Post
Topic
Board Gambling
Re: Loophole in stopping Money Laundering through Wagering
by
SamReomo
on 30/07/2023, 08:38:32 UTC
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 don't think that the money launderers will have any luck by doing such actions because in online gimbling anything can happen and if a gambler is wagering everything he/she owns then the chances of getting a loss bet is 100%, and I'm quite sure that anyone who gambles regularly know that there is no sure winning thing in the gambling world. Even if a gambler has 99%  of winning but still that 1% is more than enough to make a gambler lose a bet, and if someone is putting the whole capital as a bet then that gambler can face such 1% losses.

It again depends on the luck of a gambler because if a gambler is a lucky person than his/her chances to win and pass wagering requirement without any worries, but if a gambler is unlucky then then of course he/she can lose even with just 1% probability of losing. I would always advice everyone to be careful while gambling because putting 100% of your capital is very risky and with a single loss bet you lose everything.