Do you think casinos can stop demanding KYC? - page 9.

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Quote from: Bitinity on May 06, 2024, 12:56:51 AM

Quote from: bitterguy28 on May 05, 2024, 11:49:25 PM

this will still depend to the response of gamblers , if those casino that you think are taking advantage of KYC found out that they are losing players because of that attitude then nothing that they can do but to stop asking for KYC or else consider the consequences .
so in the end it is the gamblers and the community that will make the decisions to affect the reputation of those gambling sites.

It wont be like that, casino will not stop asking for KYC although they are losing some players because these players against KYC. Licensed casinos will have to follow the terms by the license especially related to KYC and it cant be avoided unless the casino want to remove their license and become unlicensed or unregulated casinos. KYC is still not mandatory in most crypto casinos, this is one of taken way by the casinos to keep their players stay. Even if KYC will be something mandatory in all casinos later, I believe most gamblers will follow it because they need it unless they want to stop gambling completely.

KYC is getting global everyday and lots of casinos are utilizing the method in form of obeying the law. On the side of the players, nobody actually wants to undergo the KYC process for any reason. Nothing beneficial for the players who submit their KYC. It's just a way of regulating the activities of some players and also tracking the underaged players. Government can't stop it, due to the benefits they make through it. Submitting a meaningful information like KYC online is risky, at least for privacy purposes.

The server where the data is being stored could be tempered by a malicious third party, that's why players tend to fabricate information and submit. Casinos have no option than doing what the government wants. If the KYC policy is removed by the government, casinos wouldn't mind stop asking for the documents. Because they know that competitors will utilize the medium as a way of getting new customers, due to the no KYC policy, being something everyone online is looking out for. No essence still asking for KYC when no mandate is on casinos to provide their personal information.

Dr.Bitcoin_Strange

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Quote from: mirakal on May 05, 2024, 06:26:36 PM

And it’s one way for the government to control the casinos as much as they want to control also the gamblers and monitor the profits that are coming in to their account. So there’s no way that the government will stop this KYC verification, because aside that it’s giving them advantage, they are also benefiting some profits made by the casinos, and failure to comply it will put those casinos into closure.

In the aspect of the government controlling the casino, that is not what I am aware of, but what I fully know is that when the casinos are applying for a license of operation from the government, thethe government always review the option of KYC in the casino, and if it's a casino that doesn't add KYC, the government can either deny granting them a license. The reason they review for KYC is, even if they are not going to look at it or get any profit at the moment, they know that in the future, if there is any case of money laundering or crime and if they trace it to a casino account, the casino should be able to provide them with the details of the person. So, I am not aware that the government goes after customers KYC information even if there is no crime for them to investigate that customer.

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This is of course possible. I understand that some casinos are asking KYC for legal reasons, but they are a casino after all, they could literally build it at a place that doesn't ask it at all, they need to realize that people are not happy about KYC and they do not want to be asked that. Want proof? Stake is so huge that they literally own a formula 1 team right now and they are not asking your KYC unless something happens, and yet there are still some places asking for KYC straight up before you even gamble.

Nobody can convince me that "it is for legal reasons" when the greatest biggest casino doesn't even ask it, and some small time casino asks it, that doesn't fit with each other. It's obvious that there is a way you don't have to ask it, and casinos should look for that, at least ask Stake how they do it.

bitbollo

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Until this Is a law requirement, they cannot stop to ask.
However KYC is also a way to avoid frauds related bonuses or multiple registrations.
for a certain reason it is something essential in these cases. anyone who has managed a site knows very well what happens in these cases...

jcojci

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It is unlikely that casinos will return to non-KYC even if the government eventually no longer requires KYC verification. Casinos already benefit from KYC verification of their members so they will continue with it. However crypto casinos that are about to launch may see this as an opportunity to attract new members who don't want to do KYC. Crypto casinos will use this opportunity to develop their business because they know that many crypto gamblers do not want to do KYC. As for the issue of money laundering, it will be up to each casino to monitor it and they will have ways to detect money laundering in their casinos.

