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Rod Paradise
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« on: January 15, 2007, 09:36:15 AM » |
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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?
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May the bird of paradise fly up your nose, with a badger on its back.
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Wardonkey
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« Reply #1 on: January 15, 2007, 03:26:33 PM » |
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'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
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Rod Paradise
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« Reply #2 on: January 15, 2007, 03:35:01 PM » |
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Cheers Donk - Was arguing about it at work.....
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May the bird of paradise fly up your nose, with a badger on its back.
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Wardonkey
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« Reply #3 on: January 15, 2007, 03:51:58 PM » |
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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.
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byronkincaid
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« Reply #4 on: January 15, 2007, 03:56:16 PM » |
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Do they have to have it in cash on the premises or just in a bank account somewhere?
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doubleup
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« Reply #5 on: January 15, 2007, 04:06:21 PM » |
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Do they have to have it in cash on the premises or just in a bank account somewhere?
Planning something? |
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Rod Paradise
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« Reply #6 on: January 15, 2007, 04:11:12 PM » |
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Do they have to have it in cash on the premises or just in a bank account somewhere?
Good question. |
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May the bird of paradise fly up your nose, with a badger on its back.
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byronkincaid
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« Reply #7 on: January 15, 2007, 04:13:34 PM » |
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Do they have to have it in cash on the premises or just in a bank account somewhere?
Planning something? shhh |
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snoopy1239
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« Reply #8 on: January 15, 2007, 04:16:56 PM » |
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Cheers Donk - Was arguing about it at work.....
Did you win 7 million or something? |
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AndrewT
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« Reply #9 on: January 15, 2007, 04:28:47 PM » |
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Byronkincaid pops out to 'collect his winnings from the local casino'.
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Rod Paradise
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« Reply #10 on: January 15, 2007, 04:35:00 PM » |
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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. |
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May the bird of paradise fly up your nose, with a badger on its back.
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Wardonkey
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« Reply #11 on: January 15, 2007, 04:44:15 PM » |
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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.
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