Topic: Information of Crypto Casinos License and KYC requirements - page 2. (Read 4422 times)

By the way, you touched on one of the rather important aspects of choosing a casino, namely the issue of identifying a new player through the KYC procedure.  There are indeed many nuances to this issue.  First of all, this is the volume of information provided, containing confidential personal data, such as, for example, photos of documents.  And also, for example, a photograph of a player’s face that was just taken, and so on.  And of course, an important issue is the timing of document verification by the casino.  Obviously, the long process of verification and identification irritates all players because the extra wait for access to games in this casino is real, no one needs it in life.  By the way, having once gone through this process,the player usually forgets about the time spent waiting, and if he likes the games at this casino, then he does not remember this unpleasant procedure at all.  And about how much time he spent entering this casino.  All this, in my opinion, was not done in the interests of the players, and now, with such rapid development of information technologies for recognizing and using AI, all these procedures will soon become obsolete and will not make any sense.  Identification will take place automatically anyway.

Thanks for notifying me about this. I have removed Exbet from the list now. I'm not sure how I missed to check them out when I had rechecked the details of each casino during the update on the October month.

Well, one thing that we must understand is that, every online gambling casino have their strengths and weaknesses, even if a big casino delayed in processing kyc verification request from their customers, know it that, there are other areas where such a casino is definitely better than the casino that processes kyc request faster for their customers, this difference could be in game odds, more winning ratio due to lower house edge and so on..

So in the end, if you abandon a good casino because they fail to process your document verification request fast, you will at the end of the day still find yourself back to the same casino because, there is something they have that can't be found on another casino.

And as for 500 casino, I know this casino even though I have never played there, I've seen their signature ad on this forum several times, and their administrator on this forum is quite active as well, its definitely a good casino, but like I said, I have never played there.

Big thanks for putting in the effort to compile all this information. It's incredibly helpful for anyone looking to get into gambling. Much appreciated!

I checked some casinos on the list and I found 1 casino that seems to be on "temporary closed", it is exbet. I got below message when I accessed this casino:


It means that they have been inactive for more than 4 months now. Although they say that they are going to comeback in 2024, but I think you can remove them from the list first. They may comeback next year but we do not know when, so it can be in the early 2024 or late 2024. Their bitcointalk account is also not active since June this year, maybe few weeks before the update on the main site.

Even though users have opposed not uploading documents but they have no option to withdraw funds and claim rewards which are given to users who have valid KYC documents. However, I don't know 500 casinos yet but 500 casinos have been added to the list on the main topic and they are very fast in the KYC verification process, so other top casinos should also do the same for service priority for users, don't make KYC verification difficult as they will tend to find another top casino that is friendly in service and quick to handle any problems.

You have said it rightly it is KYC that casinos used to scammed gamblers as you said. Lolz finally you have submitted to their conditions and claim your prize and we thank God that they responded to you documentation very fast for you to claim the prize and move on. Because this is where they (casinos) use to withheld winning prizes by gamblers and ask them to fill forms and update data and upload documents and if the gambler could not provide any information there the prize will be forfeit or they close the account. And all those information were not asked at the beginning. There are good casinos but the bad ones are over shadowing them. Not that KYC is very bad but it is the casinos making look like a very bad something. And probably casino 500 have a very good responding system and that was why you case was speedy.

Update: Anonibet, one of the oldest and anonymous Bitcoin betting site has closed their business recently. I have removed them from the list. The list of anonymous betting site is getting limited. Anyway, I have added MoneyPot in the list. They aren't strict with the KYC, but have some age and citizenship verification rules.

UKGC licenses are only valid for the UK. Unless the country has some national licencing, any other global licensor like Malta, Curacao and Gibraltar is fine.

It depends on the license provider and the gambling related laws of a country. Usually, a casino can operate in most of the countries in the world by having a license from Curacao. But Curacao licensed casinos aren't allowed to operate in some European countries. Casinos need to have a license from 'UK Gambling Commission' to operate in those European countries. There are a few more countries with similar restrictions. That's why some casinos have taken gambling license from several authority to operate in different countries without any restrictions and problems. AFAIK, online gambling isn't illegal in India.

You seem to be contradicting yourself when you said you are against KYC and still say that Roobet is a wonderful casino since they ask for level 1 verification upfront as stated in the OP. That is unlike most gambling platforms here where they only require you if needed - your case with 500 is a good example of that.

When it comes to money specially a significant amount then for sure it wont really be that a problem for people to comply on whats been asked. We've been dealing for long already about exposed identification or privacy not online but in real life. Therefore, there's not really that a difference and now we have some locked up funds on the site and asking for some verification?
It wont really be an issue and just like been said that most gamblers or people would really be agreeing and would really be complying it right away.

