What Is Know Your Customer (KYC) in Betting?

♛ In betting, KYC (Know Your Customer) is an essential process used by bookies to verify the identity of their users. This ensures compliance with legal requirements and helps prevent fraud and money laundering. By using KYC betting procedures, operators can create a safe and secure gaming environment.

Explore this page with our Table of Contents

ON THIS PAGE

1. 1 Know Your Customer Explained
2. 2 Why Online Bookies Ask for KYC
3. 3 When Online Bookies Ask for KYC
4. 4 How Can I Verify My Betting Account?
5. 5 Real Example of KYC Procedure
6. 6 Know Your Customer & Signing Up/Withdrawal Delays
7. 7 Will KYC Help If I Have a Dispute With a Bookie?
8. 8 Tips for a Quick KYC in Betting
9. 9 ThePuntersPage Final Say
10. 10 FAQs

Know Your Customer Explained

𝄹 As online gambling grew, bookmakers lacked effective methods to perform checks on their customers. Now, KYC (Know Your Customer) is a legal requirement and standard practice for licensed British bookmakers, ensuring thorough checks on prospective punters, following concerns from the Gambling Commission about insufficient customer assessments.

💧 and money laundering become almost impossible with comprehensive KYC schemes in place.

🐼 In the UK, sports betting sites without ID verification are not-compliant, as identity checks are required for bookmakers to meet .

ꦦ The KYC betting process is focused on age and identity. When registering with a bookmaker, customers must provide documentation to prove their identity and date of birth. There are different documents that can be used for this, and the number of documents required can vary between bookmakers.

✨ Ultimately, the aim is to make sure betting sites with no ID verification do not exist, thus creating the safest possible betting environment for all parties.

Why Online Bookies Ask for KYC

༺ Bookies are obliged to complete KYC to comply with regulations and gambling laws. and KYC laws are in place to protect against financial fraud.

🔜 Watertight verification processes help to uphold responsible gambling policies. It makes it easier for bookies to track the behaviour of bettors and to prevent problem gamblers from opening multiple account to dodge restrictions placed on their account.

💙 This process also prevents underage gambling, which is not only a legal issue, but a question of integrity for betting sites. Bettors need to be able to trust bookmakers, and that’s why KYC betting is vital in the modern age of betting.

🍰 An effective KYC betting system favours the bookie and bettor. It makes for a safer betting environment for customers, while bookies make sure they are compliant with and can deliver on their responsible gambling pledges.

When Online Bookies Ask for KYC

• During Registration:🍷 Bookmakers will usually ask for KYC documents towards the end of the registration process. You will be directed to submit documents which prove your identity and address.

• Before Withdrawals:💖 All bookies must verify your betting account before you can withdraw any money. It is not possible to get winnings out of your betting account if you have not completed the KYC betting checks.

• Random Checks:♋ It is also standard practice for bookies to conduct random checks. It is not a suggestion a bettor is doing anything wrong.

How Can I Verify My Betting Account?

Certain documentation must be provided to verify your account with the best online bookies in the UK🥃. Betting websites and apps will often show a prompt to their verification page if you have yet to complete the process.

ཧ Follow these steps to verify your betting account:

1. Log in to your betting account.

2. Click on account settings/follow the prompt.

3. Find the verification area.

4. Upload the necessary documentation.

5. Wait for the documents to be verified.

🥃 There is a relatively standard list of documentation bookies will ask for to verify a betting account. Here’s a selection of applicable documents:

𓄧 These documents are primarily to prove you are who you say you are and to show you are of legal gambling age. Other documents could be asked for in addition, such as employment details or bank account information, if they want a bettor to prove they have sufficient funds accessible.

✤ Bookies will provide a service on their website or app to upload documents, and some will also publish an email address. On occasion, bettors can mail hard copies of the documents to the bookmaker.

Real Example of KYC Procedure

To demonstrate how simple the KYC process can be, here’s a step-by-step guide using the bet365 sportsbook🍎 as our example. While there might be some slight variations depending on the bookmaker, the fundamentals of KYC are consistent. Therefore, this guide on how to verify a bet365 account covers everything you need to know, no matter which bookmaker is your favourite.

(Source: bet365)

Go to your account by selecting the avatar next to “Deposit”. Click on “Verification” and select your preferred type of document.

(Source: bet365)

Confirm that you consent to Jumio collecting, processing, and sharing your personal information. Select “Start” to begin.

(Source: bet365)

Choose your preferred upload method.

(Source: bet365)

Upload the relevant documentation or take a photo using webcam, if you prefer.

(Source: bet365)

You’ll receive confirmation that your documentation has been submitted. If everything is in order, the process should take around 15 minutes.

ꩲ You may receive confirmation directly, or it will appear in your account. If you’re unsure, reach out to customer service for assistance.

Know Your Customer & Signing Up/Withdrawal Delays

ꦏ There can be a delay during registration with a bookie due to the KYC betting process. The speed with which KYC documents are verified varies between bookies. If speed is a priority for you, it’s worth checking the average times verification takes at each betting site.

༒ Most will respond to the documents you submit within 24 hours, while those with automatic verification process them much faster.

🍸 Bookmakers will sometimes ask for further information when you are trying to withdraw winnings. If withdrawing your funds quickly is important to you, it might be useful to look at withdrawal times for each payment method.

Avoid delays by ensuring you have all the documentation ready when registering, depositing, or withdrawing funds. We encourage you to sign up using the same name that is on your documentation to avoid any further confusion. Moreover, it is important to provide high-quality images of each document💞, ensuring all the necessary details are clearly visible.

Feel free to check out the fastest withdrawal betting sites so you can make an informed decision.

Will KYC Help If I Have a Dispute With a Bookie?

ꦛ In theory, KYC should protect both the bettor and the bookie. Following the correct procedure of uploading appropriate documents should make it easier to resolve any disputes that may arise.

Tips for a Quick KYC in Betting

ThePuntersPage Final Say

🐻 With the vast sums of money involved in the gambling industry, it is vital there are methods in place to avoid illegal activity like money laundering, underage gambling, and other forms of fraud. Bookmaker verification is a necessity in the era of online gambling, and KYC prodedures protect customers and bookies alike.

👍 If you follow the tips above, completing the KYC process shouldn’t have much of an impact on your betting experience.

KYC Betting Resources

﷽ Here is the list of most important sources related to KYC in betting:

🧸 1. : Section dealing with customer identity verification.

ꦆ 2. : It covers underage gambling and related risks.

ღ 3. : It includes measures to prevent money laundering and customer due diligence requirements.

🌼 4. : It regulates gaming, betting, and lottery.