Not very concealed - I know a at least one guy and one woman who used these to holster guns. Most folks just think they are fruity - I've heard several folks comment on a friends black leather fanny pack. Non-gun folks don't know that there is a gun in there, but it still draws lots of unwanted attention.
Personally, I think there are better ways to carry concealed, but if you intend to carry a full-sized gun, its an option.
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