Poker Chips’ Expiry Date: Time Is Money

Poker chips used in casinos expire after a while, but what happens to them after? Casinos use a variety of ways to alert people that their casino chips will expire over time, such as newspapers or online ads. If someone wants to use them after the poker chips’ expiry date, they will be out of luck, as they lose their value. 

Poker Chip History

They wrote the Nevada gambling regulations in the 80s involving the chips. They tried to prevent chip fraud and forgery. Before 1987, the state didn’t really care what casinos did with their chips, but the situation is different today. Probably Mike Spinetti has the largest chip collection in the world. The poker player and poker chip expert Spinetti collected more than $ 15 million worth of rare chips in a warehouse. His favorite is a 1947 Flamingo chip he came across during a property sale. However, before the poker chips’ expiry date, there is the process of making poker chips.

Spinetti is constantly hunting for unique chips that have interesting stories. He has fire-damaged chips, forgotten ones found in safety vaults, and some from the bottom of a lake. This is not surprising since casinos used to throw their expired poker chips in the water. It’s been nearly 20 years since Spinetti received a phone call from a diver who came across chips at the bottom of Lake Mead. He examined them and found out that they were from the Las Vegas club. The casino used them in the 50s, but it was impossible to find out when they decided to get rid of them.

 In any case, they introduced new chips in the 60s and 70s as well. Spinetti also has several pieces of concrete from the foundation of the New Frontier, which was demolished in 2007. The concrete pieces are full of chips from Sands Casino. It’s a very interesting sight, check it out at online gambling sites in the US! When the poker chips’ expiry date came, the casinos didn’t know what to do with them. We have no idea who started it, but it became a habit to pour concrete over them.

Poker Chips’ Expiry Date

When the Dunes was demolished in 1993, workers found hundreds of $ 100 chips in the concrete of the complex’s foundation. It was the area where Steve Wynn later the Bellagio there. The Dunes caught fire, and many died there. There are rumors about it, which you can check out in our article about haunted casinos! The workers filled a 20-liter bucket with the unexpected chips, which the MGM spokesman has kept on his desk ever since. 

The reason for burying the chips is not entirely clear. Some believe the casino executives poured the chips into the concrete to bring good luck. Others said the motive behind it was much more practical than that. They had to get rid of the old ones somehow, and, this way, no one would have found them except for a demolition. Online gambling sites in the US have many wild stories about valid and dated poker chips!

Everything Changed After The Regulation

It was then that the regulation came into force, according to which chips are the property of casinos. Casinos or players can’t use them as a means of payment, and beyond the poker chips’ expiry date, they must be destroyed by casino managers in a specific way. However, apparently, this was not the case. The law was born out of fear of theft and fraud. The purpose of the regulation is to prevent using fake chips in Casinos. Thankfully, at online casinos, like 888poker, you don’t have to bother with expired chips!

Naturally, casinos have welcomed the idea because they can save money by not paying tax on chips that are not returned and will not become victims of scams. Some players joked that the law would prevent them from repaying their debts with chips. They are right, as the rule states that chips replace cash only during gambling games and can’t be regarded as a means of payment after leaving the table.

Poker Chips’ Expiry Date Info

Today, when a player exchanges their chips for cash, the cashier must ask them to prove that they won it while gambling. If the person can’t prove where they obtained them, the cashier can refuse to pay. This is because the law allows casinos to take back the chips if they have a suspicion about their origins. Nowadays, if casinos decide to introduce new chips, they will have to submit a plan to the gambling authorities. 

The plan should detail the appearance of the little disks, security solutions, and how the casino plans to destroy the old chips. The chips typically have some hidden security features. Such as an ultraviolet sign or a radio frequency identification tag that the cashiers can check. Since the poker chops’ expiry date is pre-determined, you have to pay attention before the casino takes back your winning lawfully.

They are usually valid for 60-90 days. To dispose of the chips, the casino must consult with one of the waste management companies approved by the gambling authorities. It is often the same company that produces the chips. An inspector from the authorities must also be present at the time of destruction. The outdated chips are usually crushed to dust under the wheels of a truck.

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Online Poker Pay-Out

It’s very different on online poker platforms like 888poker. The pay-out system works immediately or is scheduled, but there is no poker chips’ expiry date in the online space. You will have to pay attention during the registration process to how you want your winnings to be paid. The sites have to provide security, so be prepared to prove your personal information to get the money. However, this is a topic for another article. Check out online casino payment methods here!