Question About Deposits of a Major Jackpot

[ballysdb]

Being a player from NY I wonder if I am ever lucky enought to win a major jackpot, lets say $50,000 or more, do you think I would get paid?

I know if I am able to deposit at the casino they probably couldn't deny me the money. But would a large deposit or several small ones into my bank account draw attention to me? Would the bank ask me what the checks are for?

Sorry if this has been addressed before.

Debra

 

[lauram]

Hmm interesting question but from what i have read and noticed is that they only pay out a few thousand a week. So it wouldnt be like you would be dropping 50k into a account at one time.

 

[mysticjoz]

Yes, very interesting question indeed!
I think it would really depend on the type of bank. (credit union, federal, small community bank, etc.)
I know that my old bank (a credit union) sent me a letter which threatened to shut off my atm/debit card if I used it for anymore online gambling sites.
but, my small community bank doesn't seem to care.
I havent made any huge deposits from an online casino to either of them.. then again, I havent made any small ones either.

I have no doubt you would get paid, (that is assuming you are playing acreditted.. and being as smart as you are, I don't doubt that) I agree with Lauram that you may not get paid all at once and it could possibly be smaller payments over a period of time.
I know if you use QT they now do bankwires.
I am sure someone here is alot more informed about the situation than I and will probably be here soon with the solution!

 

[chuchu59]

Being a player from NY I wonder if I am ever lucky enought to win a major jackpot, lets say $50,000 or more, do you think I would get paid?

I know if I am able to deposit at the casino they probably couldn't deny me the money. But would a large deposit or several small ones into my bank account draw attention to me? Would the bank ask me what the checks are for?

Sorry if this has been addressed before.

Debra

Dont just say 'if'. Do it gal. I await the problems and frustrations you face when you get your $64K win

 

[USA2112]

There's more than one way to deal with this type situation if it did arise. The best way would be an ewallet account withdrawing your funds to your bank account as needed or smaller bank drafts $1000 to $2000 from the casino once a month. With a single bulk payment you have to deal with the IRS, then I could see a legal issues so the smaller the tranfers the better.

It's a shame us USA players even have to worry about this I would prefer just to pay the taxes.

 

[The Dude]

The first Major Millions jackpot winner lived in NY. This was in 2002 I believe. He had no problem collecting his wins and no problem paying taxes on them either. I really don't think the bank would be in the position to question you on your funds. What if you won a foreign lottery or a jackpot at a casino in Barcelona? What difference does it make?

It all boils down to paying taxes on your winnings.

But when in doubt, ask a lawyer who specializes in gaming law - not me.

 

[Westland Bowl]

The first Major Millions jackpot winner lived in NY. This was in 2002 I believe. He had no problem collecting his wins and no problem paying taxes on them either. I really don't think the bank would be in the position to question you on your funds. What if you won a foreign lottery or a jackpot at a casino in Barcelona? What difference does it make?

It all boils down to paying taxes on your winnings.

But when in doubt, ask a lawyer who specializes in gaming law - not me.

But that was then, this is now after UIEGA. Suppose that recent Mega Moolah slot jackpot of $5.5 million was won by a player in USA. What does he/she do? If the jackpot was transferred to an e-wallet then to a USA bank, that bank is surely to question where in the hell this kind of money is coming from. No question that taxes always have to be paid but if the bank under UIEGA rejects it, how in the heck is it even going to get into USA?

I guess this is where opening an offshore/foreign bank account (from USA perspective) is the approach to take in that case. And get a credit card from that bank to access the funds. Just make sure you declare the foreign bank account and winnings to the IRS.

 

[The Dude]

But that was then, this is now after UIEGA. Suppose that recent Mega Moolah slot jackpot of $5.5 million was won by a player in USA. What does he/she do? If the jackpot was transferred to an e-wallet then to a USA bank, that bank is surely to question where in the hell this kind of money is coming from. No question that taxes always have to be paid but if the bank under UIEGA rejects it, how in the heck is it even going to get into USA?

I guess this is where opening an offshore/foreign bank account (from USA perspective) is the approach to take in that case. And get a credit card from that bank to access the funds. Just make sure you declare the foreign bank account and winnings to the IRS.

Good point. Then perhaps US players shouldn't be playing the jackpot games and stick to poker, blackjack, and other non-flag-raising-small-wins games.

 

[vinylweatherman]

For $5.5 Million.

Emigrate to a country where it's legal.

Our Gordon would let you in on a temporary permit for that kind of cash, and you could register as a non-domiciled "businessperson, company director, etc".

Tax would not be a problem - it's gambling winnings, tax free except for registered "professional gamblers".

When you return to the US after the temporary stay, it will be up to the IRS to tax the money as they see fit, but only as money LEGITIMATELY received in the UK for a perfectly LEGAL activity (including even the transaction).

It would move from a UK bank to a US bank, and the UK bank would already have verified that the funds are legit.

There must be many other countries that would allow someone in, even permanently, with this kind of money. This would be down to them easily being able to support themselves, as well as (hopefully) spending the money in the local economy.

For substantial, but smaller ($50,000 or so) wins, this would not be viable, but the sum might be hard to receive.

