What importance is kyc In gambling section

acroman08

legendary

Activity: 2436

Merit: 1104

Quote from: IvugeoEvolutionCoin on July 21, 2019, 11:51:44 AM

I don't really support the idea of KYC for gambling. KYC goes against the primary advantages of using crypto for gambling, which include anonymity, no regional restrictions and swift operations. KYC will slow down the process in that you need to be verified, which sometimes take more time than required, before you participate. Also, some regions might be restricted and with KYC in place and someone from a restricted region won't be able to participate.

yeah, that could be a hassle for someone who uses crypto-currency to gamble. but you must know that some people like an extra security on their account that KYC provides.
I myself is not particularly fond with KYC since independent online gambling site is restricted in my country but I don't hate the Idea of KYC and the benefits it can give to a gambler.

IvugeoEvolutionCoin

sr. member

Activity: 952

Merit: 267

Vave.com - Crypto Casino

I don't really support the idea of KYC for gambling. KYC goes against the primary advantages of using crypto for gambling, which include anonymity, no regional restrictions and swift operations. KYC will slow down the process in that you need to be verified, which sometimes take more time than required, before you participate. Also, some regions might be restricted and with KYC in place and someone from a restricted region won't be able to participate.

mersal

member

Activity: 1204

Merit: 38

Quote from: Bagaji on July 21, 2019, 04:41:17 AM

The reason why gambling companies introduced KYC is for them to know there customers, know whether the country there customers permit their products and services, know whether your age is above 18 or so, are all some of the factors that makes gambling companies to introduce KYC.

If they don't want people from some countries they can block those IPs but asking for the documents when it comes to gambling sites most people will not prefer that sites.

People love to gamble with complete anonymous.

Bagaji

sr. member

Activity: 1330

Merit: 291

The reason why gambling companies introduced KYC is for them to know there customers, know whether the country there customers permit their products and services, know whether your age is above 18 or so, are all some of the factors that makes gambling companies to introduce KYC.

Irvinn

full member

Activity: 966

Merit: 104

Quote from: cabalism13 on July 19, 2019, 06:28:53 PM

Quote from: Questat on July 19, 2019, 05:46:32 PM

Quote from: Spaffin on July 19, 2019, 12:18:21 PM

It seems to me that the provision of KYC should be associated only with the amount of winnings that the gambler wants to withdraw from the gaming site. If for example the amount of funds exceeds $ 2,000 or $ 3,000, then you may be required to provide passport information.

As it only be required for a big to those who have a big amount of withdrawals but sadly its been asked to all after registration either you just withdrawing at minimum amount. I don't see any instances that it become mandatory to all but we can't do anything but to follow their rules and regulation or we just be rejected and can't move our funds into our wallet.

Its a bit off as for its getting popular because of "Safety" and "Security", they wanna keep track on all records where the money is being sent, almost all of the gambling sites does have this feature, though there are still some sites that doesn't require this as for they're just some simple games, but still requires email verifications.

Its just a matter of trust as I can think of it so, its better to do it with your own risk.

I am sure that there are no problems with trust. First of all, the requirement to provide kyc is a requirement for those resources that have real state registration. I think that the states with certain legislation on gambling control keep accurate records of the turnover of funds.

Ayiranorea

sr. member

Activity: 1246

Merit: 255

Leading Crypto Sports Betting & Casino Platform

Quote from: bitcoinisbest on July 19, 2019, 01:05:17 PM

Quote from: Spaffin on July 19, 2019, 12:18:21 PM

It seems to me that the provision of KYC should be associated only with the amount of winnings that the gambler wants to withdraw from the gaming site. If for example the amount of funds exceeds $ 2,000 or $ 3,000, then you may be required to provide passport information.

This makes more sense that after certain amount if the winnings is bigger amount than KYC is must just for the verification purpose etc. But for those who do not gamble much or end up losing the amount still need to do KYC many would be worrying about their mis-handling of the documents over the KYC.

Myself too find this to be a better way to request KYC than every user to fulfill KYC. When one has lost big, doing KYC doesn't gonna get him back what he has lost. In this, when KYC is mandatory whenever one withdraw above specific amount then it'll ease out to be the best way for fulfilling KYC.

bitcoinisbest

hero member

Activity: 1218

Merit: 557

Quote from: Spaffin on July 19, 2019, 12:18:21 PM

It seems to me that the provision of KYC should be associated only with the amount of winnings that the gambler wants to withdraw from the gaming site. If for example the amount of funds exceeds $ 2,000 or $ 3,000, then you may be required to provide passport information.

This makes more sense that after certain amount if the winnings is bigger amount than KYC is must just for the verification purpose etc. But for those who do not gamble much or end up losing the amount still need to do KYC many would be worrying about their mis-handling of the documents over the KYC.

ruthwithers1980

member

Activity: 350

Merit: 45

Reiterating the following points sourced from https://bitcointalksearch.org/topic/m.50780694:

Siren

sr. member

Activity: 826

Merit: 265

Quote from: Hippocrypto on July 21, 2019, 09:57:19 PM

This will give the betting site a transaparency originating from their players who had betting with them a few occurrences may happen to betting site whose conceivable of numerous scammers who tried to deal with them on crucial periods. That why it really needs to be regulated as well in order to be more secured on betting.

