KYC procedure in online casinos does more good than bad or the other way around? - page 9.

FanEagle

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Quote from: Kakmakr on May 01, 2019, 03:18:23 PM

Most online casinos are not operating legally so they would rather prefer to deal with "unknown" entities, because they can even allow children to gamble and nobody can point a finger at them for knowing that in advance. Tongue

The KYC requirements are more a government requirement within a legal "Brick n mortar" establishment and not really something that can be enforced with online casinos that are operating from some "island" location. Roll Eyes

Gambling sites needs money and they don’t really care about the identity of the gamer. It means nothing to them if a player less than 18 years plays on the site as long as the player has money to spend. But there are some casino sites that request for KYC and I am wondering what exactly they need it for or reasons why they need it knowing completely well that no player would never agree to submit their private details.

I don’t gamble in any site that request for KYC. I can’t remember the name of a site a visited some time last year, with varieties of games and I would have really loved to play but as soon as I realized that KYC Is a prerequisite for withdrawal, I just backed out of the site and that was the end.

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Quote from: emmybd on May 01, 2019, 10:07:42 PM

Many online casinos require you to pass KYC to withdraw funds. The main question is can these casinos be trusted with your personal info. In my opinion, it wouldn't do more good for you.

I think some of the websites have a good trusted so far. But we have our choice to stay away from them because they want us to pass KYC. We have the other casinos which will allow us to withdraw the funds without pass KYC and I think that casinos are trusted too. But I don't want to pass any KYC on any website because it's too risky for me and I think that many identifications have been spread in the dark web.

emmybd

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Many online casinos require you to pass KYC to withdraw funds. The main question is can these casinos be trusted with your personal info. In my opinion, it wouldn't do more good for you.

ruthwithers1980

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Thanks for all your replies.

I combined most of the responses of those who don't approve of the KYC process in casinos and was able to come up with an article summarizing them all: 4 Reasons Crypto Players Skip KYC Casinos

Also, here's another bitcointalk thread focused on those reasons: https://bitcointalk.org/index.php?topic=5136360.0;all

pinoycash

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Quote from: BossMacko on April 30, 2019, 07:47:40 PM

One reason i don't really want KYC enabled gambling site is because i am afraid that they run a way someday and take or use my identity somewhere else. I prefer playing or gambling in a site wherein running for many years already without KYC. Plus KYC procedure is very hassle you would not be able to withdraw but you can deposit so if you will not be able to verify or finish KYC then your deposit is safe in their website.

The only time i see a casino platform asking for KYC documents is when they are trying to verify someones age, if its the minimum playing age based on their TOS.

Aside from that i don't see any more reason why a gambling site that only accepts Cryptocurrency will ask for a KYC for their customers.

imstillthebest

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Quote from: Indamuck on May 01, 2019, 10:39:18 AM

It does have the potential to filter out potential hackers and scammers but I still think it does more bad than good.

no . kyc is not built for that purpose . afaik there are more important reason on why they require a kyc .

Quote

Crypto should remain somewhat anonymous, if not that you might as well just use fiat instead.

yes . what is the purspose of using a crypto if we are still exposing our personal info in the form of kyc ? eh ? gambling using fiat is i think more better because they arent requiring a kyc not unless if its a high end casino because some of them may be requiring your i.d before you enter and play .

Kakmakr

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Most online casinos are not operating legally so they would rather prefer to deal with "unknown" entities, because they can even allow children to gamble and nobody can point a finger at them for knowing that in advance. Tongue

The KYC requirements are more a government requirement within a legal "Brick n mortar" establishment and not really something that can be enforced with online casinos that are operating from some "island" location. Roll Eyes

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Quote from: Oceat on May 01, 2019, 11:49:38 AM

Quote from: Indamuck on May 01, 2019, 10:39:18 AM

It does have the potential to filter out potential hackers and scammers but I still think it does more bad than good. Crypto should remain somewhat anonymous, if not that you might as well just use fiat instead.

We are now in a different world where it seems that the government is trying to centralize the crypto related services. It is better to use fiat instead if they all want the KYC for crypto gambling. I can't blame those owners too since they were just following some protocols because if they don't then they don't exist nowadays.

