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What Verifications Will Customers Face Before Placing a Bet?

An important component of matched betting is to deal quickly with Know Your Customer (KYC) checks. Signing up with several different bookmakers means that all of the conditions that are in place to stop underage gambling have to be met. Below is all about KYC registrations, including the verification documents required and why it is mandatory.

About KYC Verification

KYC represents Know Your Customer. It provides a means for the UK Gambling Commission to ensure that online gambling is only open to people over the age of 18. These checks are not up to the bookie, to be pretty straightforward. They must be able to unequivocally guarantee that every single one of their clients is legally authorized to use their service. That is, if they choose to comply with the regulations legally. If bookies fail to comply with these regulations, the UK Gambling Commission will harshly fine them or even shut them down.

No one is excluded from the criteria for identification. Even though you have been registered to sign up for safe betting sites that do not require verification and deposit funds, you have to provide these bookies with some method of identity before you are able to withdraw them.

It was the case prior to 2019 that people were able to sign up, deposit funds, and make bets for 72 hours after your account was opened. You also had to have identification in order to withdraw.

However, this was prohibited by new rules put in place by the government, as it legally allowed anybody (including those under the age of 18) to make bets, even if their winnings could not be removed.

You must now have an ID and be checked before any bets can be made. This new legislation is more effective in stopping underage gambling, but it makes life more complicated for matched betting.

There are also some special deals that you can only access when you have signed up for a new bookmaker. The easiest way to do this now is to make sure you have all your paperwork ready to go so that you can sign up as soon as possible and get checked.

What Documents Do You Need To Provide?

DocumentsTo validate your ID, there are a variety of different documents you can provide bookmakers with. They need to be able to confirm your name, date of birth, and address, in essence.

Few sites, such as Betfair, try to electronically execute your identity verification without the need for you to make available proof of documentation. They can, for instance, check the electoral register. Below are the essential documents:

Proof of ID

A passport is the most popular type of ID that individuals use, although some choose to use a driving license. Both of these documents can confirm your name and birth date. You may occasionally use a birth certificate for specific individuals without a passport or driving license. However, this has been known to take longer to check. These documents are still needed, so it is worth getting a copy clearly scanned.

Proof of Address

You’re also going to need evidence of your address. Either with a bank statement or utility bill from the past 3 months, you can do this. This is a little more tricky because you will need to keep reviewing these papers as time goes by.

You should go to the branch of your local bank and ask them to download a statement for you. It is a bit of an inconvenience to do this once every 3 months, but it can be required.

Source of Wealth

Usually, this is if you have been using a betting exchange to bet significant quantities of money. A source of wealth management is a request for basic information about your source of revenue, so maybe a paycheck or return on investment or payslips from your work will suffice.

The reasons why a source of wealth control is requested are different from a standard KYC search. Though KYC is primarily concerned with consumer recognition, the battle against money laundering is the reason for the source of wealth checks.

Why is KYC Mandatory?

The KYC process may seem stressful and annoyingly demanding, but it is very vital. Issues such as underage gambling and gambling problems are best solved using the details requested during the KYC process. With the information you make available, casinos can better tailor their services in line with responsible gambling requirements.

KYC will also allow casinos to protect customers who are suspected of having gambling problems. Also, it helps to avoid cases of money laundering. Suppose you are yet to get your KYC registration done with your selected casino. In that case, you may be unable to benefit from freebies and welcome bonuses. In some cases, you may be unable to make a withdrawal even if you are able to place bets.

David Bright

David Bright joined Times of Casino as a news writer focused on the casino industry. He holds a bachelor degree in Economics and Accounting and currently contributing in-depth news articles. David writes on the casinos, gambling legislation, poker, and much more.

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