Transparency for the sites to originate their players?lol every account in their sites Stands as is on that concept so there’s no need for KYC..they can distinguish every players in their respective accounts created of that specific site I don’t know what you mean by originate

This was just being abused by the sites since some of their policy don’t really menionednKYC upon registration and they will only implement once the player got the jackpot or big winnings

Dread Pirate Roberts

sr. member

Activity: 1512

Merit: 326

Quote from: kingpin4321 on May 17, 2019, 12:20:26 AM

Know your customer (kyc) is one security measure I support and do not hesitate to fill-in all my kyc required details. KYc is being used by exchanges, ico project some bounty managers etc.
But is kyc really needed in gambling section. I experienced a very hectic kyc procedure when trying to register onto a gambling site with them telling me they would get back to me after some day so I wonder what if I got a pressing game I needed to play immediately.
In my own opinion kyc is not of major importance in gambling section. What do you guys think

Depends on where you are betting. it is not possible for you to give details of your information to a betting broker website. because it's very risky for yourself later. we don't know what the data will be used for. and the purpose of the Kyc is to show the user's location and the legality of users using their facilities. i would think twice to do kyc in betting sites. there is tons of websites that will provide better services without doing kyc or giving sensitive information.

Distinctin

hero member

Activity: 2926

Merit: 657

No dream is too big and no dreamer is too small

Quote from: akram143 on July 21, 2019, 06:34:25 PM

Quote from: kingpin4321 on May 17, 2019, 12:20:26 AM

Know your customer (kyc) is one security measure I support and do not hesitate to fill-in all my kyc required details. KYc is being used by exchanges, ico project some bounty managers etc.
But is kyc really needed in gambling section. I experienced a very hectic kyc procedure when trying to register onto a gambling site with them telling me they would get back to me after some day so I wonder what if I got a pressing game I needed to play immediately.
In my own opinion kyc is not of major importance in gambling section. What do you guys think

what I feel about the KYC is in gambling field the security is the most important part in every gambling sites so if any problem was gone on that field it will directly affect the money transaction so if we find what is the problem is then we need some details about every one that is the implementation of KYC so it will be very good for everyone

Security over privacy, gamblers can choose, for me I would choose privacy and if my account is compromise, I can accept the loses as I don't spend much in gambling. Whatever makes us feel comfortable we should do, KYC should not be compulsory.

Hippocrypto

sr. member

Activity: 1484

Merit: 277

This will give the betting site a transaparency originating from their players who had betting with them a few occurrences may happen to betting site whose conceivable of numerous scammers who tried to deal with them on crucial periods. That why it really needs to be regulated as well in order to be more secured on betting.

akram143

full member

Activity: 1106

Merit: 166

★777Coin.com★ Fun BTC Casino!

Quote from: kingpin4321 on May 17, 2019, 12:20:26 AM

Know your customer (kyc) is one security measure I support and do not hesitate to fill-in all my kyc required details. KYc is being used by exchanges, ico project some bounty managers etc.
But is kyc really needed in gambling section. I experienced a very hectic kyc procedure when trying to register onto a gambling site with them telling me they would get back to me after some day so I wonder what if I got a pressing game I needed to play immediately.
In my own opinion kyc is not of major importance in gambling section. What do you guys think

what I feel about the KYC is in gambling field the security is the most important part in every gambling sites so if any problem was gone on that field it will directly affect the money transaction so if we find what is the problem is then we need some details about every one that is the implementation of KYC so it will be very good for everyone

logicgate

sr. member

Activity: 994

Merit: 252

Quote from: xamxam on July 21, 2019, 08:31:30 AM

Quote from: kingpin4321 on May 17, 2019, 12:20:26 AM

Know your customer (kyc) is one security measure I support and do not hesitate to fill-in all my kyc required details. KYc is being used by exchanges, ico project some bounty managers etc.
But is kyc really needed in gambling section. I experienced a very hectic kyc procedure when trying to register onto a gambling site with them telling me they would get back to me after some day so I wonder what if I got a pressing game I needed to play immediately.
In my own opinion kyc is not of major importance in gambling section. What do you guys think

Nope, Kyc is not needed in gambling in my opinion. And you're right it is only use most frequently in a ll centralized exchange.
And I never see a gambling site that asking for their players to submit Kyc before they start to play in the site.

. Yeah I know some gambling site don’t ask for KyC but I think it is good to submit the KYC for the cause of safety if they will be afraid of it I am sure no gambler will dare to cheat or scam mostly fiat casino use to ask for KYC but the digital casinos stays online and because of Anonymity they don't ask their gambler to submit KYC.

