There was a small article at the bottom on p. 20 of the 1/20 issue of Gaming
Today titled "Poker Palace escapes $10 rule". In it GT mentions NV's Gaming
Control Board's new regulations called Minimum Internal Control Standards,
"which sets the accounting criteria for virtually every casino operation".
I was in a BJ tournament recently which was affected by this. The paperwork
required took all the fun out of the tournament as it slowed things down
considerably. The pit boss showed me the forms they're required to fill out (the
casino generated its own forms) & speculated that attention is being focused on
this area now due to the large amount of money in tournaments. The sports &
race books were also affected. I imagine that not only because of the picks
promos but also due to the fact that you were able to hide large amounts of cash
transactions.
I expect that other areas will be affected too like drawings & any type of
giveaway where the player receives something that can be translated to a
monetary value. I'm guessing that the purpose is to make sure that casinos compile &
report info that will eventually end up in a year-end 1099-MISC. Right now
some casinos do this where what you receive is compiled during the year & the
cumulative amount is reported on the 1099. Normally these are just $ received.
However, there could be a larger impact if prizes such as minor merchandise,
trips, etc. were to be valued & included in the year-end 1099. It would make
participating in these promotions unattractive as you would be dinged for
receiving value for something which, in most cases, you didn't want.
I imagine the impact will primarily affect sports bettors, table players,
players who participate in a lot of promotions especially those with non-monetary
prizes. Can't imagine there being much impact on slot & vp players as we're
tracked by cards unless they go after those who don't use them or are card
pullers.
I admit I'm being lazy here because I'm hoping that someone will take the
time to find a summary of or actually read & interpret the Minimum Internal
Control Standards for the rest of us. I need to go back to playing VP before my hot
streak cools off. (OK, it's a lame excuse for being lazy but I really do have
a streak going.)
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