What Documents Are Required For KYC on Betting Sites? - The Rugby Observer

What Documents Are Required For KYC on Betting Sites?

Rugby Editorial 14th Mar, 2023   0

Betting operators may not always require the punter to disclose their personal information when playing. Gambling platforms like CasinoGap sports sites that don’t require verification and do not ask players for ID proofs on signing up. However, if the player makes a large bet, this may require them to verify their information through the KYC procedure.

Payment options for bets can occur over the counter for a small but are also possible through reputable betting sites online. Players can make use of various payment methods, which may just require a telephone number, a PayPal account or a cryptocurrency. This convenient means of betting and cashing can be both or transparent, depending on the platform used.

What is KYC Procedure

Know your customer or KYC is a client verification process that involves the collection of their personal information. The process is essentially designed to safeguard the business from any nefarious intent from persons who may want to harm the business. The information also ensures that the persons who gamble are within the legal framework to play these platforms.

The information gathered includes the collection of state-issued identification documents, proof of residents, bank details and sometimes proof of income like salary statements. Each document provides not just verification of identity but also assists the business in formulating a profile for each client to provide them with the best service possible.

The information may be used to analyse data about a client or collection of clients for marketing and statistical information. Algorithms can be created from the information, which would assist both the client and the business in optimal performance.

Verification of persons helps safeguard against fraudulent activities, money laundering and other illicit activities by persons with ill intentions. Businesses can conduct cross-checks based on the information provided through third-party assistance. This procedure is important and benefits the safety and security of both the client and the business.

What Documents Are Needed To Be Allowed Place Bets

Regulated betting sites are required by law to get information on their clients before they proceed to play on the site. The basic required information would be personal information included in a registration form. Verification documentation will be sent to the site to show that they have not allowed minors to participate on their site. This transgression of the rules may result in them being fined for the violation.

Proof of Address 

Documents to verify proof of residence can include a utility bill, a bank statement or an account statement from any business. The document cannot be older than three months old upon submission date.

As specified, the document is meant to verify where you live. Based on the request, submission can be via email, scan to email, or a picture sent via mobile device. This document is used to verify physical addresses and whether they are old enough to have property or rent. Betting sites may not always ask for this document from players unless they make and withdraw large sums of money from their betting accounts.

Passport or Driving License 

These documents are often the most basic in identity verification. A passport or driving license is the fasted way to get verified. This is primarily one sure and fast way also that ensure that the player is in the legal gambling age. Any documentation requested will have to collaborate with the information found on these documents.

Licensed operators with the UKGC are also on GamStop. The information gathered seeks to find whether the player is signed on to the self-exclusion site. Verification of information helps rule out any persons of interest, vulnerable persons or any other who may raise a red flag for the operator.

Bank Statement 

The information gained from your bank statement helps towards the assessment of the financial risk of the player. A player who is highly committed, their expenditure habits as well as their ability to meet their financial commitments.

ID verification seeks to eliminate the use of financial transactions which are used in criminal activities which may harm businesses and or clients. The information also provides information on regular income and frequency of income. Operators are will be able, through this information, to make assessments on whether any illicit activities are being conducted on the account, like money laundering, etc.

Identity Verification for Betting: Conclusion

To ensure the safety of the business, businesses engage in a variety of security activities. These become vital not only to protect the intellectual property of the business but also to ensure they comply with regulatory policies as well. Information becomes key.  Online bookmakers implement ID verification too.

The collection of client information is key to ensuring that those using their platforms are who they say they are. This also ensures that the platform is not being used for nefarious activities which might harm their brand as well as bring harm to their list of clients. Due to the mandatory requirement of verification, any site which would take your cash and not ask for verification is circumspect. Players are advised to play on reputable sites licensed with regulators.

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