Luck leads to a number of consequences that require financial decisions – choosing how to pay out, securing capital, meeting tax obligations. The money won in a live casino should be withdrawn in cash or to a bank account. The legislation of countries, traditions of establishments differ. In order not to face problems, you should read the tips for getting money.
- The process of cashing out
- Russia
- Lump sum and structured settlements
- Jackpots
- Deposits
- Taxes and declaration
- Security
- Withdrawal
Cash-out process
Bets are made with chips. Personal chips of different colors are used at roulette, and the value is set by the player. The cashier does not know the value of these chips – they must be exchanged for cache tokens with a designated denomination, which are used to pay for bets at other tables (cards, craps). Valuable chips are taken to the cashier’s office to receive money. The manager can offer to go to a special room if you need to give out a large sum of money.
Russia
In Russia, counseling is provided at the cash desk. The simple laws of the Russian Federation allow you to take the money and pay tax within a year. The costs of the game are not taken into account, but for the declaration it is desirable to keep the receipts received for the purchase of chips, tournament tickets.
Tax charges in Russia.
| Period of residence in the Russian Federation (days per year) | Rate |
|---|---|
| Up to 183 | 13% |
| More than 183 | 30% |
In Belarus, 4% is charged in favor of the state each time a chip is exchanged; a passport is required for the operation.
It is forbidden to take chips out of the hall. To withdraw money, you need to go to the cash desk. When withdrawing a large amount, the administrator will offer settlement options – cash, bank transfer, deposit. The list depends on the policy and capabilities of the institution.
Lump-sum and structured settlements
In Russia, players are protected by general laws, they are equated with buyers of stores, visitors to hairdressing salons. In the United States, Europe, special regulations have been adopted, and competition forces business participants to standardize the list of services and their quality. The client chooses the form of payment:
- Lump-sum – the money is given at the time of application in cash or check, if the amount does not exceed the limit set by the casino. At higher winnings can be offered options – a delay of a few days, bank transfer, deposit on demand.
- Structured – winnings are transferred in stages in equal installments over an agreed period of time. Money is sent by check or deposited into a bank account.
Risks of lump-sum settlement – rash spending, losses. Plus – the possibility of profitable investments (savings deposit, opening a business, getting an education, buying a home, etc.). Minus of the structured form – losses from inflation. Advantages – safe storage of funds, long stable financial life.
In Nevada, periodic settlement is used for winnings of $100,000 or more. With the amount from $100,000 to 200,000, the client receives at least $10,000 annually. The institution has the right to offer more favorable conditions. If you request more than $200,000, at least 5% per year is paid. The rules are determined by the Nevada Gambling Control Board.
There are similar controlling structures in the European Union. Choosing the lump sum option in the US means an instant tax payment of 24-60% (varies by game or state). With periodic settlement, the fee is lower and is charged after the full amount is received – after 20-30 years. During this time, it is possible to offset losses with long-term investments.
Macau, Cambodia casinos have no problem in receiving millions of dollars in cash. But since the winnings are provided in local currency, the visitor will have to carry several suitcases of banknotes
Macau, Cambodia casinos have no problem in getting millions of dollars in cash. But since the winnings are provided in local currency, the visitor will have to carry several suitcases of banknotes with him.
Jackpots
Winnings in the machines are paid out by the casino. The exception is the progressive jackpots. They are played by the software developer. From the operator can get no more than $10,000. The rest of the amount is paid by the manufacturer of the machine.
As a rule, the jackpot is issued by check. The solemn award ceremony can be scheduled in a few days, weeks. The player has the right to refuse the public event, if it is allowed by the user agreement.
Deposits
Leave funds for deposit in the institution agree not all casinos in the United States, but in Europe and CIS countries the service is popular and free. Business owners are attracted by the probability that the client will lose the deposit in the future without cashing out. The visitor is offered to receive part of the capital or the full amount at a convenient time. The money can be collected with hired security for safe transportation of cash.
The deposit is suitable for regular visitors who plan to continue playing regularly and people who do not want to use bank transfers, checks.
Taxes and declaration
In Macau, Monaco, Cambodia, Kenya, Canada, Australia, EU countries (there are exceptions – 12% in France) and most Asian countries, winnings are not subject to taxes. But when leaving the country, a person fills out a customs declaration if he takes out an amount exceeding the allowed amount. In the European Union, the document is drawn up for €10,000 and more. When entering Russia, the form must be filled out for an amount of $10,000 or more. The information goes to the tax office, which can request data on the source of income if the citizen does not indicate it in the declaration submitted no later than April 30 of the following year.
Money can be kept in cash, opened in a foreign bank account, issued checks or sent by transfer. However, this does not exempt from paying fees. Citizens of Russia, Belarus are not welcomed by financial institutions of the EU, USA. It is practically impossible to open an account if the amount is below several million euros. Exception – having a residence permit, real estate, employment or education, citizenship registration. Western banks are loyal to tourists from Ukraine.
In the USA, the declaration is filled out at the cash desk if the amount is higher:
- $600 – for gambling, except for bingo, keno, machines and poker tournaments.
- $1200 for slot machines,bingo.
- $1500 for keno.
- $5000 in poker tournaments.
The amount of tax depends on the establishment and the state in which a person plays or resides. The range is 24-60%. If the client engages a lawyer to prepare the declaration, he can significantly reduce the amount of fees. For foreign tourists, the rate is determined depending on citizenship. Some countries have entered into tax treaties with the U.S. government.
Residents of Hungary are not subject to fees in the United States thanks to a bilateral agreement between the states
Residents of Hungary are not subject to U.S. taxes due to a bilateral agreement between the states.
In Belarus, the casino is a tax agent – it collects fees and records passport data. 4% is deducted on all chips exchanged at the cashier’s office, and gambling expenses are not deductible. The fee is payable whether the visitor is on the plus side or the minus side. The money and information about the players is transferred to the tax authorities.
Security
Losing vigilance, the casino client can lose the prize without reaching home or hotel room. It is necessary to take security measures to save money:
- Open a deposit, leaving cash in the cashier’s office to be picked up another day or in installments.
- Ask for a personal check that cannot be used by third parties.
- Hire a specialized agency to escort you.
- Choose a bank transfer, if this method of payment is available.
- Ask the institution’s security service to take you to a cab or private car.
Many casinos have hotels where you can stay. Hall security can escort you to your room.
Conclusion
The institutions themselves do not prevent the receipt of large winnings, but can offer those ways of cashing out that are more convenient or more profitable for them. Planning the game, it is necessary to study in advance the legislation of the host country with regard to local and foreign citizens, the peculiarities of the work of specific casinos. When withdrawing a large amount, it is better to hire a lawyer specializing in the field of gambling entertainment. He will take care of minimizing financial losses that may be caused by taxes, commissions.
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