MadeinCoin

legendary

Activity: 1386

Merit: 1003

Quote from: cabalism13 on July 19, 2019, 06:28:53 PM

Quote from: Questat on July 19, 2019, 05:46:32 PM

Quote from: Spaffin on July 19, 2019, 12:18:21 PM

It seems to me that the provision of KYC should be associated only with the amount of winnings that the gambler wants to withdraw from the gaming site. If for example the amount of funds exceeds $ 2,000 or $ 3,000, then you may be required to provide passport information.

As it only be required for a big to those who have a big amount of withdrawals but sadly its been asked to all after registration either you just withdrawing at minimum amount. I don't see any instances that it become mandatory to all but we can't do anything but to follow their rules and regulation or we just be rejected and can't move our funds into our wallet.

Its a bit off as for its getting popular because of "Safety" and "Security", they wanna keep track on all records where the money is being sent, almost all of the gambling sites does have this feature, though there are still some sites that doesn't require this as for they're just some simple games, but still requires email verifications.

Its just a matter of trust as I can think of it so, its better to do it with your own risk.

Yes I know that they reasoned about security, then why did they make a crypto-based gambling site, if they finally violated the basis of crypto anonymity. Crypto was created for p2p, where one can transact anonymously. Then the gambling site has violated the crypto basis, then what's the difference with fiat if the rules must be KYC.

Pamadar

legendary

Activity: 2982

Merit: 1028

Quote from: Bagaji on July 21, 2019, 04:41:17 AM

The reason why gambling companies introduced KYC is for them to know there customers, know whether the country there customers permit their products and services, know whether your age is above 18 or so, are all some of the factors that makes gambling companies to introduce KYC.

Yes this is part of the reason why gambling sites are now implementing KYC though it's not all but there's some who's asking due to some regulatory needs, they are also placing this in order to avoid money laundering just to add from those information you provided above, if the gambling house are inside a jurisdicted place they also needs to comply with laws, if they required KYC then sites owners need to implement too.

xamxam

full member

Activity: 409

Merit: 100

Quote from: kingpin4321 on May 17, 2019, 12:20:26 AM

Know your customer (kyc) is one security measure I support and do not hesitate to fill-in all my kyc required details. KYc is being used by exchanges, ico project some bounty managers etc.
But is kyc really needed in gambling section. I experienced a very hectic kyc procedure when trying to register onto a gambling site with them telling me they would get back to me after some day so I wonder what if I got a pressing game I needed to play immediately.
In my own opinion kyc is not of major importance in gambling section. What do you guys think

Nope, Kyc is not needed in gambling in my opinion. And you're right it is only use most frequently in a ll centralized exchange.
And I never see a gambling site that asking for their players to submit Kyc before they start to play in the site.

cabalism13

legendary

Activity: 1428

Merit: 1166

🤩Finally Married🤩

Quote from: Questat on July 19, 2019, 05:46:32 PM

Quote from: Spaffin on July 19, 2019, 12:18:21 PM

It seems to me that the provision of KYC should be associated only with the amount of winnings that the gambler wants to withdraw from the gaming site. If for example the amount of funds exceeds $ 2,000 or $ 3,000, then you may be required to provide passport information.

As it only be required for a big to those who have a big amount of withdrawals but sadly its been asked to all after registration either you just withdrawing at minimum amount. I don't see any instances that it become mandatory to all but we can't do anything but to follow their rules and regulation or we just be rejected and can't move our funds into our wallet.

Its a bit off as for its getting popular because of "Safety" and "Security", they wanna keep track on all records where the money is being sent, almost all of the gambling sites does have this feature, though there are still some sites that doesn't require this as for they're just some simple games, but still requires email verifications.

Its just a matter of trust as I can think of it so, its better to do it with your own risk.

Questat

hero member

Activity: 2982

Merit: 610

Quote from: Spaffin on July 19, 2019, 12:18:21 PM

It seems to me that the provision of KYC should be associated only with the amount of winnings that the gambler wants to withdraw from the gaming site. If for example the amount of funds exceeds $ 2,000 or $ 3,000, then you may be required to provide passport information.

As it only be required for a big to those who have a big amount of withdrawals but sadly its been asked to all after registration either you just withdrawing at minimum amount. I don't see any instances that it become mandatory to all but we can't do anything but to follow their rules and regulation or we just be rejected and can't move our funds into our wallet.

numanoid

legendary

Activity: 1890

Merit: 1148

Quote from: Spaffin on July 19, 2019, 12:18:21 PM

It seems to me that the provision of KYC should be associated only with the amount of winnings that the gambler wants to withdraw from the gaming site. If for example the amount of funds exceeds $ 2,000 or $ 3,000, then you may be required to provide passport information.

$2000 or $3000 still too small to required our KYC. There are some sites (not gambling site) which give us no KYC if our daily withdrawal is 2 btc or equal with $20k atm. Why should i playing on that site and provide ky KYC to only withdraw $2k - $3k?

Topic: What importance is kyc In gambling section (Read 2082 times)