Topic: How my lack of knowledge has blinded me so far (Read 764 times)

Any gambler is suppose to be aware of KYC or rather expect it. Besides it is for the gamblers good as it helps to dictate scammer and anti money laundrers. And also to identify and verify their customers, understanding the nature and purpose of customers relations and any suspicions transactions will be dictated easily.
If there is no KYCrequirement, or any form verifications, many people will not be interested in gambling site because many people must have been scammed and left the site and give the site a bad name that will discourage many others.
I think there is need for KYC.

Any gambler is suppose to be aware of KYC or rather expect it. Besides it is for the gamblers good as it helps to dictate scammer and anti money laundrers. And also to identify and verify their customers, understanding the nature and purpose of customers relations and any suspicions transactions will be dictated easily.
If there is no KYCrequirement, or any form verifications, many people will not be interested in gambling site because many people must have been scammed and left the site and give the site a bad name that will discourage many others.
I think there is need for KYC.

There are people like me who dislike KYC verification requirements from online casinos, and I always have two complaints about it.

1. Why the need for KYC.

2. Why pretend they won't ask for KYC, but ask for verification after a big win.

Yeah, even there are few casinos aren't asking user KYC since they don't have any rule about KYC in their terms, I wouldn't surprised sooner or later they will be forced to have a license and obviously will follow the regulations. This might happen on old and reputable no KYC casino, a small casino will not be a target by the government since the money involved on the site isn't that big.

this probably happens a lot too since most of the KYC companies that does verification are quite shady
some claim that they delete the data but this isn't really verifiable

but on the other hand, there aren't so many cases of identity theft ?I've heard about, is it such a huge problem?

All of that could be part of the terms of service (TOS), or they are required by regulators to verify their clients once they hit a big amount of money. Sometimes, not all the information we need to know is present in the TOS, but as long as it's legally enforceable, we can't blame the gambling site for doing their job to comply with the regulators.

Unless in the case of scam casinos.

To be honest, i dont understand why some ppl so mad at KYC... and would like to know opinions of who is against that, just to understand an their view.

There are people like me who dislike KYC verification requirements from online casinos, and I always have two complaints about it.

1. Why the need for KYC.

2. Why pretend they won't ask for KYC, but ask for verification after a big win.

While my lack of knowledge has kept me away from several big online casinos in this forum, I decided to do some additional research in my spare time.

Some Facts Why KYC Verification is a Necessity For Online Casinos.

~Online gambling businesses have become more attractive since the Covid19 days, more money entered the gambling business, making the attention very noticeable, also a good opportunity for the law to go after them.

~There are penalties on online gambling necks too, they have to implement anti-money laundering procedures just to survive, many online gambling platforms faced the panel in the past and ceased to exist.

~You have no idea how much these companies spend per year just to be friendly to the law and pass criterion regulations and business procedures, it is called intense regulation, to avoid fines.

~The only way these people can avoid the mistake of allowing fraudsters into their system ( gambling platform ) is by having KYC and AML (anti-money laundering ) in place.

~If you see another way that I don't, do drop your comment, because people can't be trusted, they will pretend to be a random online gambler but they have other bad intentions in mind.

From now henceforth, my assumptions about KYC verification from reputable online gambling platforms have changed, I seek for answers and I find them, drop your opinions if you think I am wrong or you think this is not accurate enough.

My main issue is identity theft when the company that got my KYC ends up being hacked and my identity details stolen. That's actually a real possibility these days.

~snip~
From now henceforth, my assumptions about KYC verification from reputable online gambling platforms have changed, I seek for answers and I find them, drop your opinions if you think I am wrong or you think this is not accurate enough.

It's good to hear that you've taken the time to research the reasons behind KYC verification requirements for online casinos. I believe KYC verification helps online casinos ensure that their players are who they say they are and that they are of legal age to gamble. In easy words, it's mandatory to provide the player's credibility. In addition, it's necessary to ensure the safety and security of online casinos and their players.

It's good to hear that you've taken the time to research the reasons behind KYC verification requirements for online casinos. I believe KYC verification helps online casinos ensure that their players are who they say they are and that they are of legal age to gamble. In easy words, it's mandatory to provide the player's credibility. In addition, it's necessary to ensure the safety and security of online casinos and their players.

Yeah, even there are few casinos aren't asking user KYC since they don't have any rule about KYC in their terms, I wouldn't surprised sooner or later they will be forced to have a license and obviously will follow the regulations. This might happen on old and reputable no KYC casino, a small casino will not be a target by the government since the money involved on the site isn't that big.

It's good to hear that you've taken the time to research the reasons behind KYC verification requirements for online casinos. I believe KYC verification helps online casinos ensure that their players are who they say they are and that they are of legal age to gamble. In easy words, it's mandatory to provide the player's credibility. In addition, it's necessary to ensure the safety and security of online casinos and their players.

Exactly, the gambler that is just betting a few dollars here and there does not really need to pass KYC or any other similar process, let them make their small bets, it is obvious they are not really serious about gambling and for them it is just an occasional hobby, besides even if casinos tried to force those people to go through KYC those people will think about it and come to the conclusion it is not worth for them to go through that process and simply change casinos instead of sending their documents.

If you're asking as a potential owner and asking if you need to implement a KYC policy for your players, it depends. If you are a big casino and have a license you have to follow KYC policies which have to be enforced due to regulations like Bitcasino and Stake as examples.
I also don't like KYC because it involves identity and I'm worried that unwanted things will happen like being abused, but there is no option to follow it especially when withdrawing large amounts even if it's just a dream.

For sure, those big casinos follow this. Thanks for the information, as I was not aware of this. I am also one of those who doesn't like KYC, but I still do it because I don't have a choice since those casinos that are not regulated, let's say illegal, do not have KYC, which we like, but if we win big, that is now the problem. Let's do KYC only on those big platforms to make our data safe, and we can still continue playing, so we don't have problems when we win big.