Cashing out after winning big.

[chesapeakegambler91]

Hypothetical situation, what if you won $23,000 at the casino and you go to cash out. Would you be taxed if you came and tried to cash out all at once? Another question. Would you get in trouble if you cashed out $7,000 or $8,000 then came back 15-30 mins later and repeat? 

[Fiekie247]

Hello Chesapeakegambler91 and Welcome to Askgamblers

 

I assume you talking about cashing out to your bank account? If not please advise what mean then?

 

IMO if you cash out $23 000 to your bank account, it will raise a flag, not in bad terms, but remember the bank needs to report those transactions to the reserve bank and the tax man maybe would want to  check where the funds are coming from? but not always. Well the tax laws differs from country to country. So i do not even withdraw at any cost to my bank account. I withdraw to neteller and have other ways of getting that funds to me in cash from neteller.

 

Obviously transactions below $10 000 are not raising a flag( Limits differs from country to country and from bank to bank) , but if it happens often then of course the bank will look into and maybe report to the reserve bank or they might withhold the funds and you need to release it by giving a reason where the funds are coming from.

 

But like i said these differs from country to country.

 

BTW You can cash out as you wish at any casino and will never get into trouble, but note that all casinos has weekly and monthly cash out limits, so make sure you read the terms and conditions.

 

Hope this answers your question.

[cocopop3011]

Hello Chesapeakegambler91 and Welcome to Askgamblers

 

I assume you talking about cashing out to your bank account? If not please advise what mean then?

 

IMO if you cash out $23 000 to your bank account, it will raise a flag, not in bad terms, but remember the bank needs to report those transactions to the reserve bank and the tax man maybe would want to  check where the funds are coming from? but not always. Well the tax laws differs from country to country. So i do not even withdraw at any cost to my bank account. I withdraw to neteller and have other ways of getting that funds to me in cash from neteller.

 

Obviously transactions below $10 000 are not raising a flag( Limits differs from country to country and from bank to bank) , but if it happens often then of course the bank will look into and maybe report to the reserve bank or they might withhold the funds and you need to release it by giving a reason where the funds are coming from.

 

But like i said these differs from country to country.

 

BTW You can cash out as you wish at any casino and will never get into trouble, but note that all casinos has weekly and monthly cash out limits, so make sure you read the terms and conditions.

 

Hope this answers your question.

 

Nothing more to add that that - but I think you're right here in the UK there'd be no issues with me cashing out that amount to my bank.    Except of course the limits imposed by the casino as you mentioned.

[chesapeakegambler91]

@Fiekie247
i mean cashing out at the casino. would be it illegal in the US to "stack" your payments of less than 10k instead of cashing out one lump 23k.

[Afi4wins]

@Fiekie247

i mean cashing out at the casino. would be it illegal in the US to "stack" your payments of less than 10k instead of cashing out one lump 23k.

 

There isn't any rule that forbids you to 'stack' your withdrawals, or to withdraw bit by bit in stages. The preference would always be to withdraw all of the amount in one go, or even leave a reasonable amount behind for you to continue playing, if so desired.

 

The risk in withdrawing bit by bit is that you may continue playing with the remaining balance and finally lose it all in the end!   So it's always better to have one bird in your hand and not go for the second bird in the bush. Take what you have first, never mind about what you can take more if you try, which usually doesn't work anyway. 

 

But then again, I'm talking about playing at online casinos only, which do have withdrawal limits. So if 23K is within the allowed limit, which I don't think so, then you can withdraw all of it in one go, or withdraw bit by bit as you like. 

[Afi4wins]

Oops...forget to mention...

 

Withdrawal limits are based on every 30 days period, starting from the day a withdrawal is made. So the next 'stack' withdrawal would have to be 30 days after you have made your first withdrawal...which in the meantime...may make you play some more and probably even lose it all! 

[Fiekie247]

@Fiekie247

i mean cashing out at the casino. would be it illegal in the US to "stack" your payments of less than 10k instead of cashing out one lump 23k.

Cashing out from the casino would not be a problem. Cashing out in the US might be a problem, not sure how you will cash out, because neteller and skrill are not supported there. You using bank account or what is your form of receiving the funds from the casino?

 

Because of UIGEA it will be difficult to cash out your winnings i think, even if you withdraw $5000 at a time to your bank account or via cheque, which is think its your only options. To be honest Valdes can shed some more light about getting your money in the US, if its even remotely possible. I am sure it is, but cannot say definitely.

 

Now i have to ask, are we still speaking hypothetically here? Or did you actually win the $23 000?

 

Sounds to me you did win, otherwise you would never even started a thread to ask, especially being specific with the amount involved. Hypothetically you would just ask directly about the pro's and cons of cashing out while staying in the US, well that is my point of view.

[ValDes]

Hypothetical situation, what if you won $23,000 at the casino and you go to cash out. Would you be taxed if you came and tried to cash out all at once? Another question. Would you get in trouble if you cashed out $7,000 or $8,000 then came back 15-30 mins later and repeat? 

 

Hello there chesapeakegambler91 and welcome to AskGamblers. 

 

Don't want to be the bad messenger here, but I do believe the amount you are about to cashout is actually irrelevant as it surely will not be processed in less than several months, probably even for an year. In other words, you can request a million in withdrawals literally one request after another, but your payments will be processed once or twice max per months considering the average speed in which casinos accepting US players are paying. 

 

Don't even want to predict how long it's going to take if you won at casinos like Planet 7, Cool Cat etc... Then it will surely takes year and probably even longer. 

[Fiekie247]

@chesapeakegambler91 - So do you mind telling us at which casino you were playing at?

[LilianInThaHouse]

Like Fiekie said, laws are different from state to state. In my country they are different in two regions.

Where I live online gambling is forbidden but luckily I can use e-wallets from BiH. I can withdraw and deposit thank's to e-wallets. After all, e-wallets exist to avoid this kind of issues. Unfortunately for US citizens  Neteller and Skrill are not available.