Loophole in stopping Money Laundering through Wagering

[Mahanton]

It's not possible to do because of the amount of money someone would have to bet at 1.01. A person would need to bet $1,000,000 to launder $10,000. No one is going to do that and if a person tries to cashout $1,010,000 there is going to be KYC.

I think it's easy to spot an abuser... especially over a long period of time. Simply by checking all the relevant factors, deposits/withdrawals, and on-site bets. And casinos probably have some "special techniques" for catching people in their trying to cheat the system.

This can be a "loophole", but people who engage in this stuff risk their accounts and the money they have on the site. Probably the same people come here to complain when they get busted.

Casinos arent really that blind on checking out whenever they have noticed some unusual or suspicious kind of activity on a certain individual or user on which it would be normal that they would really be strict when it comes to this because this would really be costing them big on the time that they would really be able to have those legal issues if ever they wont really be able to resolved it out.Its true that it would be impossible that they cant really be able to spot an abuser or something that really just using the platform to wash off their coins but come to mind that if a certain huge depositor would really be making up some wagering then i highly doubt that
they would be stopped midway considering that house do always win at the end and having the chance that would be busting up that huge balance in trying out to reach out that wager threshold for them to make withdrawal and this is something that they might be observing but on the time that they have seen that was their main motive then this is the time that they would really be requiring those further kyc thing.

[1714671495]

1714671495

[ethereumhunter]

Precisely with the development of more advanced technology, the government or law enforcement can trace sources of funds and money laundering activities more quickly.
Nowadays there are not a few tools that are used to be able to hack all forms of money circulation activities and that is why many money laundering cases can be solved and the perpetrators arrested.
Even in my country there are several cases of corruption that use crypto as a place to destroy evidence and in the end the law enforcement authorities can track and find all assets resulting from corruption to be used as evidence of the crime.

Indeed, the government can trace the sources of funds and money laundering activities. However, it may still be difficult for them to do so because money launderers also have advanced technology to hide how they carry out money laundering. We also have to think that these money launderers can use advanced technology well because, with that much money, they can even buy the technologies they need. And if the government catches any money launderers, they may not know any other way so the government can track them down and catch them.

[tusandii]

-snip-

Indeed, the government can trace the sources of funds and money laundering activities. However, it may still be difficult for them to do so because money launderers also have advanced technology to hide how they carry out money laundering. We also have to think that these money launderers can use advanced technology well because, with that much money, they can even buy the technologies they need. And if the government catches any money launderers, they may not know any other way so the government can track them down and catch them.

Have you forgotten that the security system in government and law enforcement also has a team that is truly skilled in hacking, so no matter how sophisticated the technology used by the criminals, it doesn't take long for them to be identified or tracked.
So far, almost every country has a hacker team to help with all activities related to software, making it difficult for them to get away with crimes committed in the crypto and gambling industries.

[arwin100]

-snip-

Indeed, the government can trace the sources of funds and money laundering activities. However, it may still be difficult for them to do so because money launderers also have advanced technology to hide how they carry out money laundering. We also have to think that these money launderers can use advanced technology well because, with that much money, they can even buy the technologies they need. And if the government catches any money launderers, they may not know any other way so the government can track them down and catch them.

Have you forgotten that the security system in government and law enforcement also has a team that is truly skilled in hacking, so no matter how sophisticated the technology used by the criminals, it doesn't take long for them to be identified or tracked.
So far, almost every country has a hacker team to help with all activities related to software, making it difficult for them to get away with crimes committed in the crypto and gambling industries.

For now those criminals can escape on the crimes they commit especially when they didn't disclose their identities and use some existing methods to hide the track of their crimes. This is why Kyc together with other requirements imposed on casino also with the other financial platforms so that they will not be used on money laundering scheme and if they got used they can easily track the identity of the criminals. Money laundering still happen in crypto space since those criminals still see that that crypto still a good instrument for them to easily get rich.

[summonerrk]

As we know that most gambling sites will require you to gamble and wager your whole balance once, before you can cash out or withdraw from the gambling site and they take this measure so people do not do money laundering whereby deposit and withdraw without gambling.

Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.

So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?

