There are two sides to every coin, and similarly in the world of casinos there are two sides as well, one side which everybody sees that, is the glitz and glamour of casinos, the chance to win big and people are hypnotized by the lights and fancy interior and exterior but behind all this lies the other dark side which many may not see outwardly but be sure that it really does exist even, at this present moment. To point out some of the dark sides, here is a list of some of them:
1. In most of the casinos, the underground or the organized criminal groups tend launder their money. It is a legitimate way of turning the money earned from illegal activities into a clean legal income. This is done even through chips, which are the main source of payment in gambling houses. They buy chips either with cash or an open account and the chips that they bought with their money from illegal means is transformed to credits and there is the possibility of moving it to another casino of the same network and after which they can withdraw the money in clean cash. Casinos provide a way of money making for these groups.
2. Money laundering by criminal groups or other keeps happening in casinos as there are ample ways to launder it all. Casinos use various payment mediums besides ships, there are other mediums such as cash, TITO systems, Cashier’s orders, checks, credits of slots, gift certificates. Gift cards, chip purchase vouchers. This ways of payment differ in each casino as the local regulators and structures of the casinos influence it. All of these methods pave a way for money laundering through conversion from one form to the other.
3. There are many players who come to casinos and end up spending more than what they have. Playing so intensely, some players don’t know when to stop and they tend to borrow money. So there are certain people or groups that lend money to these players with high interest rates. If the person is not able to pay back then it all takes a turn on the ugly side. It can turn in to a vicious cycle.
4. Casino is a heaven for gamblers and there are millions of people out in the world who has the problem of gambling and addition. Although casinos show a number of benefits it does not come free and the price to pay can come at the rate losing everything you have.
5. Another way of laundering is called Refining which refers to converting the small money denominations to larger bills. Fraudsters tend to use this method to exchange a lot of small denominations to the bigger amount as it can be more convenient. A group of fraudsters can use this method to share funds at the casino’s entrance and then go their ways in the casino to casino and earn and after which outside they can meet outside to combine their share for the total amount.