Gambling Business

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U.S. Attorney’s Office

What if the business expenses exceed a professional gambler’s “net” gambling winnings? Takeaway #1: A professional gambler may deduct ordinary and necessary business expenses beyond the extent of his “net” gambling winnings from the year, and thus may report a business loss from gambling. Suppose a pro gambler is a net loser for the year. Setting up a gaming business requires you to build an attractive website that will give you a competitive advantage over other betting websites. The most successful online betting companies have. The gambling industry is a varied and sometimes complex beast, but when you look beneath the hood you'll see that its numbers make for positive reading. Starting from the top, the most important. In order to start your online gambling business in Belarus, you need to: 1. Own a company registered in Belarus and having a valid license for gambling business and two years of business experience. Purchasing a share (stock) in such a company is your first step in setting up you online gambling business in Belarus.

CHICAGO — A suburban Chicago man pleaded guilty in federal court today to conducting an illegal sports gambling business and laundering the proceeds through an offshore company.

VINCENT DELGIUDICE, also known as “Uncle Mick,” 55, of Orland Park, pleaded guilty to one count of conspiracy to commit money laundering, which is punishable by up to 20 years in federal prison, and one count of conducting an illegal gambling business, which is punishable by up to five years. U.S. District Judge Virginia M. Kendall did not immediately set a sentencing date. A status hearing was set for March 8, 2021.

The guilty plea was announced by John R. Lausch, Jr., United States Attorney for the Northern District of Illinois; Emmerson Buie, Jr., Special Agent-in-Charge of the Chicago office of the FBI; and Tamera Cantu, Acting Special Agent-in-Charge of the IRS Criminal Investigation Division in Chicago. The government is represented by Assistant U.S. Attorneys Terry Kinney, Ankur Srivastava, and Abigail Peluso.

The FBI’s Integrity in Sport and Gaming Initiative (ISG) is designed to tackle illegal sports gambling and combat threats of influence from criminal enterprises.

Delgiudice admitted in a plea agreement that from 2016 to 2019 he directed an illegal bookmaking business in Chicago, Lemont, Frankfort, Orland Park, and Woodridge. Delgiudice and his agents accepted wagers on the outcome of professional football, basketball, baseball, and hockey games, as well as collegiate sporting events, the plea agreement states. Delgiudice further admitted that he retained the services of a company in Costa Rica to manage the accounting, recordkeeping, and website management of his bookmaking operation, and that in 2018 and 2019 he sent the company at least $113,625 to promote the continued operation of the illegal gambling business.

If you want to earn huge money within a very short period of time, then you can consider starting a casino business. Starting and running a casino are big jobs. The business demands huge capital investment and definitely, it is not easy to run a casino. Here in this article, we have provided a comprehensive guide on how to start a casino business.

Actually, the casino comes to the gaming and entertainment industry. Basically, casinos arrange certain types of gambling activities. In casinos, customers gamble by playing games of chance, in some cases with an element of skill, such as craps, roulette, baccarat, blackjack, and video poker. Most of the games come with a mathematically determined odds that ensure the house has at all times an overall advantage over the players.

Currently, a modern casino is like an indoor amusement park for adults. The entire premise comes with musical shows, lighted fountains, shopping centers, lavish hotels, and elaborate themes that help draw in the guests.

Market Opportunity for Casino Business

The casino market is very wide globally. Casinos are one of the major revenue-contributing segments in the global gambling market. The global casino market is highly diversified and competitive. It is because of the presence of a large number of regional and international vendors across the globe.

However, the industry experts are expecting growth at a CAGR of 15.25%. Some of the major casino markets in the world are the USA, Asia Pacific, Europe, Middle East, Africa, Canada, and Latin America. Basically, the Macau, Las Vegas, Nevada, Singapore, France, Atlantic City, and New Jersey earn the highest revenue from the casino business.

Different Types of Casino Games

There are different types of casino games which are very popular nowadays. Some of the most popular casino games are

1. Slots

Basically, slots are a specific type of machine. It plays a number of different games. Here, a player inserts coins into the machine. Then they pull a handle or press a button. This causes the wheels to spin. When the wheels stop, the player gets paid based on the pattern of symbols.

