Cogno wrote: "There are no W2-Gs for table games no matter
how much you win."
Well, yes, a W-2G can be issued on a table game.
A player will receive a W-2G for a winning table game bet,
if both of the following apply.
1) The payout is $600.00 or more
AND
2) The winnings are paid at 200-to-1 (or higher)
Some examples:
A) Progressives on Caribbean Stud, Fortune Pai Gow, etc.
B) Some bonus bets on Let It Ride
C) Wild Hold 'em Fold 'em Poker (4 deuces pays 200-1)
There are many others.
With respect to the original post (laundering money
at the blackjack table), a W-2G would not be issued on
blackjack, unless it happened to be one of those games
with a side bet and its payout met the criteria above.
Curtis
···
On 12/31/05, Cogno Scienti <cognoscienti@gmail.com> wrote:
<<The "vig" (commission) is way too high. He risks losing a significant
percent to the house and if you cash out a significant amount of chips, he
receives a W2G. He then and you owes 30%+ to Uncle Sam. Drug dealers can
launder their money all day long and pay a "commission" of less than
7%.>>House edge on 21 with basic strategy is well under 1%.
There are no W2-Gs for table games no matter how much you win.
Cogno
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