Cashless Poker Room? (1 Viewer)

[trigs]

I'm curious as to whether people would, in general, be willing to play at a poker room (an actual poker room, not a home game) that is 100% cashless. There are a few ways this could work. You could simply arrive at the poker room and transfer them money online. Then at the cage, they'd access your poker room account you have with them to see they have received it and provide you with the chips. Upon cashing out, you return the chips to the cage and they would transfer the money online back to you. Maybe the establishment could even have you send money online ahead of time, or maybe you could deposit it into some sort of online wallet with them perhaps.

The point would be to negate the need for large sums of cash to be located on the premise and alleviate any security concerns around that issue. Would this be something you'd enjoy or appreciate in a poker room?

 

[Blacksox1]

Mmmm taxes

 

[trigs]

Mmmm taxes

Taxes on the transfers you mean? I am obviously not an expert and I don't know if transferring money between an individual and a company is necessarily taxed, but in Canada we are able to send money to and from each other through etransfers with no tax or fees. Again, I'm not sure if individuals could do that with a business as well. Although, I can't see it as an issue since it's basically the same as me giving cash to the cage and receiving chips but just electronically instead. I don't have to pay taxes when I give the cage money for chips or cash out chips into money again.

 

[trigs]

Perhaps, if there is a fee involved in the transfers, maybe that could be covered in part of the rake (at least on the deposit side or something like that). Again, I'm no expert. I'm just throwing this idea out there.

 

[Highli99]

This is how a lot of private games already operate I think.

 

[trigs]

This is how a lot of private games already operate I think.

I did not know that.

 

[monkeydog]

Taxes on the transfers you mean? I am obviously not an expert and I don't know if transferring money between an individual and a company is necessarily taxed, but in Canada we are able to send money to and from each other through etransfers with no tax or fees. Again, I'm not sure if individuals could do that with a business as well. Although, I can't see it as an issue since it's basically the same as me giving cash to the cage and receiving chips but just electronically instead. I don't have to pay taxes when I give the cage money for chips or cash out chips into money again.

The price of freedom is paying taxes on your gambling wins in the US.

Us socialists in Canada decided to pay taxes on everything instead.

 

[moose]

I think he means, they would be able to know exactly how much you had made at poker and tax you on an annual basis based on net increases to your balance.

Cash transactions under a certain limit are not normally tracked.

In Canada:

1. Records of electronic funds transfers of $1,000 or more
2. Receipt of funds records of $3,000 or more
3. Foreign currency exchange transaction tickets
4. Records of credit extension of $3,000 or more

Gambling winnings in Canada are not normally taxed unless it is your primary source of income. In the US gambling winnings are taxable. So while it might fly in Canada, it could certainly attract the attention of the CRA. In the US I doubt this would fly at all.

FYI when some casinos in Ontario had the electronic tables, eg Mohawk and Woodbine, you had to deposit cash at the window and load money on to your card in order to play the electronic tables.

 

[trigs]

I think he means, they would be able to know exactly how much you had made at poker and tax you on an annual basis based on net increases to your balance.

Cash transactions under a certain limit are not normally tracked.

In Canada:

1. Records of electronic funds transfers of $1,000 or more
2. Receipt of funds records of $3,000 or more
3. Foreign currency exchange transaction tickets
4. Records of credit extension of $3,000 or more

Gambling winnings in Canada are not normally taxed unless it is your primary source of income. In the US gambling winnings are taxable. So while it might fly in Canada, it could certainly attract the attention of the CRA. In the US I doubt this would fly at all.

FYI when some casinos in Ontario had the electronic tables, eg Mohawk and Woodbine, you had to deposit cash at the window and load money on to your card in order to play the electronic tables.

Okay, yeah that makes sense.

 

[fishsaybloop]

Gosh I thought you meant “chipless” casino. Shivers.

 

[ekricket]

Gosh I thought you meant “chipless” casino. Shivers.

I’ve played in one. No chips, either put money in your players card or use cash. And when I say cash I mean metal euros. Put $100 in a slot machine, played a few, then decided to move to a different machine. It was a foreign country, so we didn’t feel the need to get players cards. So when I cash out, since I don’t have a card, it’s like 50’s vegas, just a fountain of coins into the metal bin below.
And you can cash out your coins there too, for a 10% fee. Otherwise you have to get a card and feed them back into a machine one at a time - just so you can cash out the card.

 

[fishsaybloop]

next thing we’re walking into a casino. Plugging our cell phones into a charging dock and then playing poker on our phones hahaha

 

[trigs]

next thing we’re walking into a casino. Plugging our cell phones into a charging dock and then playing poker on our phones hahaha

There are already electronic poker tables.

 

[fishsaybloop]

Witchcraft!

 

[trigs]

Witchcraft!

I've never personally played on them. You do see more hands per hour obviously (and hence more rake for the casino). I would definitely miss the chips and cards though.

 

[fishsaybloop]

But is it even real money if you can’t play with clay chips with a printed on denomination.

 

[LeLe]

There is Cashless and Chipless section in RW Manila, it only apply at certain sector pre covid , not sure is it still cashless now after covid since travelling is limited now

 

[upNdown]

If it was my only choice, sure, I’d play. But if I had a choice, I’d choose cash. Half the fun of poker is walking out with a big fat wad of cash in your pocket. And then counting it again, the next morning!