It wasn't about profit, though as you saw he actually did make money. The idea was that from a small amount of money you could get the casino to give you a couple nights in the hotel, free food and drink, etc.
This kind of trick won't work anymore, but back 35-40 years ago before things were highly computerized, each time you bought chips you could ask them to rate you by making a notation on your rating card. So John was instructed to start with 1 rack of $1 coins ($100 total), but to gamble his $1 coins very slowly and making sure and to be seen a lot by the casino manager. He is told to only bet $20 maximum so make it last. Then whether you win or lose, after you bet $20, you take your $80 in coins plus whatever you won or lost over to a different cashier and trade the coins for paper bills. Then take the paper money to a different cashier and buy more coins, asking to get rated each time you buy more coins. Repeat this over and over. Sometimes you will win, sometimes lose (and eventually you will lose it all which is why you must bet slowly and walk around a lot). But after many hours of recycling the coins to paper to coins and getting rated each time, the manager has seen you playing for hours and your rate card shows you bought in for many $100s even though you've just been recycling the money, it looks like your spending a lot of money. Your rate card makes it look like you lost $100's or even $1000+ but really your just recycling the same money around. The manager will offer you a free room, free meal etc to keep you playing in his casino and that is the 'profit'. Its just a small little scam. Won't work anymore.
reply
share