If KYC is been asked on the time that we do register then this is the only time that crypto gamblers or people would really be flocking away out of it. Why?
Sharing up information just to play is never been that ideal on which we do know that we could be able to do such thing without sharing up our identity into other
places. We do know on how its been highly frowned upon into this space.

If I wherein you shoes I will do the same since I already have a prize to claim once I pass through the KYC process,  to get my money out and that is something I know many other people will do same unless you don't trust the casino to be able to handle you privacy but if it does then kyc is not an issues.

We have to come to terms with that fact that KYC is what most casinos and governments require from the gamblers and this helps to solve a lot of issues such as removing possible underage gambling.

Today I received a prize from winning a competition sponsored by 500 Casino. Even though I am against KYC in a crypto casino, I had no choice and had to go through it. Probably everyone knows how casinos don’t like a player with a profit trying to withdraw money, and they create difficulties in the way of this player so that he gives up and changes his mind about withdrawing the money or crypto he won. Nevertheless, I want to say that Casino 500 verified my documents incredibly quickly, literally within a minute I received the result, and all the document rejections were only due to my error. Therefore, for me, in addition to Roobet, another wonderful casino began to exist.

Yeah that is Malta license and the annual fees is a bit expensive compare with the Curacao, but dont forget about the other expenses when the platform decided to choose Malta gambling license than the others.
There is an additional taxes and its up to annual revenue of the platform, more profits = bigger the taxes.

Not easy to get this license, they are very strict and takes time (months) also you have to fly to Malta, not like other licenses where you can apply online.
The casino also must report the audit of the software periodically and you have to incoorperate with the local company there because the hardware and software must be located in Malta.
KYC, underage, restricted countries, fairness, etc are important matters for them (MGA/Malta Gaming Authority).
So any platform with Malta license will be very strict on everything.

These only some of the basic requirements, we havent talks about the other complicated requirements to obtain the license, Im not an expert but this might answer the question why most of the crypto casino using Curacao license than the Malta license.

@Sunderland

thank you very much again for this helpful info. good to know that there is someone like you with this knowledge regarding online gambling licenses.

@:Youngkhngdiddy

you wrote: - Class 1 license – this license covers casino-type games, skill games, and online lotteries

I thought skill games don't need a gambling license. any idea or info on that? I am asking as I am right now working on a 10 card rummy skill game

cheers

This is an excellent article regarding licensing processes. I did not know there are only 4 licensing authorities that hold at most importance throughout the globe and gambling licensing issuance. So is it like if a casino is from let’s say Indian base but it holds license from any of the listed masters then it’s fine for all over the world? Like it doesn’t matter if Indian authority if any has issued the license or not? I know it’s weird question but it’s important in many senses. For example, there are casinos out there who claims to be holding licenses issued by other countries authorities rather than their own. So it makes questionable whether it is valid for the locals or not. In India gambling is still illegal however somehow we are not in the ban country list when it comes playing games around foreign gambling sites. Not sure how that works?

But they do accept our government issued IDs so those master licenses are accepted here?

  Choosing the right location for an online casino business is certainly one of the most important steps when planning to open an online casino. One of the most popular and respectable destinations is Malta, with online gambling being the fastest growing industry. When planning to establish a business within the EU, Malta is usually one of the first choices to consider. This is due to a number of benefits, such as favorable tax rates or no profit tax for players. Maltese online gambling license is considered to be highly reputable.
In regard to the question, one can obtain four different licenses and they are divided as follows:
· Class 1 license – this license covers casino-type games, skill games, and online lotteries
· Class 2 license – covers fixed odds betting, spread betting, and pool betting
· Class 3 license – this license covers betting exchanges and peer to peer gaming
· Class 4 license – intended for software vendors, B2B license
   The annual fees for each of these licenses are different (from 10.000 EUR to 25.000 EUR).
Malta Gaming Authority (MGA) is the responsible authority for regulating the licensing procedure, as well as for issuing licenses. The overall process of applying for and obtaining a license in Malta is not complicated. However, it is advisable to do this with the help of a local expert in this field who will be able to assist with every detail.

Last year it cost less than $7k, with tax and other administration fees still less than $10k in total for the 1st year.
But there are still other fees depends on the agreement between the casino operator and the 3rd party company/firm who handle the registration of the license.
There are 2 licences but I forgot the other one, and its a bit expensive from the one above.

Costa Rica license is cheaper than Curacao, many new casinos will choose Costa Rica because it can save -/+ 50% of their expenses for the license yearly.

thanks again, very much appreciated

do you also know the cost such a temporary solution?

cheers