Especially in reference to casinos?
Edit: since I’ve gotten some answers, I want to add: is it possible to use sports betting to launder as well?
In: Economics
Assuming I own a casino and also own some other “businesses” like drug sales.
Drug money is hard to spend because it is hard to walk into a bank and deposit it without the banks asking “where did you get 10,000 in small bills?”
So the casino.
Several “Clean” drug employees carry several thousand dollars apiece into the casino, convert it to chips and lose it all at the craps table. Suddenly that “Dirty” money is now clean.
To note, you are not taking all of the money out of the drug business, only the profits. So if the drug business costs 90,000 a month to operate (purchase of material, paying people off, payroll, etc) and brings in 100,000 dollars – you only take 10,000 to the casino and lose it gambling. The rest of the money stays in the drug business to keep it running.
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