Casinos and gamblers in British Columbia (BC) have had a bad run of luck lately. Casinos have been facing increased scrutiny over their accounting practices, and gamblers have had to find new locations for their favorite pastime. It all stems from the same source—a spate of potential money-laundering cases that has been plaguing the gambling industry since last year.
Since the start of 2018, BC regulators have been looking at different ways to control what it deems as rampant violations of rules, and the latest is not sitting well with the casinos.
Regulators are looking to put a cap on the buy-in for high stakes games, according to a Postmedia report. That cap would be CAD10,000 (US$7,650), and casino operators estimate they will lose as much as CAD87.7 million ($67 million) per year if the legislation is approved. High-roller action is already on the decline in BC, with more and more gamblers turning to casinos in places like the U.S. and Macau to find their games.
Legislators already shot casinos in the foot once this year. A law passed in January provides the requirement that written proof of the source of funds be provided to the casino if someone gambles US$7,600 or more within a 24-hour period. Following the enactment of the law, casino high-roller action fell by about 30%.