty little irs form with your SS number, this happened to me once when I tried to cash three five thousand dollar chips, it was like no one could believe anyone could believe someone would be so stupid, personally I like the irs knowing pretty much exactly what i'm up to. They scare me. Link to post Share on other sites
markm02 0 Posted December 16, 2004 Share Posted December 16, 2004 They have safe deposit boxes at the casinos. I have one at bellagio and the borgata. Link to post Share on other sites
BigDMcGee 3,352 Posted September 18, 2005 Share Posted September 18, 2005 random bump... this post was the last one in the archive, so I thought I'd bump it. Look at the trooper suited up is!! Old school! Link to post Share on other sites
Insane Hermit 0 Posted September 18, 2005 Share Posted September 18, 2005 As a Canadian we get the withholding tax back from the IRS. I am not sure of Daniels status in the USA. He might still pay his taxes in Canada.Hermit Link to post Share on other sites
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