Maybe I'm wrong, but it turns out that under such conditions it will FIRST be necessary to win one, even any (very small) victory.
So that the bet need to play a winning one. And it's not easy anymore. After all, in almost any game your chances will be 50-50 percent. This means that at this stage half of the players will not be able to withdraw, and will have to play on. Then they will have to double the bet and play again. And here again half of the players will be able to withdraw money. But half will be forced to play again.  It really turns out that many people will be able to withdraw money easily, even if not immediately, but most likely by the fourth rate. So the condition is really easy to fulfill.

Apparently, casinos are trying to attract users in this way, sacrificing the initial revenue from users.

[danadc]

As we know that most gambling sites will require you to gamble and wager your whole balance once, before you can cash out or withdraw from the gambling site and they take this measure so people do not do money laundering whereby deposit and withdraw without gambling.

Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.

So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?

Maybe I'm wrong, but it turns out that under such conditions it will FIRST be necessary to win one, even any (very small) victory.
So that the bet need to play a winning one. And it's not easy anymore. After all, in almost any game your chances will be 50-50 percent. This means that at this stage half of the players will not be able to withdraw, and will have to play on. Then they will have to double the bet and play again. And here again half of the players will be able to withdraw money. But half will be forced to play again.  It really turns out that many people will be able to withdraw money easily, even if not immediately, but most likely by the fourth rate. So the condition is really easy to fulfill.

Apparently, casinos are trying to attract users in this way, sacrificing the initial revenue from users.

What I have seen is that the players do not have those possibilities, you speak of 50-50, I think it could be 60-40, due to the house advantage and it is very difficult for us to do something about it, the washing thing of money you can put a lot of money in a casino account, but the only way that could not be blamed for money laundering is for the player to bet that money in its entirety because if he makes small bets and then decides to withdraw everything It is very suspicious, I would see it that way, and in a casino where they have security for everything, they will surely detect it , that is something that cannot be denied.

[ethereumhunter]

Have you forgotten that the security system in government and law enforcement also has a team that is truly skilled in hacking, so no matter how sophisticated the technology used by the criminals, it doesn't take long for them to be identified or tracked.
So far, almost every country has a hacker team to help with all activities related to software, making it difficult for them to get away with crimes committed in the crypto and gambling industries.

Yes, I remember that. But the thing is, it's not just government teams and law enforcement that have a good security system. The hackers or people who want to break the rules also have a good security system. If so, it would depend on the people running the system and the morale of each person. And if we talk about morals, how many people used to follow the system but because of offers of corruption or big rewards, they immediately joined the other side. Maybe this cyber war will continue and the country's security hacker team will track down all the people doing illegal things to reduce the amount of illegal activities in their country but to wipe them out completely, that is impossible. One can be eradicated, but if more appear, how to eradicate them?

[btc_angela]

As we know that most gambling sites will require you to gamble and wager your whole balance once, before you can cash out or withdraw from the gambling site and they take this measure so people do not do money laundering whereby deposit and withdraw without gambling.

Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.

So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?

I wouldn't say it's a loophole though, for gambling sites, this could just be a way to know that gamblers are really putting their money to play that's it. They might not think of it as coming to some criminal activities or it is tainted.

If you satisfy the gambling sites, then you are free to do whatever you want. But as far as I know, you really need to wager that big money and lost it to them before you can withdraw. Which means you need to deposit more.

[piebeyb]

As we know that most gambling sites will require you to gamble and wager your whole balance once, before you can cash out or withdraw from the gambling site and they take this measure so people do not do money laundering whereby deposit and withdraw without gambling.

Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.

So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?

I wouldn't say it's a loophole though, for gambling sites, this could just be a way to know that gamblers are really putting their money to play that's it. They might not think of it as coming to some criminal activities or it is tainted.

If you satisfy the gambling sites, then you are free to do whatever you want. But as far as I know, you really need to wager that big money and lost it to them before you can withdraw. Which means you need to deposit more.

I think only stupid people want to launder money through gambling sites, I'm not sure either that every deposit that is deposited at the casino in large amounts will be easily withdrawn again, of course there will be many risks of losing that money. that's why I sometimes wonder why they do it in such a ridiculous way by bypassing gambling sites. even though it is clear that it is easily detected by the system

Not thinking about such people about the huge risk they face even though there are many other ways compared to bypassing the gambling platform is the same as giving money to the gambling platform and depositing it for them. moreover the very complicated requirements of the gambling platform when withdrawing money must meet the requirements which are at high risk of losing everything.