2. Blackjack

It is a card game. Here, an individual can play the game with a dealer. The dealer deals out two cards to each player and keeps two cards. The dealer has one card face up and one down. The players take turns trying to get as close as they can to 21. The player calls “hit” to get a card and end their turn. A player can also call “double.” They can only get one card and their turn ends. If a player has two identically numbered cards, they can split.

3. Roulette

Basically, the roulette is a table game. The table has numbers 0-36 and 00. It has additional betting for even-odd, red-black, low 18-high 18, low/middle/high 12 and for the first/second/third columns. The dealer spins the wheel clockwise. Then, they roll a ball counter-clockwise. The ball lands in a numbered slot on the wheel. All bets that correspond with the number win.

4. Poker

Poker is one of the popular casino games globally. It is also a game of five-card hand. Hands are ranked from lowest to highest. The order of hands is a high card, pair, two pairs, three of a kind, straight, flush, full house, four of a kind, straight flush, and royal flush. The player with the best hand wins.

5. Craps

Craps is a dice game. Here, the players make wagers on the outcome of the roll, or a series of rolls, of a pair of dice. If a seven or 11 turn up on the first roll of the dice, the shooter wins whatever they bet. If the shooter rolls two, three, or 12 on the first roll, they lose the money, but not the dice. When the person rolls a four, five, six, eight, nine, or ten that number becomes their “point.” The shooter keeps rolling until their “point” turns up again for a win or until the person throws a seven and loses the money and the dice.

Casino Business Plan

Starting a casino business requires huge startup capital investment. Therefore, you must craft a comprehensive business plan before getting into the business. Additionally, a professional-looking business plan document helps you in securing the start-up investment. Make sure to include a feasibility study that examines the demand for a casino and the justification of investment.

In the financial part of the plan, you must include the projected earnings, growth strategy, and marketing strategy. The below-mentioned points will definitely help you in creating a casino business plan of your own.

Licenses & Permissions for Casino Business

Licensing and permissions are the crucial aspects of starting this business. First of all, you have to check the commercial gambling regulations. Check if commercial casinos are legal in your state by checking the American Gaming Association’s website. Also, check the local regulations or zoning requirements for operating a casino business in your location.

Additionally, check the alcohol regulations. It is mandatory if you want to serve hard drinks to your customers. Finally, check the age restrictions. Actually, the exact minimum age varies by state. Hence, check your state’s restrictions and institute a policy of checking ID’s at the door so that you don’t run afoul of your state’s regulations.

How Much Money You Need to Start a Casino

Starting a casino business demands capital investment in building the infrastructure, procuring equipment, arranging resources and working capital investment. Therefore, it needs a large amount of money to start this business. Actually, a business plan will help you in getting finance from potential investors and banks including other financial institutions.

Register Your Casino Business

After arranging the finance, you must register your casino business. You will need to apply for a business license and employer’s identification number (EIN). Additionally, you will need to register with the IRS and any other regulatory bodies that have power over casinos in your area. Also, you will need to obtain a gaming license. It is advisable to engage a lawyer for getting everything done in the right way.

Build Casino Infrastructure

In building the casino infrastructure the primary requirement is the floor area. You will need to secure the required land area for building the casino. In this type of construction, you must engage an architect for creating the plan and execution of the said plan. Before starting the construction, apply for a construction permit from the local Govt. authority.

After completion of the construction, you will need to prepare an interior floor plan. You must provide a comfortable gaming atmosphere for your patrons. Additionally, procure the gaming equipment from a reliable supplier. Some of the most important instruments are slot machines, video poker machines, roulette tables, poker tables, blackjack tables, craps tables, baccarat tables, chips, cards and card shoes, and safes. Don’t forget to purchase business insurance to protect your business from any unwanted losses.

Finally, you will need to hire human resources for operating the casino. It is advisable to hire an HR manager first. And plan a full-proof HR policy with a recruitment structure. Hire only skilled and experienced manpower for a smooth operation.

Security System in Casino Business

In the casino, there are large amounts of currency handled within the premise. Hence, it raises the possibility of happening crimes. Therefore, you will need to take security aspects very seriously. One of the most basic steps you can take that is CCTV camera installation. Besides a specialized surveillance department, you will need to take care of the physical security too.

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