I wouldn't even ask - plausible deniability - "We didn't think it was a problem." And besides - it's probably not okay.
Be safe, not sorry. Check your state/county/whatever laws
and assume the college will abide if it is considered illegal to have a home game.
It my be okay with the higher authorities and the college might still object.
Find a good location (more than one that moves around is a better idea) and use chips, not money, on the table. Keep the money out of site and not easily accessible.
Use some discretion - don't get ****y - be low key - don't attract attention.
The more money involved the more important it is to do this. You might start small but it will probably get bigger, not smaller.