The city of Macau has been a victim of a kind of gambling fraud and has lost about 100 billion Hong Kong dollars in the last 5 years. It seems to be the biggest casino fraud ever seen.
We’re talking about the side betting.
5 casino managers were questioned in the enquiry on how big the problem was. The High Roller and the Junket Agent are involved in the gambling fraud.
The Junket Agent is responsible for the gamblers, he has to get them to the casinos and make them bet.
What is the side betting? It’s a sort of unreported betting. There are official bets made by the high roller in the casinos and at the same time secret bets are made by the junket agent. These secret bets guarantee higher winnings to the gambler and that means that the local taxpayers pay the bill.
A partner at PriceWaterHouseCoopers in Macau, David Green claims that it’s difficult to detect the unreported bets and that it should be recognized as a financial crime.
In the last years Macau became almost more popular that Las Vegas and it attracts a lot of Las Vegas casino operators. Obviously the incomes of the Macau casinos are higher that those of Las Vegas, because of the mafia bosses. Though many people consider this new casino city as a gaming heaven.
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