Bitinity

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Quote from: bitterguy28 on May 05, 2024, 11:49:25 PM

this will still depend to the response of gamblers , if those casino that you think are taking advantage of KYC found out that they are losing players because of that attitude then nothing that they can do but to stop asking for KYC or else consider the consequences .
so in the end it is the gamblers and the community that will make the decisions to affect the reputation of those gambling sites.

It wont be like that, casino will not stop asking for KYC although they are losing some players because these players against KYC. Licensed casinos will have to follow the terms by the license especially related to KYC and it cant be avoided unless the casino want to remove their license and become unlicensed or unregulated casinos. KYC is still not mandatory in most crypto casinos, this is one of taken way by the casinos to keep their players stay. Even if KYC will be something mandatory in all casinos later, I believe most gamblers will follow it because they need it unless they want to stop gambling completely.

retreat

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If it were a regulated casino platform, then it would not be possible for them to stop asking their users for KYC, since that is the rule that has been given by the regulator, so they have to fulfill that obligation. However, for unregulated casinos, I think that so far they have operated without requiring KYC for their users, since there is no regulator that requires them to fulfill this obligation, so it is possible for unregulated casinos not to impose KYC obligations on their users - and make that the main advantage of their platform to attract gamblers.

bitterguy28

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this will still depend to the response of gamblers , if those casino that you think are taking advantage of KYC found out that they are losing players because of that attitude then nothing that they can do but to stop asking for KYC or else consider the consequences .
so in the end it is the gamblers and the community that will make the decisions to affect the reputation of those gambling sites.

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Quote from: Rruchi man on May 04, 2024, 06:23:31 PM

Casinos existed without the need for KYC's until the government made it a requirement, and they started demanding it. IMO If the government no longer requires casinos to do KYC verification for new gamblers, casinos will go ahead and still do KYC verifications because they have seen the benefits of knowing their customers better than when they just allowed people to come onto their platform and gamble without their knowledge of who they were. What do you think? Do you think some casino's will revert back to non-KYC and allow money launderers, plus other fraudulent people have their easy way with them as a way to attract customers, or since they recognize the personal benefits of KYC to their casino, will continue demanding it even if it affects their customers?

KYC has helped casinos understand their clientele and a lot of them have reaped huge benefits as a result. By verifying the identities of customers, casinos can cut down on money laundering and fraud risks, which will ultimately lead to better service based on client needs plus preferences. In my opinion, most casinos would still go for KYC even if not made mandatory by the government.

Although some might consider KYC an extra load, many others see merit in the future by building stronger customer relationships through integrity towards their business, those who adhere strictly to KYC. They are able to ensure that gambling environment is safe: safe for both gamblers and honest people involved, fairness is also maintained with trustworthiness upheld which contributes towards making it more attractive.

In the future, there is a possibility that some casinos may go back to not having KYC unless it is a must for the government but most will continue with KYC as a core part of their operation.

Oasisman

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Quote from: Rruchi man on May 04, 2024, 06:23:31 PM

Casinos existed without the need for KYC's until the government made it a requirement, and they started demanding it. IMO If the government no longer requires casinos to do KYC verification for new gamblers, casinos will go ahead and still do KYC verifications because they have seen the benefits of knowing their customers better than when they just allowed people to come onto their platform and gamble without their knowledge of who they were. What do you think? Do you think some casino's will revert back to non-KYC and allow money launderers, plus other fraudulent people have their easy way with them as a way to attract customers, or since they recognize the personal benefits of KYC to their casino, will continue demanding it even if it affects their customers?

The only thing that's pushing these casinos to implement KYC verifications within their platform is because the government and requiring them to do so. Without the regulators, I don't think the casino would bother to integrate all these KYC verification process as it will only just discourage some people to play on their online casino because of that extra piece of personal information which are very vital and impose a risks to each and every person's identity. Casinos won't usually care about who or what kind of people are using their website as long as they obey all the TOS and rules without abusing their system, thus making the KYC really unnecessary.
So, my answer to this questions is "No" they can't because the regulators won't allow that, otherwise these online casinos will lift all these whole KYC process to allow more people to play in their platform without the need to do the KYC.

arjunmujay

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Quote from: GreatArkansas on May 05, 2024, 08:55:35 PM

Quote from: ralle14 on May 05, 2024, 08:50:21 PM

Going back to the old ways is impossible for casinos when it could put their business at risk. Casinos not demanding KYC is still possible, but it'll be for a short while (and limited to specific users) because they'll have more problems to deal with as they gain success and operate at a higher level. Imagine being in their shoes and your casino doesn't need KYC, then the next few days you guys could be in hot waters because a high roller used questionable funds that trace back to a different person.

