Podcast
Questions and Answers
What is a casino?
What is a casino?
An establishment where betting is allowed and is legal, which may contain other amenities such as bars, food service, lodging, retail, etc.
The activity or practice of playing at a game of chance for money or other stakes is called ______.
The activity or practice of playing at a game of chance for money or other stakes is called ______.
gambling or gaming
What are the 8 types of gambling?
What are the 8 types of gambling?
Lotteries, Charitable Gaming, Parimutuel Wagering, Sports Betting, Casino Gaming, Shipboard Gaming, Native American Gaming, Internet Gaming.
What are the 3 elements of gambling?
What are the 3 elements of gambling?
What roles do gaming regulatory bodies play?
What roles do gaming regulatory bodies play?
What are the 3 elements of gaming regulation?
What are the 3 elements of gaming regulation?
What are the two principal objectives in regulating accounting and auditing?
What are the two principal objectives in regulating accounting and auditing?
What should internal controls in a casino do?
What should internal controls in a casino do?
Casinos must file Currency Transaction Reports for transactions involving more than ______.
Casinos must file Currency Transaction Reports for transactions involving more than ______.
What is a Suspicious Activity Report (SAR-C)?
What is a Suspicious Activity Report (SAR-C)?
What measures can regulators use to ensure compliance?
What measures can regulators use to ensure compliance?
What powers do gaming regulatory bodies have?
What powers do gaming regulatory bodies have?
What is the sovereignty of the tribes?
What is the sovereignty of the tribes?
What is tribal sovereignty?
What is tribal sovereignty?
The modern era of tribal gaming began with the passage of the Indian Gaming Regulatory Act in ______.
The modern era of tribal gaming began with the passage of the Indian Gaming Regulatory Act in ______.
What was the purpose of the Indian Gaming Regulatory Act (IGRA)?
What was the purpose of the Indian Gaming Regulatory Act (IGRA)?
What are the other policy goals of IGRA?
What are the other policy goals of IGRA?
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Study Notes
Casino
- Establishment where legal betting occurs, may include amenities like bars, food service, and lodging.
- Originated from the Latin word "casa," meaning "house," initially referred to a music and dance hall.
- Evolved in the 19th century into centers of entertainment with gambling.
Gambling and Gaming
- Involves playing games of chance for money or stakes.
- Public often uses "gambling" and "gaming" interchangeably; however, differences exist based on legality and context.
- Derived from Middle English "gamen," meaning "to amuse oneself."
Types of Gambling
- Includes lotteries, charitable gaming, parimutuel wagering, sports betting, casino gaming, shipboard gaming, Native American gaming, and internet gaming.
Elements of Gambling
- Comprises chance, consideration, and prize.
Gaming Regulatory Bodies
- Examples include the Mississippi Gaming Commission and the Louisiana Gaming Control Board.
- Functions in a quasi-legislative role, creating rules governing gambling operations in their states.
Elements of Gaming Regulation
- Implementation of accounting and audit rules.
- Enforcement of gambling statutes and regulations.
- Protection of the regulatory process.
Objectives in Regulating Accounting and Auditing
- Prevent unlicensed and unsuitable individuals from profiting in casinos.
- Ensure proper tax collection from gaming operations.
Internal Controls
- Designed to safeguard casino assets and maintain transaction accountability.
- Aims to prevent and detect errors or irregularities timely.
Currency Transaction Reports (CTRs)
- Federal mandate for casinos to report transactions exceeding $10,000 in cash, related to cash in or out.
- Purpose is to combat money laundering.
Suspicious Activity Report by Casinos and Card Clubs (SAR-C)
- Federal requirement for casinos to report suspicious transactions aggregating at least $5,000.
- Reports are triggered by transactions suspected of involving illegal funds or lack a lawful purpose.
Ensuring Regulatory Compliance
- Regulators may employ advice, fines, suspensions, conditions on licensing, or license revocation.
Gaming Regulatory Bodies Authority
- Can deny, revoke, or suspend licenses at their discretion.
- Generally protected from civil lawsuits by disgruntled licensees.
Sovereignty of Tribes
- Native American tribes have the right to operate gambling due to recognized legal sovereignty.
Tribal Sovereignty
- Recognizes tribes as independent nations predating the U.S. Constitution.
- Tribes are not subject to state laws due to their sovereign status.
Modern Era of Tribal Gaming
- Initiated with the Indian Gaming Regulatory Act (IGRA) in 1988.
Purpose of the Indian Gaming Regulatory Act (IGRA)
- Aims to establish a legal foundation for gaming operations to foster tribal economic development and self-sufficiency.
Other IGRA Policy Goals
- Protect tribes from organized crime.
- Ensure tribes benefit primarily from gaming operations.
- Guarantee fair and honest conduct of gaming activities.
- Provide clear standards for gaming regulation on tribal lands.
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