[delfastTions]

As we know that most gambling sites will require you to gamble and wager your whole balance once, before you can cash out or withdraw from the gambling site and they take this measure so people do not do money laundering whereby deposit and withdraw without gambling.

Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.

So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?

I wouldn't say it's a loophole though, for gambling sites, this could just be a way to know that gamblers are really putting their money to play that's it. They might not think of it as coming to some criminal activities or it is tainted.

If you satisfy the gambling sites, then you are free to do whatever you want. But as far as I know, you really need to wager that big money and lost it to them before you can withdraw. Which means you need to deposit more.

I think only stupid people want to launder money through gambling sites, I'm not sure either that every deposit that is deposited at the casino in large amounts will be easily withdrawn again, of course there will be many risks of losing that money. that's why I sometimes wonder why they do it in such a ridiculous way by bypassing gambling sites. even though it is clear that it is easily detected by the system

Not thinking about such people about the huge risk they face even though there are many other ways compared to bypassing the gambling platform is the same as giving money to the gambling platform and depositing it for them. moreover the very complicated requirements of the gambling platform when withdrawing money must meet the requirements which are at high risk of losing everything.

In fact, you have to be not a very smart person to generally come up with such ways of legalizing your income, in order to somehow “win” money in a casino in a cunning way and thus turn it into money legally received by such a person. 
I can hardly imagine that after sending some serious large amount to a deposit and playing a little in a casino, perhaps even losing a little, such a person will begin to transfer the deposit to his account and this will be enough for his money to be legalized.  All such financial transactions are simply tracked and verified.  And in any case, the question remains from where the original transactions were sent to deposit at the casino. 
This data in the case of cryptocurrencies can obviously still be identified as the original money obtained by criminal means.  So it’s generally not clear why such stupid money laundering schemes are needed. 
I am sure that these methods are almost never used by anyone.  And I hope all the major well-known casinos prohibit such operations on their sites.  For them, it is obvious that it is much better to be law-abiding than to engage in dubious transactions.

[Mr. Magkaisa]

-snip-

Indeed, the government can trace the sources of funds and money laundering activities. However, it may still be difficult for them to do so because money launderers also have advanced technology to hide how they carry out money laundering. We also have to think that these money launderers can use advanced technology well because, with that much money, they can even buy the technologies they need. And if the government catches any money launderers, they may not know any other way so the government can track them down and catch them.

Have you forgotten that the security system in government and law enforcement also has a team that is truly skilled in hacking, so no matter how sophisticated the technology used by the criminals, it doesn't take long for them to be identified or tracked.
So far, almost every country has a hacker team to help with all activities related to software, making it difficult for them to get away with crimes committed in the crypto and gambling industries.

For now those criminals can escape on the crimes they commit especially when they didn't disclose their identities and use some existing methods to hide the track of their crimes. This is why Kyc together with other requirements imposed on casino also with the other financial platforms so that they will not be used on money laundering scheme and if they got used they can easily track the identity of the criminals. Money laundering still happen in crypto space since those criminals still see that that crypto still a good instrument for them to easily get rich.

    -    I agree with what you said, and I feel that even now there are still many bad people doing that, we just don't really know who they are. And that is what always hinders any government of the country from stopping and finding the people behind it.

I then remembered that I read something here in the forum that a new movie that Tom Cruise will make, Mission Impossible, where his Villain here used cryptocurrency, not Bitcoin, the transaction worth 100M$ was used in the movie. Something that is also good to watch for sure.

[pakhitheboss]

For now those criminals can escape on the crimes they commit especially when they didn't disclose their identities and use some existing methods to hide the track of their crimes. This is why Kyc together with other requirements imposed on casino also with the other financial platforms so that they will not be used on money laundering scheme and if they got used they can easily track the identity of the criminals. Money laundering still happen in crypto space since those criminals still see that that crypto still a good instrument for them to easily get rich.

They are criminals and they know how to work around KYC norms and I am pretty sure they might have already discovered a loophole. Money laundering is a global issue and it becomes especially threatening when the money laundered is used for terrorist activities. With cryptocurrency which is privacy focused it is not easy to track the money and through the mixer, you can also make Bitcoin untraceable. If the government was so successful in tracing they would not have stopped both fiat and crypto money laundering by now.