Can't agree, despite the dact that I don't like KYC too, it's sometimes must to have in order to protect your business. For example imagine someone deposits 5 btc in your casino and then just withdraws it, how do I know whether it's money laundering or not? And if it's for money laundering, then I (casino owner) am in trouble. So in this kind of situations KYC documents are normal.
On another hand KYC can be used for example when someone tries to withdraw more than 1-2 bitcoin from account after long inactivity because of possible hacks.

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Quote from: Oceat on May 01, 2019, 11:49:38 AM

Quote from: Indamuck on May 01, 2019, 10:39:18 AM

It does have the potential to filter out potential hackers and scammers but I still think it does more bad than good. Crypto should remain somewhat anonymous, if not that you might as well just use fiat instead.

We are now in a different world where it seems that the government is trying to centralize the crypto related services. It is better to use fiat instead if they all want the KYC for crypto gambling. I can't blame those owners too since they were just following some protocols because if they don't then they don't exist nowadays.

Yes, we're in world where some governments are trying to crypto related businesses centralized but not all government and I don't any gamblers will complain about gambling site following some protocols if the gambling site explain all their procedure to their player before the situation of KYC application occur.

Oceat

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Quote from: Indamuck on May 01, 2019, 10:39:18 AM

It does have the potential to filter out potential hackers and scammers but I still think it does more bad than good. Crypto should remain somewhat anonymous, if not that you might as well just use fiat instead.

We are now in a different world where it seems that the government is trying to centralize the crypto related services. It is better to use fiat instead if they all want the KYC for crypto gambling. I can't blame those owners too since they were just following some protocols because if they don't then they don't exist nowadays.

Indamuck

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It does have the potential to filter out potential hackers and scammers but I still think it does more bad than good. Crypto should remain somewhat anonymous, if not that you might as well just use fiat instead.

rachman mahesa

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Quote from: Dreamchaser21 on April 30, 2019, 05:16:08 PM

Quote from: rachman mahesa on April 29, 2019, 07:59:15 AM

I have until now never played gambling which required me to do KYC. But if for a bounty for example, of course I've done it often. But for gambling I don't seem to be doing kyc. If you really have to do that, you must have a reason why I as a player must do KYC.

I’m also not comfortable to play on those gambling sites because KYC for me is very important and if i will just play to have fun, then no need for me to fill up any KYC. I understand if you are playing with 10BTC, but if you are just playing .1BTC then gambling sites should not ask for that. I want to play withou any hassle, so hopefully many gambling sites will remain fair and never ask to fill any kyc.

I have said it is indeed uncomfortable if we play gambling in small games that have to do KYC. Which means you feel, same as me. Grin

That's why you have to look for gambling sites without having to do KYC, because the purpose of our gambling is to have fun. And I think there are still many gambling sites that do not require KYC.

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Quote from: BossMacko on April 30, 2019, 07:47:40 PM

One reason i don't really want KYC enabled gambling site is because i am afraid that they run a way someday and take or use my identity somewhere else. I prefer playing or gambling in a site wherein running for many years already without KYC. Plus KYC procedure is very hassle you would not be able to withdraw but you can deposit so if you will not be able to verify or finish KYC then your deposit is safe in their website.

Yeah, once our identity is upload to their website, there is a chance for an attacker to search the database and steal the member document and if they can get it, they will use for the illegal thing. I cannot imagine if they have a way to penetrate the website and they can copy the data for their purposes. But we don't have to worry because there are many gambling sites which don't require KYC for their member because they know how important for their member to play gambling with anonym.

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Quote from: ruthwithers1980 on March 14, 2019, 09:12:45 PM

I've read a lot of replies in some casino-related threads talking about how they hate KYC procedures. I get it they don't want all the hassle if giving personal info during registration, that they don't want complicated processes, esp. when withdrawing, and that they are afraid the casinos will exploit their players' details who provided their personal info. But perhaps some people think about KYC positively — like KYC reduces the risk of money laundering and protects the casinos from fraudulent players?

