Gaming Board Stakes Claim over Unclaimed Winnings

Gaming Board Stakes Claim over Unclaimed Winnings

Until recently, it was the casinos who kept the unclaimed winnings. But, if the Gaming Control Board passes a regulatory change proposed on Dec 17, it is all going to change.

According to the new regulation, Pennsylvania casino operators would have to turn over unclaimed winnings, irrespective of how small it is, to the state treasury voluntarily. Also, casinos will be bound to honor the validity of vouchers up to six months. At present, the validity of vouchers is set solely by the operators, at their own discretion. This could range from hours to days or sometimes weeks. But not many casinos – online casinos as well as land based ones – accept vouchers as old as six months post winning.

The board had voted unanimously to begin a month long public comment period to debate on the proposed new regulations. Visit www.pgcb.state.pa.us for more info, where people could comment on the topic regarding what they think of the new proposal.

According to Michael Graninger, the vice president and GM of The Meadows Racetrack and Casino in Washington County, the proposed changes would be a simple one for casino operators to implement, and it’ll streamline things for the good. Meadows, at present, offers a redeem period of six months for all vouchers, and according to the VP, they even attempt to trace and contact the winners if they have not cashed or redeemed their winnings for few weeks or months since the vouchers were issued.

Vouchers are claim receipts – if it can be called so – printed and issued by Pennsylvania slot machines at the end of a gaming session. The winners then encash it or redeem it by putting it in another machine for gambling credits.

Mr. Graninger, referring to the issue of not-deemed vouchers, went on to add that most of these are worth few cents and that is why players prefer to abandon them rather than taking time to redeem it. He reasoned that if the winnings were of a sizeable amount, they’ll naturally go to any extend to redeem it at the earliest. He further added that if the gaming board wants that money, he’s only happy to hand it over to them and so will be most other casino operators in Pennsylvania for they are the ones who regulate us.

We may have to wait for another two weeks to see which way the new proposed regulatory change goes as the Gaming Control Board takes up the issue for further debate on the third week of this month.

July 8, 2011 by : posted in Industry and Economy No Comments