[LUCKMCFLY]

As we know that most gambling sites will require you to gamble and wager your whole balance once, before you can cash out or withdraw from the gambling site and they take this measure so people do not do money laundering whereby deposit and withdraw without gambling.

Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.

So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?

Hmm this makes a bit of sense but I think the best way to say this is, it will increase your chance of winning more but it won't kill the chances of losing money, instead of thinking of how much you will make using this technique think about how much you will lose using this method.

The chances of losing is still available and it will be even more painful if you lose this money because you are betting on low odds, I have tried this with a brother who is a football fan, even the lowest of odds doesn't bring wins most times, to me I see not much difference.

That point is interesting, because obviously in craps games you can put a multiplier of that type, and you know, on one occasion when I was playing a lot I made a very big bet and I lost it, obviously I used the martingale and I lost it again, and I repeated the martingale and I won it, but the profits are very minimal, but the risk is still high, I don't know what internal configuration this game has and it can be configured so that one decreases the chances of winning more, but from experience I did it myself, but in the case If I had put the entire balance, I would have lost it, so there was no point in doing it again, but that is the consequence.

Whenever the martingale is used, it is one of the problems that arises for us as players, I say a problem because it is a way of losing money quickly, so when we see it from that point of view it is the biggest problem, because without a balance you cannot play unless it is in demo mode, although it is not just the same, when we have all these premises, if we have our money there to use strategies that are not so reckless, our money may last a little longer and we have more opportunities to win. continue playing or play another game, these things are normal, sometimes we can play daods, then we get tired and we can think of a roulette wheel, so those options are what we should see.

Money in a casino will always be a way for us to have fun, even though the safest thing is to lose playing, we must take care of it, it is not known when there is a good touch of luck we have to withdraw, we must not stop thinking about these things.

[paxmao]

As we know that most gambling sites will require you to gamble and wager your whole balance once, before you can cash out or withdraw from the gambling site and they take this measure so people do not do money laundering whereby deposit and withdraw without gambling.

Now the point here is that on the gambling site, there are many easy winning bets with odds like 1.01x etc. If the money lauder is sensible he can easily be wagering the whole amount by placing a few bets where the odds are very low and the winning chances are 99%.

So does this mean that there is a loophole here and the money launderers can easily by pass this wagering requirement?

To be honest, most people who need to "do the laundry" do accept that it carries some cost and that they will not recover 100% of their initial funds. It is simpler and more profitable to go and do some "chipmixing" and that usually will make the funds nearly impossible to track in crypto, which is usually more than enough for most purposes. For large quantities, other schemes are devised with property and real state.

[blockman]

A gambler may still be able to find some loophole but casinos are no dumb when it's all about with these matters. They'll be having those triggering alerts if an account/user is doing something off the coast and that's why there's always those complaints that we're seeing posted here about their delay of withdrawals. The blame goes to the casino where they're gambling but in the first place, they are aware that money laundering is prohibited in most of them because they're being regulated by the country where they're operating.

[Bitinity]

I am sure that these methods are almost never used by anyone.  And I hope all the major well-known casinos prohibit such operations on their sites. 

That's why there is a wagering requirement for deposit (1x-2x) in most casinos. This term is implemented to avoid such money laundering attempt. As what the main idea of this topic which is related to the chance for money launderers to do their laundry in casino by using high odds strategy while playing, this strategy will not help the launderer to avoid the risk of losing all the deposited money. Once again I have to say that betting with high odds is not a loophole in stopping money laundering because there is a big risk.

[arwin100]

I am sure that these methods are almost never used by anyone.  And I hope all the major well-known casinos prohibit such operations on their sites. 

That's why there is a wagering requirement for deposit (1x-2x) in most casinos. This term is implemented to avoid such money laundering attempt. As what the main idea of this topic which is related to the chance for money launderers to do their laundry in casino by using high odds strategy while playing, this strategy will not help the launderer to avoid the risk of losing all the deposited money. Once again I have to say that betting with high odds is not a loophole in stopping money laundering because there is a big risk.

If no KYC involve and only have wagering requirements involve maybe this can be easily exploit by money launderer since they could still wager the required amount then proceed to withdraw the funds stolen from somewhere. There's nothing impossible if there huge money involve so criminals could still get away with it, unlike if they implement KYC which required other necessary details like providing selfie then provably this could stop this activity from any casino.