I'm not saying I am pro or against KYC. I really just want to get insights from different perspectives.

In my own personal opinion, a lot of people do really hate KYC because it takes a lot of time filing up the form and some of them are afraid to reveal their identities or information that their identities can be used for illegal activities such as scams. Honestly, i am one of those people who don't want to take KYC procedures because i also don't want to share my information. I think it is just fine if online casino just has online registrations and not requiring any KYC. I really do understand the purpose of KYC like to reduces the risk of money laundering and to protect the site from fraud players, but they should still understand that our identities and information are more important. Anyways, I am playing in crypto casino that has hundreds casino games that you could actually play and enjoy like poker, baccarat, blackjack, roulette, and slots. They also offer great bonuses for new players that you can get 225% on deposits and get up to 1,000 mBTC.

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Quote from: Micerker on April 30, 2019, 05:13:14 PM

The requirement to perform KYC was a bad request because many users did not want to participate in mandatory KYC requests. Casino where you can find fun and profit, many users don't want to reveal their identity when joining Gambling. Therefore for funds with unusual signs, KYC should be requested before being accepted.

If a user don't want to reveal his identity, then it is fine. But in rare cases, this can cause complications. What will happen, in case he wins a big reward? I don't think that the casino will just send the winning amount to his wallet, until they confirm his real identity (they need it for auditing and tax purposes as well). In case they don't do that, then the government agencies will charge them with anti-money laundering laws. Another issue is with the dirty coins. If some user deposits drug money to the online casinos, then it can cause problems for the casino.

BossMacko

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One reason i don't really want KYC enabled gambling site is because i am afraid that they run a way someday and take or use my identity somewhere else. I prefer playing or gambling in a site wherein running for many years already without KYC. Plus KYC procedure is very hassle you would not be able to withdraw but you can deposit so if you will not be able to verify or finish KYC then your deposit is safe in their website.

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Quote from: rachman mahesa on April 29, 2019, 07:59:15 AM

I have until now never played gambling which required me to do KYC. But if for a bounty for example, of course I've done it often. But for gambling I don't seem to be doing kyc. If you really have to do that, you must have a reason why I as a player must do KYC.

I’m also not comfortable to play on those gambling sites because KYC for me is very important and if i will just play to have fun, then no need for me to fill up any KYC. I understand if you are playing with 10BTC, but if you are just playing .1BTC then gambling sites should not ask for that. I want to play withou any hassle, so hopefully many gambling sites will remain fair and never ask to fill any kyc.

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The requirement to perform KYC was a bad request because many users did not want to participate in mandatory KYC requests. Casino where you can find fun and profit, many users don't want to reveal their identity when joining Gambling. Therefore for funds with unusual signs, KYC should be requested before being accepted.

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Quote from: Ailmand on April 30, 2019, 04:56:44 PM

I don't actually see any benefits of customers going thru KYC procedure in gambling aside from compliance with the law. It is risky to disclose personal data just to gamble. I know a lot of online-gamblers here are against it because of security reasons and also because of the inconvenience of the procedure. Online-gamblers wants to remain anonymous while gambling for security purposes.

There is no wrong if they'll asking KYC for gamblers if their intention is to help the security of individual funds but some of them also used it into some shady activities which might be using our identity just to hide themselves. With this some instances, I may not be able to do KYC or even visiting gambling sites that requires KYC. It would be the safety of our own and remain at anonymous.

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KYC can be justified in casinos if there's a legitimate concern with a player or something of the sort with stolen funds from other places and such, and ideally KYC prevents fraudulent activity from happening, but the way it's currently used by some shadier casinos isn't good when those casinos use KYC as a way to stop players from withdrawing won funds. I also don't like to submit KYC because I'd gladly gamble on a casino that doesn't require KYC than one where I have to submit KYC to play at the risk of my identity and documents being stolen which could cost lots of money, not to mention it can take quite some time for your KYC application on a site to be cleared as well; even if a site requiring KYC is better than another, I'm going to the site that doesn't require KYC first.

Topic: KYC procedure in online casinos does more good than bad or the other way around? - page 9. (Read 2151 times)