Questions and Answers
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 ______.
gambling or gaming
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?
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What roles do gaming regulatory bodies play?
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What are the 3 elements of gaming regulation?
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What are the two principal objectives in regulating accounting and auditing?
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What should internal controls in a casino do?
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Casinos must file Currency Transaction Reports for transactions involving more than ______.
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What is a Suspicious Activity Report (SAR-C)?
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What measures can regulators use to ensure compliance?
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What powers do gaming regulatory bodies have?
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What is the sovereignty of the tribes?
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What is tribal sovereignty?
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The modern era of tribal gaming began with the passage of the Indian Gaming Regulatory Act in ______.
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What was the purpose of the Indian Gaming Regulatory Act (IGRA)?
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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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Test your knowledge of key terms related to casinos and gambling with this quiz. Each card features a word and its detailed definition, helping you understand the industry better. Perfect for students and enthusiasts in the field!
