King jackpot...what if

yameater

Dormant Account
Joined
Jan 14, 2006
Location
USA, N.C.
Hi all. I was wondering what would happen if a U.S player happened to hit the King Cash-a-lot jackpot. I would be afraid to try and cash that out through my American bank. Any ideas on how it would work? I know with the new gaming law, it is the financial institution who could be prosecuted, but what would happen to the money, pray tell? What a bummer that would be to win and not be able to cash it out.:eek: I'm afraid to play the thing!:oops:
 

vinylweatherman

You type well loads
Joined
Oct 14, 2004
Location
United Kingdom
Tax

I am sure the IRS will not impede the progress of the funds, but they will make damn sure they collect the tax as soon as it hits US Juristiction. It may be dofferent if there is a specific state law on online casino gambling, in which case rent a property in another state, move there & then cash-in from the casino:D

In an extreme case, buy a modest house in the UK "up north", get a long stay visa, & have the casino change your address to these & then withdraw. This would allow you to transform the money into a less obvious form for importation back to the US. For that sum, it would be worth it!

From my visit to Vegas, I recall that up to $10,000 can be imported per entry without having to declare the cash at customs. It might be lower for citizens of the US, but eventually you'll get it in. It's a bit like the way we have to work to get cheap cigs and spirits into the UK from Europe, where it is much cheaper.
 

winbig

Keep winning this amount.
Joined
Mar 10, 2005
Location
Pennsylvania
I am sure the IRS will not impede the progress of the funds, but they will make damn sure they collect the tax as soon as it hits US Juristiction. It may be dofferent if there is a specific state law on online casino gambling, in which case rent a property in another state, move there & then cash-in from the casino:D

In an extreme case, buy a modest house in the UK "up north", get a long stay visa, & have the casino change your address to these & then withdraw. This would allow you to transform the money into a less obvious form for importation back to the US. For that sum, it would be worth it!

From my visit to Vegas, I recall that up to $10,000 can be imported per entry without having to declare the cash at customs. It might be lower for citizens of the US, but eventually you'll get it in. It's a bit like the way we have to work to get cheap cigs and spirits into the UK from Europe, where it is much cheaper.

Or just get a bank account in the Cayman islands ;)
 

yameater

Dormant Account
Joined
Jan 14, 2006
Location
USA, N.C.
Thanks Grandmaster and Weatherman. Now I know what to do.:) I myself don't play that game much, but just got thinking about the situation if it came about.
 

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