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Betting mistake

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Comments

  • Registered Users Posts: 24,680 ✭✭✭✭ punisher5112


    Hatch1989 wrote: »
    Out of curiosity I see in paddy power If you win €2000 or over you are to be asked for ID. Why is this?

    Money laundering


  • Registered Users Posts: 115 ✭✭ Hatch1989


    Money laundering

    How would winning a bet over 2000 constitute money laundering? What about the bets that lose!


  • Registered Users Posts: 295 ✭✭ Fils


    We don’t talk about loosing.


  • Registered Users Posts: 3,817 ✭✭✭ Darc19


    Hatch1989 wrote: »
    How would winning a bet over 2000 constitute money laundering? What about the bets that lose!

    It's the law - Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018.


  • Registered Users Posts: 115 ✭✭ Hatch1989


    Darc19 wrote: »
    It's the law - Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018.


    So the bookies record you’ve won €2000 and do what with the information?

    Fair enough if people were betting large sums of money that could reflect laundering but winning it?


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  • Registered Users Posts: 3,817 ✭✭✭ Darc19


    Hatch1989 wrote: »
    So the bookies record you’ve won €2000 and do what with the information?

    Fair enough if people were betting large sums of money that could reflect laundering but winning it?

    Google it for the answers.


  • Registered Users Posts: 115 ✭✭ Hatch1989


    Darc19 wrote: »
    Google it for the answers.

    I did. Couldn’t find the answer that’s why I’m asking here?


  • Registered Users Posts: 7,408 ✭✭✭ StupidLikeAFox


    Hatch1989 wrote: »
    I did. Couldn’t find the answer that’s why I’m asking here?

    Im half guessing here but bookies set their own odds, so in theory if you wanted to launder money, you could give me 10000e, I could set odds of 100/1 on a horse, you bet 100e, the horse wins, I hand over the 10000 euro and you have a traceable source of your income.

    By asking for id you discourage this scenario, as you are leaving a paper trail. You might pop up on some radar but as long as its legit and you don't become part of a pattern you are fine.


  • Registered Users Posts: 115 ✭✭ Hatch1989


    Im half guessing here but bookies set their own odds, so in theory if you wanted to launder money, you could give me 10000e, I could set odds of 100/1 on a horse, you bet 100e, the horse wins, I hand over the 10000 euro and you have a traceable source of your income.

    By asking for id you discourage this scenario, as you are leaving a paper trail. You might pop up on some radar but as long as its legit and you don't become part of a pattern you are fine.


    Is it possible for this to pop up on some credit score with applying for a mortgage?


  • Registered Users Posts: 10,564 ✭✭✭✭ okidoki987


    As Darc19 has said, it's the AML regs now that all bookies have to abide by.
    There should be signs in the shop to say what they are and why they ask for ID.
    Gambling was the easiest way to launder money in the past but this has mainly now been stopped with the ID requirement.
    Stake or win 2k and over, you have to supply any bookie with the details asked for, no way around it.


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  • Registered Users Posts: 10,564 ✭✭✭✭ okidoki987


    Hatch1989 wrote: »
    Is it possible for this to pop up on some credit score with applying for a mortgage?

    Online yes, in shop no if you use cash.


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