Banks are not fooled so easily by small transactions if they begin to see that they form a new pattern. They might consider it a deliberate attempt to conceal an undeclared income from an offshore business, and it will be passed on to the IRS, and they may investigate. It is then possible that they might conclude the income is coming from some kind of ongoing smuggling operation, such as drugs or people, and the funds would be frozen - this would be worse than "online gambling" (although with the US polititians you have, I'm beginning to doubt even this ).

 

[Mousey]

I won't play the big MG progressives... Heck, I won't even play an RTG RJ that's over $10k for this reason. I've never hit one, but with my luck, I'd hit a freakin' monster now that it would cause a whole hell of a lot of problems I'd rather not deal with.

 

[NASHVEGAS]

Hmm interesting question but from what i have read and noticed is that they only pay out a few thousand a week. So it wouldnt be like you would be dropping 50k into a account at one time.

Who is they??? Certainly not all by any means.....Structuring in the US is a felony but of course structuring would depend on a number of situational factors as well as intent.....For example, I was sent an e-mail by Bob of 3DICE (still in my possession) clearly asking me to structure payments in a payout over $10K (iirc the amount but I can confirm) in installments.....I never responded by e-mail (as it has become standard operating procedure for all electronic documents to be subpoenaed generally as discovery in civil litigation or as evidence in criminal investigations) but certainly did by phone and informed CS that structuring was illegal (as if Bob did not know)......Initially, I may have been tempted but ultimately after a few hours I decided it was not worth ever receiving one dime of that particuliar payout tied directly to that specific win.....I will leave it at that....perhaps online as well as BandM gamblers (US) really should obtain a better understanding of definitive compliance laws including tax,structuring,CTR's,STR's (which I just learned that I have posted incorrectly about STR's in the past,sorry!!)......most posts in regards are inaccurate or maybe it is a sport to circumvent definitive law (of which UIGEA clearly is not definitive), I realize in today's world it is impossible to be familiar with the majority of the numerous compliance laws or law but it would seem like those that participate in gambling on a regular basis would want to understand the basic gambling laws.

 

[The Dude]

This goes back to my original stance when the UIGEA was passed that US players should just find something else to do. Use this opportunity to patronize the local LEGAL cardrooms and casinos. Unfortunately, there are a number of people - even in this forum for that matter - that are in poor health and bedridden, and can't venture to a smoke filled casino. They prefer to do it online, and who has the right to tell them they can't do it?

And yeah, if I were in the States and won 5.5 mill, I'd emigrate to somewhere close by and collect the winnings LEGALLY.

Nash is right, it's easy to kick these issues around in a forum, but the real answers lie with actual legal counsel. And even then it's all goofed up since these are new laws which are equally unclear.

 

[Mousey]

If we lived near a casino or card room, I doubt I'd have gone back to playing online at all simply due to the money in/money out hassle. But for me (and many others) I can't just pop over to a casino... it's more than a 6 hour drive (and probably $200 in gasoline these days).

Back to OP's question. You could probably get the money, but how to handle it is a 'whole 'nother can of worms' and as has been mentioned should be discussed with a lawyer who has some familiarity with online gambling. I say this because an accountant or lawyer unfamiliar with the UIGEA, etc. could cause more problems -- especially in states where online gambling (not just sports betting) is specifically illegal.

 

[babs7262]

Hey There

There is a person i know that won a nice sum a few times and they are getting the $2500 a week (or did). THere was no problem and they are living in the USA

But...I agree with Nash and Bryan...I wouldnt want to chance trying to get a huge amount. If I won that much, it would be worth the cost of a passport and flight to retrieve it legally

 

[kakata]

I won't play the big MG progressives... Heck, I won't even play an RTG RJ that's over $10k for this reason. I've never hit one, but with my luck, I'd hit a freakin' monster now that it would cause a whole hell of a lot of problems I'd rather not deal with.

Just dont worry....first of all win it and than ....call me.

 

[ballysdb]

Thanks for all the replies.

I always think back to my big win of $31K back in '02. Of course if you know me I never really got the chance to cash out!

Hello my name is Debra...I am a compulsive gambler.

The thing is I AM very lucky when I gamble and I think I will win something big again. It kind of makes me nervous when I'm playing. Sort of defeats the purpose.

I would love to head out to A/C or M/S but I don't think the car would make it and I don't have the ex-boyfriend (mechanic) around anymore to go with me! And of course...I smoke and I can barely do that in a casino anymore.

I would guess that there must be some lawyers that are becoming educated in gambling laws, at least I hope so.

 

[chuchu59]

Debra,

The solution, if you do rack up a big win, is to first initiate a withdrawal and immediately inform Kakata who will take you out for a date for the whole reverse withdrawal period with all expenses paid by you. Once you get back to your computer, you will not be able to reverse anything.

 

[ballysdb]

Sounds like a plan Chuchu! You sure do know me by now!

When I won the $31K I wasn't speaking to the ex at the time. When I told him I won (and lost) he said he would have come over and smashed the f****ing computer so I couldn't gamble it all back. Oh I wish he had...

 

[catrina m]

Dont just say 'if'. Do it gal. I await the problems and frustrations you face when you get your $64K win

I love to read chuchu's post's

He isnt scared to gamble!