The recent decade has witnessed exponential growth in the online gambling industry as the popularity brought together hunters scattered all over the world.
For the distance gambling procedure, in order to avoid any fraudulent activity, the customers always seek complete transparency about the policies of the casino.
The casinos in return seek the same from the customers and that is how the prevalence of the Know Your Customer verification process by online bookmakers started.
About KYC Verification Process
As the name suggests, KYC or the Know Your Customer verification process is solely to gather details about the customer mostly to verify the age of the player to make sure no players entering the site with a motive of gambling are under the legal age.
The usual requirements are simply ID proof that matches the information one used during the process of registration. This is to prevent any laundering or underage gaming which is regarded as illegal.
The KYC also plays an important role in ensuring that underaged gambling is prevented and the clauses of Responsible Gambling could be honoured.
In fact schemes such as Self Enrollment National Self Exclusion Scheme (SENSE) or GamStop and GamCare had been formulated to stop addictive gambling that could lead to socio-economic problems.
The KYC process, therefore, ensures that the player’s true identity and demographic information are recorded before they start investing money in casino games.
How to Skip ID Verification
Although identification of punters as well as verification is a mandatory step for entering most of the betting sites online, there are ways to escape the long-drawn process of verification. The two easiest ways of doing so are mentioned below.
Find No Verification Bookmakers
Just like the name implies, some betting sites don't need ID verification to deposit or withdraw the winning amount. The KYC and signup process is sometimes not even required at these sites.
Regular punters are enthusiastic about being discreet about their activities and hence they often find themselves searching for these no-verification bookmakers.
They are hassle-free and time-saving with no requirement to scratch the head thinking about formalities. One can focus on the game rather than worrying about the procedures. Although very much legal, these sites are mostly licensed by offshore licensees.
Join Cryptocurrency Sportsbooks
Crypto casino brands are online casinos accepting cryptocurrencies as a method of transaction. Cryptocurrencies are gaining popularity with time and considering the same fact, these casino owners decided upon making the same method of payment to gain more crowd.
These are the websites that accept anonymous transactions also providing high security to the transactional details. Punters do not have to undergo the lengthy process of KYC to play at these sites. Moreover, they mostly accept bitcoins making it way more convenient for the new age punters. A byproduct of crypto casino brands is instant payouts with flexible payment limits.
Why is it Mandatory?
The bookmakers are smart enough to accept deposits without a punter going through verification but without performing the KYC verification the withdrawal is hindered after a win. In some cases, the welcome bonuses are only limited to people who are done with their KYC verification.
Prevent Illegal Gambling
Often times with the over-exposure of betting advertisements minors are influenced enough to lurk around these sites.
In spite of it being illegal for them to take part in gambling, they choose to participate and to hinder the same and keep it legal for the operators to continue with their business this KYC verification is of utmost necessity. This is to prevent illegitimate gamblers from entering the site.
Protect Customer
The KYC procedure helps with keeping track of the customers’ activities via special software in order to lower any possible risk associated.
These procedures help create a harmless environment where priority is given to fair regulation of the business. These are the technologies that support the protection of personal information involving authentication and a high-level encryption process adding to the confidence of the customers.
Anti Money Laundering Policies
In order to prevent any activities related to money laundering almost all casino sites are careful about the players’ identity.
The regulatory body demands complete transparency from the punters in order to restrict any fraudulent cases. As a result, identity documents are required by the punters as a part of this KYC verification procedure.
Conclusion
The Know Your Customer procedure is a necessary step for the benefit of both operators and customers saving both parties from possible mishaps keeping track of every move made.
