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Title: Gaming Commission - casino funds question Post by: Rod Paradise on January 15, 2007, 09:36:15 AM How much financing does a casino have to hold? I seem to remember it being related to the maximum bet/win, but can't remember how?
Title: Re: Gaming Commission - casino funds question Post by: Wardonkey on January 15, 2007, 03:26:33 PM '5000 times the maximum 'straight up' bet on a roulette table plus 25% of the total.'
eg Max bet £1000 then £5,000,000 plus £1,250,000 = £6,250,000 Title: Re: Gaming Commission - casino funds question Post by: Rod Paradise on January 15, 2007, 03:35:01 PM Cheers Donk - Was arguing about it at work.....
Title: Re: Gaming Commission - casino funds question Post by: Wardonkey on January 15, 2007, 03:51:58 PM That info is from the 1969 act, the latest act is yet to be implemented.
I can't recall any reference to reserves in the new act and only have the old info here. I think the Gambling Commission will probably be able to set it's own parameters. Title: Re: Gaming Commission - casino funds question Post by: byronkincaid on January 15, 2007, 03:56:16 PM Do they have to have it in cash on the premises or just in a bank account somewhere?
Title: Re: Gaming Commission - casino funds question Post by: doubleup on January 15, 2007, 04:06:21 PM Do they have to have it in cash on the premises or just in a bank account somewhere? Planning something? Title: Re: Gaming Commission - casino funds question Post by: Rod Paradise on January 15, 2007, 04:11:12 PM Do they have to have it in cash on the premises or just in a bank account somewhere? Good question. Title: Re: Gaming Commission - casino funds question Post by: byronkincaid on January 15, 2007, 04:13:34 PM Do they have to have it in cash on the premises or just in a bank account somewhere? Planning something? shhh Title: Re: Gaming Commission - casino funds question Post by: snoopy1239 on January 15, 2007, 04:16:56 PM Cheers Donk - Was arguing about it at work..... Did you win 7 million or something? Title: Re: Gaming Commission - casino funds question Post by: AndrewT on January 15, 2007, 04:28:47 PM Byronkincaid pops out to 'collect his winnings from the local casino'.
Title: Re: Gaming Commission - casino funds question Post by: Rod Paradise on January 15, 2007, 04:35:00 PM Cheers Donk - Was arguing about it at work..... Did you win 7 million or something? Lol - I wish. Because the Gutshot case has made a few of the papers the mob in the office were asking me about it. Title: Re: Gaming Commission - casino funds question Post by: Wardonkey on January 15, 2007, 04:44:15 PM The money is kept in a bank account. Imagine the insurance costs and security required to keep £6m+ on the premises.
The law does not state whether one reserve can cover a group of casinos or if each individual casino must hold a reserve. The Gaming Board/Gambling Commission no doubt have a policy to cover this. The large Casino goups would have no problem covering either position. |