True, but this is really a pain in the head, even gambling or non-gambling or crypto or non-crypto related, having KYC is really a hassle. It's because of regulators, and if you just want to continue your business sometimes you just need to follow or comply, you have no choice. Best example is these gambling platform or centralized exchanges.

KYC is still very necessary in the world of gambling, apart from government regulations, KYC can also help casinos to filter their underage users.
In fact, it is very possible for underage players to use casinos and their games, but because the younger generation, especially those who are underage, do not yet have mental and emotional maturity, they can really badmouth the name of a particular casino and that can be the knife that makes their casino not sell.

that's just one of why casinos implement KYC to use their services.

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Quote from: ralle14 on May 05, 2024, 08:50:21 PM

Going back to the old ways is impossible for casinos when it could put their business at risk. Casinos not demanding KYC is still possible, but it'll be for a short while (and limited to specific users) because they'll have more problems to deal with as they gain success and operate at a higher level. Imagine being in their shoes and your casino doesn't need KYC, then the next few days you guys could be in hot waters because a high roller used questionable funds that trace back to a different person.

True, but this is really a pain in the head, even gambling or non-gambling or crypto or non-crypto related, having KYC is really a hassle. It's because of regulators, and if you just want to continue your business sometimes you just need to follow or comply, you have no choice. Best example is these gambling platform or centralized exchanges.

ralle14

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Going back to the old ways is impossible for casinos when it could put their business at risk. Casinos not demanding KYC is still possible, but it'll be for a short while (and limited to specific users) because they'll have more problems to deal with as they gain success and operate at a higher level. Imagine being in their shoes and your casino doesn't need KYC, then the next few days you guys could be in hot waters because a high roller used questionable funds that trace back to a different person.

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Quote from: Rruchi man on May 04, 2024, 06:23:31 PM

Do you think some casino's will revert back to non-KYC and allow money launderers, plus other fraudulent people have their easy way with them as a way to attract customers, or since they recognize the personal benefits of KYC to their casino, will continue demanding it even if it affects their customers?

They have to protect their business.

Although it is interesting that they're going to have that much cash in from those people. But for sure, those are not going to give them that much gain because they'd mostly going to be use as an outlet for money launderers to maximize their use of casinos.

There will be more likes to them if they revert back to being non kyc but the risk is high for them and who knows if a government agency that has been monitoring them will subpoena them for allowing these kinds of people on them and to roam freely on their platform.

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Quote from: Rruchi man on May 04, 2024, 06:23:31 PM

Casinos existed without the need for KYC's until the government made it a requirement, and they started demanding it. IMO If the government no longer requires casinos to do KYC verification for new gamblers, casinos will go ahead and still do KYC verifications because they have seen the benefits of knowing their customers better than when they just allowed people to come onto their platform and gamble without their knowledge of who they were. What do you think? Do you think some casino's will revert back to non-KYC and allow money launderers, plus other fraudulent people have their easy way with them as a way to attract customers, or since they recognize the personal benefits of KYC to their casino, will continue demanding it even if it affects their customers?

Regulations on money laundering are complex and ever changing, but i don't think we are going back. Even if they weren't required to ask kyc from new users doesn't mean that they wouldn't need to ask kyc ever. But ask yourself, if you had build a casino, and that would start making huge profits for you. Would you:

A: Try evade regulations as much as possible and work intentionally knowing, that you might be enabling money laundering, and to top of that possibly getting terrorist flag for intentionally aiding terrorists or criminals that decided to use your site as part of their money laundering circle? And risk of going jail for ages for that?

B: Make it a legit business, where you wouldn't need to cover your tracks and watch over your shoulder rest of your life and just comply with regulations?