[maydna]

A gambler may still be able to find some loophole but casinos are no dumb when it's all about with these matters. They'll be having those triggering alerts if an account/user is doing something off the coast and that's why there's always those complaints that we're seeing posted here about their delay of withdrawals. The blame goes to the casino where they're gambling but in the first place, they are aware that money laundering is prohibited in most of them because they're being regulated by the country where they're operating.

The casinos must know it somehow because the casinos own the business. In having a gambling business, the casino must have had special ways to deal with these fraudulent gamblers and be able to find out which gamblers did it. Perhaps it takes time because it depends on the security team's work from the casino, but on average, it doesn't take long for them to find it. Gamblers who commit money laundering with the excuse of using big money must be prepared for all the risks, and if they decide to continue using gambling, it means they are ready for all the risks.

[Bitinity]

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If no KYC involve and only have wagering requirements involve maybe this can be easily exploit by money launderer since they could still wager the required amount then proceed to withdraw the funds stolen from somewhere. There's nothing impossible if there huge money involve so criminals could still get away with it, unlike if they implement KYC which required other necessary details like providing selfie then provably this could stop this activity from any casino.

As long as I know, money launderer is smart people who will not take the risk to lose their money by wagering it in casino especially if it is about huge amount of money. Even if there is no KYC, money launderer will not be that stupid to launder their money in casino imo. Lets say money launderer is fine with KYC, they will not choose casino due to the big risk. They can split their money into several exchanges, trade it few times (as trading will be safer than gambling).

[LUCKMCFLY]

As long the chance isnt 0% then there's always a chance on losing up your entire bankroll or money in an instant.Its true that no one on their right minds would really be having that kind of wagering just to pull out

their laundered money.Its the most bad idea on doing so, although when we do speak about the odds then its really that less risk because of the odds but in overall if you dont want to blown up your money then
its better not to do so. Money launderers wouldnt really be so dumb on doing such thing which they do know that it is way too risky. They would rather be making use of Mixers
than on making up bets on 99% chance of winning or less which it cant really make out assurance that you would be able to get out without busting your balance.
They wont really be that so easily making out such decision if they do know that they cant really take out an advantage which its a common approach.

Imagine they deposited their money to a scam casino website like 1xbit and get scammed. There are some shady casinos as well which trigger KYC whenever a player makes a large amount of deposit. It's super easy to use mixers these days. But, have to choose a reliable platform like Yomix. If it's a small amount of money, I don't think any platform cares about it. But, casinos might trigger KYC if they notice some suspicious betting pattern from a particular user.

However, I have seen a wallet like freewallet.org which scams their user by asking for a KYC which is not possible to pass anyway. The only reliable way is using a mixer. Sometimes mixers get seized as well. So, have to be careful about that as well.

If they deposit their money to the scam casino, it is their risk because there is a possibility they will be fooled and lose all the money. And that is a loss for them because they cannot carry out their plans to wash their money. Maybe they can make money laundering through other places and not in gambling because they can risk losing money if they don't get a suitable casino.

Yes, the mixer will also be their choice in washing the money because it looks like it will be safer for them to avoid tracking from the government or regulator. But they will look for comfortable places to wash their money, and washing money is not new to playing in the business because they must have had places they have often used to wash their money.

In any casino, alarms always go off when there are large deposits, and if it is a fraudulent casino, then they make it easy for the casino, because now things are different, because there is money and if it is a lot, then a fraudulent casino is not going to matter to them. the accusations of fraud that they make because that is the way things are when it comes to money , now if a Person or whoever decides to make or deposit money to launder money in a casino, make it clear that they must send documentation and nothing more, if they he does a blatant and obvious Investigation that they are going to get to where he is and resides then it Would be a rookie felon mistake.

We when we are in a casino we can see that Things when we make normal Deposits , that is to say 500-900usd can be seen well , and the casino is seeing what a player's style of play is like , obviously if they need to make a withdrawal then they have What to follow the rules, otherwise if the casino does not request any type of KYC or something, then it continues to operate normally , however, it is also necessary to highlight that if a person makes larger deposits , the casino will try to see this more Carefully Due to what is called "money laundering" , it is for this reason that over time a player can become more reliable for the casino, however, a casino must always follow up on its clients and demand the documents that are necessary until good , It seems that everything is in confidence, and there are no associated problems.