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How Do Casinos Keep Their Money Safe

February 2, 2020 2503 0
How Do Casinos Keep Their Money Safe

South Korea is known for having casinos that are open to all except Koreans. The World Casino Directory states that there are 23 casinos in South Korea situated throughout the country. But, there is only one recognized by the law – the Kangwon Land Casino & Hotel, located at a faraway area in which locals of South Korea are allowed to gamble. South Koreans can gamble on lottery, boat racing, cycling, and horse racing. But still, gambling in casinos is prohibited even for Koreans travelling outside the country. With this great popularity of casinos, one would wonder how casinos keep their money safe?

In every business, it is essential for management to consider detailing their security systems to prevent a possible crime inside the casino. Security is vital in protecting the players, employees, money, and the casino itself. Tightness in security also raises the question of how do casinos keep their money safe. It would reduce the risk of theft, unbefitting conduct, and unlawful act inside casinos because of the large amount of money that went through and kept inside the casino every day. Security at a casino before included a few security personnel situated above the casino floor that allowed them to walk around and watch over the activities. Nonetheless, the industry coped up with improved technology, becoming more profitable as they dealt with crime.

Security Systems Details

Casinos today consist of a physical team composed of skilled security specialists and a modern closed-circuit television system (CCTV). The delegation of the physical team would be on the casino floor itself, where they can deal and react immediately with any issues. The CCTV will be their guide on the more elusive attempts to bypass the rules of the casino. The MGM Grand has over 2,000 installed cameras connected to more than 50 monitors that are viewed by several people.

There are also some other security systems instituted at casinos all over the world. These include the low-key ID verification scans that guarantee nobody under age enters the facility and even an elaborate facial recognition software that aids casinos to recognize any suspicious or blacklisted individuals.

Another factor that most casinos consider is their exclusion lists. If they allow an exclusion listed player, they are put in jeopardy both financially and legally with the request of a third party or at their commitment. A casino must make an update of their list. Failure to abide by their list may revoke their gambling license.

A peculiar security strategy practised by casinos is a more unassertive one by merely observing and waiting. An armed takeover can happen, and it would be a terrifying encounter. Casinos will use their digital technology to monitor all the events and people involved as much as they can and let the collaborators make a getaway.

Casinos are very aware of a violent result from a confrontation. It would not be healthy for the employees or players of the establishment. As soon as the suspects flee the premises, security will then go to the scene and chase the suspects. They are using CCTV and witnesses as well as how the suspects acted inside the casino.

Money Capacity on Site

A casino’s money capacity on-site follows the laws and guidelines of the jurisdiction that the casino conducts its operations. As an example, the Nevada Gaming Commission demands a casino to have sufficient money on its establishment to compensate every chip that is in play. The figures adjust depending on which day of the week and year it is. The Bellagio or Caesar’s Palace hold funds up to $70 million on a typical weekday and reaches $100 million on weekends. Funds go up to approximately $150 million on special occasions like March Madness and Spring Break. Small casinos should at least keep $20 million on their location.

The Manner of Storing Money

The two forms of money that circulate the casino are cash and chips. They monitor the chips to ensure that authorities will flag up a robbery if they use it at the casino. There are a series of safes inside the vaults located strategically inside the casino to store cash.

Money Management

Casinos are a business structure to make huge profits. The money generated by casinos is for replenishing their stocks and payment for their employees, maintenance and repair of the establishment, improvement of the security, and more investments for the business itself.

Casino Vaults Online

Online casino vaults are virtual ones and full of virtual money. A casino’s earnings would vary depending on how much the operations take.  

The operating figure of casinos ranges from $40 billion to $50 billion every year. That would mean a casino is earning $4 billion every month.

How Much Money Should You Prepare?

It all depends on your financial capabilities. You should not be spending money at a casino if you are earning less. You can bring $50 if you consider yourself a low roller. But if you are a high-roller, better bring a more substantial amount of money say, $200.

It would be best if you had discipline in playing inside the casino. Formalize a plan on when to stop or continue playing. If you notice that luck is not on your side, better pull out of the game.

  Whenever you need more cash, there are cash ATMs inside easily accessible casinos. Keep in mind that there will be an extra charge from the casino as you withdraw money from the establishment. It would also be a good idea to set a withdrawal label if in case you get carried away with your gambling.

Casino’s Cash Security

Casinos put in a lot of hard work spends a lot of time and money on security to protect the flow of business. Learning from experiences from criminals from the past, casinos improved their security systems, mainly in the modern technology aspect. Nowadays, it is almost impossible to beat the operation of casinos and steal any amount of money.

Dealers have a strategic position on the table to oversee all the activities on the table and easily spot anyone trying to switch cards or dice. 

The security department includes pit bosses who are in charge of keeping an eye on a few table games to monitor the players and make sure all procedures are correctly followed and applied especially handing out of payouts successfully.

All casinos have cameras installed and pointed at strictly every area on the floor and every table. Security staff will not be able to monitor each camera all the time, but instead, they keep the videos for later viewing. Installing security cameras may instill fear and consciousness while playing to prevent any unwanted cheating. Players are also not allowed to use their cameras inside the casino and especially when someone hits a jackpot prize.

Casino Vaults

It is every casino's legal obligation to make sure that the vault has the tightest security in the establishment. The vault must meet specific standards to protect valuables, cash, and other assets. The casinos developed security systems that are now implemented and used by banks or government institutions to protect the business.

Casinos will do anything to improve their security, and with the constant development of modern technology, people would still wonder how do casinos keep their money safe. The management takes time, dedication, and knowledge on how casinos keep their money safe.

 

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