Obviously kyc affects their customers, that's why it's supposed to be effective.

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Quote from: Dr.Bitcoin_Strange on May 05, 2024, 06:05:14 PM

Quote from: 0t3p0t on May 05, 2024, 01:56:46 PM

Unless they are not required to comply with the governments regulation I think that is the only reason that keep them from demanding KYC's to their respective users. Money laundering is I think the most common reason why we need to undergo KYC they just wanted to see no irregularities from their users.

and it's never going to be possible for the government to allow casino operate freely without KYC implementation on their site. One of their reason to have KYC is to limit or prevent the level of money laundering cases that is happening and those that Launder money are looking for evey available option to clean the money, it have been know by the government that casino is one system that is being used to clean tainted money.

And it’s one way for the government to control the casinos as much as they want to control also the gamblers and monitor the profits that are coming in to their account. So there’s no way that the government will stop this KYC verification, because aside that it’s giving them advantage, they are also benefiting some profits made by the casinos, and failure to comply it will put those casinos into closure.

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Quote from: Rruchi man on May 04, 2024, 06:23:31 PM

Do you think some casino's will revert back to non-KYC and allow money launderers, plus other fraudulent people have their easy way with them as a way to attract customers, or since they recognize the personal benefits of KYC to their casino, will continue demanding it even if it affects their customers?

There's no disadvantage on their part in taking away KYC KYC helps them to make their platform clean from cheaters, scammers, and hackers, casinos want a smooth and profitable operation and KYC helped them to implement this.
Besides KYC is a standard for all service platforms, in any platform where you need to deposit funds the platforms need to know who and where they are dealing and KYC keeps them safe.
So no casinos will take down KYC, it made them a legit platform and they will continue to ask for it.

Dr.Bitcoin_Strange

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Quote from: 0t3p0t on May 05, 2024, 01:56:46 PM

Unless they are not required to comply with the governments regulation I think that is the only reason that keep them from demanding KYC's to their respective users. Money laundering is I think the most common reason why we need to undergo KYC they just wanted to see no irregularities from their users.

and it's never going to be possible for the government to allow casino operate freely without KYC implementation on their site. One of their reason to have KYC is to limit or prevent the level of money laundering cases that is happening and those that Launder money are looking for evey available option to clean the money, it have been know by the government that casino is one system that is being used to clean tainted money.

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Quote from: Rruchi man on May 04, 2024, 06:23:31 PM

IMO If the government no longer requires casinos to do KYC verification for new gamblers, casinos will go ahead and still do KYC verifications because they have seen the benefits of knowing their customers better than when they just allowed people to come onto their platform and gamble without their knowledge of who they were.

Sorry to ask, but is there any benefit that the casino derives from knowing the true identity of their customers? Aside from the fact that many believe this casino can go ahead and sell customer data to other parties, is there any other use for KYC for them?

Unless on cases where the casino might have plan to scam someone or case of suspicious activities if not I don't even think casino have time to go through individual data and check there uploaded documents in other to know there real details.

Most of the verification is carried out by a bot, which has been programmed to check a few vital details, and if they are available on the document, they get approved, except in exceptional cases where they do manual verification.

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Quote from: Rruchi man on May 04, 2024, 06:23:31 PM

Casinos existed without the need for KYC's until the government made it a requirement, and they started demanding it. IMO If the government no longer requires casinos to do KYC verification for new gamblers, casinos will go ahead and still do KYC verifications because they have seen the benefits of knowing their customers better than when they just allowed people to come onto their platform and gamble without their knowledge of who they were. What do you think? Do you think some casino's will revert back to non-KYC and allow money launderers, plus other fraudulent people have their easy way with them as a way to attract customers, or since they recognize the personal benefits of KYC to their casino, will continue demanding it even if it affects their customers?

Why would the government stop requiring the casinos to do KYC? If they did not demand it, then casinos could easily launder money and evade taxes. I think that is the absolute last thing that any rational government would want.

I have nothing against the regulations, just how they are implemented. A third party should not have access to my government issued documents.

Topic: Do you think casinos can stop demanding KYC? - page 9. (Read 1758 times)