Taking chips out of the casino

TheDonkeyKong

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I’m more of a home game poker player myself and stick to roulette in the Casinos, but I’ve always been curious on the rules with taking chips out of the casino? I see in the higher stake poker games when a player gets felted they seem to have a coin pouch they reach into and grab say a 5K chip to get right back into the action. Do they take chips home with them, or just grab extras from the cage before they start in the case of being felted?
 

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I’m more of a home game poker player myself and stick to roulette in the Casinos, but I’ve always been curious on the rules with taking chips out of the casino? I see in the higher stake poker games when a player gets felted they seem to have a coin pouch they reach into and grab say a 5K chip to get right back into the action. Do they take chips home with them, or just grab extras from the cage before they start in the case of being felted?

Your not technically supposed to take them out, but its pretty common practice as you noted. With that said, I do both. Usually have chips in my bag I bring to and from, but I also usually get 2 buy ins worth from the cage at the beginning of every session as well. I hate pulling out cash to buy in with.
 

TheDonkeyKong

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Your not technically supposed to take them out, but its pretty common practice as you noted. With that said, I do both. Usually have chips in my bag I bring to and from, but I also usually get 2 buy ins worth from the cage at the beginning of every session as well. I hate pulling out cash to buy in with.
During the heart of the pandemic I was seeing casinos were opening up certain days for people to cash in chips they had before they closed doors, was curious on what the deal was with taking them in and out. Thanks for the insight!
 

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During the heart of the pandemic I was seeing casinos were opening up certain days for people to cash in chips they had before they closed doors, was curious on what the deal was with taking them in and out. Thanks for the insight!

Even then I kept all mine. I knew I'd be back at some point and knew I wouldn't need the cash that quickly. Combine that with the risk and the 2 hour round-trip drive I wasn't motivated to go. I finally cashed in a bunch last weekend just to get some cash freed up.
 

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For high rollers, there is a tax advantage to not cashing your chips. (its not income until it's cashed)

This is not true. For poker every "session" should be calculated. How a session is defined isn't concrete but good luck telling the IRS that when you walk out of a casino your session isn't over. Can you keep them in a box and hide it? Sure I guess. That's up to you, but personally I don't think the risk is worth it as it should be reported.
 

upNdown

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This is not true. For poker every "session" should be calculated. How a session is defined isn't concrete but good luck telling the IRS that when you walk out of a casino your session isn't over. Can you keep them in a box and hide it? Sure I guess. That's up to you, but personally I don't think the risk is worth it as it should be reported.
I don't encourage people to break the law, but the IRS needs to fuck right off with that crap.
 

JustDave

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Roulette chips are assigned a new value every time a new player uses them, so if you come in and assign them say, a $1 value, take a couple of chips, and come in a week later, assigning them a $100 value, you make $99/chip.
I don't play poker in casinos so I'm kinda assuming you don't buy in 'at the table' or from the dealer like in craps. That being said for what it is worth, you, as a courtesy don't take racks of chips from a craps table but rather color up completely before walking away. You do it between players when there is a break in play.

The reason it's a courtesy is because if the table gets low on chips they have to deliver chips to the table's 'bank' and it creates a huge break in the game.
 

tabletalker7

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It's all about taxes - let me tell you about mine.

My better half and I went to a casino for Easter morning breakfast (she doesn't normally drink but on a holiday it's ok to get inked at 10:30 in the morning I guess). While she is getting trashed I put 100 on a roulette table. She find me after a while because the lightweight is toasted, and suggests I take her home. Her brilliant idea was telling me "just put it all on 00"......... and it hits. We all know the tax man wants a bite out of that. So I take one 500 chip and cash it in, while pocketing the rest.
Next time we go to casino I buy in with 100 bucks on a blackjack table and promptly get my butt kicked by the CSM. I cash in another one of 500s from roulette night...............

Every cash in I made was well below the tax threshold, so nothing gets recorded. Tax man can kiss my back side.
 

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It's all about taxes - let me tell you about mine.

My better half and I went to a casino for Easter morning breakfast (she doesn't normally drink but on a holiday it's ok to get inked at 10:30 in the morning I guess). While she is getting trashed I put 100 on a roulette table. She find me after a while because the lightweight is toasted, and suggests I take her home. Her brilliant idea was telling me "just put it all on 00"......... and it hits. We all know the tax man wants a bite out of that. So I take one 500 chip and cash it in, while pocketing the rest.
Next time we go to casino I buy in with 100 bucks on a blackjack table and promptly get my butt kicked by the CSM. I cash in another one of 500s from roulette night...............

Every cash in I made was well below the tax threshold, so nothing gets recorded. Tax man can kiss my back side.
people saying watch out the IRS is watching PCF ! in 3.... 2.... :D
 

MathijsVS

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With how some people here are about these chips, you want to guarantee me someone isn't hammering them to dust and snorting them? :D

Honestly? A couple more bad beats at the table, and I'm doing this, while softly whispering "One time" just before the river gets dealt
 

ReallyGoodUsername

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"Hey man. Do you know where I can score some giraffe? "
Here? :whistle: :whistling:
image.jpg
 

quintooo

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Honestly never even considered taxes regarding poker income, as I mostly play home games tax free :whistle: :whistling:

Though, it got me thinking how even tax is just another form of rake (winners pay the tax rake, losers don't pay tax at all). Added with casino rake, is poker even beatable?
 

RudysNYC

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Honestly never even considered taxes regarding poker income, as I mostly play home games tax free :whistle: :whistling:

Though, it got me thinking how even tax is just another form of rake (winners pay the tax rake, losers don't pay tax at all). Added with casino rake, is poker even beatable?
With the right combination of effective color-up/cash-out strategy and a good tax guy, anything is possible :whistle: :whistling:
 
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