Topic: How my lack of knowledge has blinded me so far - page 3. (Read 762 times)

As I commented the other day in a thread in the Meta section, this does not only happen with cryptocurrency casinos. It also happens for example with the lottery website in Spain, which is a public entity owned by the Spanish state. You can deposit and bet small amounts, but after a certain limit you have to pass the full KYC, even though you deposit with a bank card, with your name.

So people should not be so surprised, and above all they should read the ToS before depositing and betting.

For me, I don't like online Gambling platform. I used to feel like its being programmed to make you later lose your funds. For the KYC parts, some platform steals KYC and even delete user account after that. So, its dangerous in both part. With this my little understanding, I stay away from gambling generally

We need to agreed with the first rule of the gambling websites by agree to submit your kyc.Because they can use the kyc for anything,we don’t know the kyc was used in the right manner.So if you are not okay to share your kyc for the game,you should avoid it at the foremost time.Because people with less knowledge will share their kyc without knowing the negative impact of the thing.It doesn’t mean all the websites using your kyc for the mal practice,but some was involved in such things.It’s not feeling hesitation to use on trusted gambling site of your kyc.

KYC is normal in a licensed casino, as long as the reputation of the casino is high and trustworthy, I don't think it's a big matter. If you're fine to submit KYC on a centralized exchange, why you're afraid of submitting KYC on a casino? when both of them already proven if they've handle a lot gamblers, money and their brands are visible on many sports.

Of course, online casinos are required to enter KYC in order to obtain a license and comply with the laws of the host territory, but this does not mean that the presence of KYC protects the user from fraud by the casino itself. This is a two-way road and here, in any case, you need to conduct research on trust in this or that online casino, not trusting just the presence of KYC.

Asking for KYC was something optional in past but since online gambling businesses flourished in covid era it became a literal norm. People can't get used to changing laws in the world. You can compare crypto's ico era and now a a proof. Its too hard to be fraud and not get accused now. I also thought kyc is bad thing in past. But if i lose some portion of money as a result of some mistake in website, kyc can actually help me. I learned this.

experience is the best teacher mate so OP had just to learn it the hard way but the essence of learning still lives on it so let us not fall from that same mistake so there will be no one to suffer like what op did.
gambling is about to lose if we are not knowledgeable mate, kyc or other policies may apply .

exactly what acquiring knowledge should do, change your mindset for the better and give you advanced information about something, I love the fact that you've see the need for kyc.

indeed mate, but what I try to say is that some casino may not implement KYC while we are playing (winning/Losing) small amount but once we hit the jackpot or some amount near to that? then this KYC thing comes and we have no choice but to comply.
in that sense I wanted people to be ready or never play in online casino to prevent this KYC obligation .

indeed mate, but what I try to say is that some casino may not implement KYC while we are playing (winning/Losing) small amount but once we hit the jackpot or some amount near to that? then this KYC thing comes and we have no choice but to comply.
in that sense I wanted people to be ready or never play in online casino to prevent this KYC obligation .

Some won't KYC as long as each transaction is under 5000 NAf. That was the rule at one time so it may have changed. They will set their own weekly or daily limit. Some books may KYC for a withdrawal of $50 USD. The laws in Costa Rica are different than those in Curacao. Each book seems to do it differently. Depending on the amount, some may even ask for source of funds. Then there are casinos asking for KYC to come up with a reason not to pay.

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.

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.

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.