All bets are off for the alleged counterfeiter known as Louis "the Coin" Colavecchio.

Police said the 64-year-old was caught in the act trying to rip off several casinos, including Mohegan Sun and Foxwoods, with his bogus coins.

After a three-month investigation, police hit the jackpot. Friday, they put on display some of the evidence they said they found Wednesday in Colavecchio's home and workplace.

"Seized from his apartment were large-scale presses that he had, molds and dies and caustic chemicals, making the casino coins that you see; also in his business the same thing," said Maj. Steven O'Donnell of the Rhode Island State Police.

Police said there was also cash, and odds were the operation would have cost casinos including Foxwoods and Mohegan Sun hundreds of thousands of dollars if Colavecchio wasn't nabbed, officials said.

Casino goers think it would have affected them, too.

"The casino's going to pay for it, and I'm going to pay for it and whoever goes in there because the prices will go up to make up the difference," said Norman Dellaghelfa of Adams, Mass.

Police said Colavecchio was in the process of trying his luck, still in the testing phase. They said he was caught on camera trying his coins in slot machines.

"I think he was just trying to make some extra cash without trying to spend cash, I guess," said Tim Keogh of Wallingford.

"We all come up here and spend our money. It's kind of disrespectful. He should go to jail or be punished somehow. We all lose money, we all win money ... Do it the right way," said Frank Coppola of Wallingford.

This was not the first time Colavecchio has allegedly been unlucky playing against the law. He was caught in 1998 using counterfeit coins and sentenced to more than two years in prison.

As for this latest investigation, police said he was the main target, but they do expect more arrests.

"We know there are people involved. We have them on video. We have the surveillance. It's just a matter of time before we incarcerate them," said O'Donnell.