Reasons Crypto Players Skip Casinos with KYC

[ruthwithers1980]

(SINCE THE TOPIC HAS BEEN ACTIVE HERE ON BITCOINTALK FOR QUITE SOME TIME NOW, I DECIDED TO CREATE AN INFOGRAPHIC ABOUT IT. AND NOW IN THIS UPDATED POST, YOU WILL SEE I ALREADY ATTACHED BELOW THE INFOGRAPHIC FOR EVERYONE'S EASY READING)

“Know your customer,” “know your client,” or simply KYC is a procedure carried out by a business to verify the identity of its potential and existing customers. This is done to avoid putting the business at risk of being used by fraudulent individuals for illegal activities like money-laundering.

Additionally, the procedure is one way of protecting the interest of the customers, usually in case of loss of account or fund forfeiture.
In the online betting industry, all the reputable casinos you know do the KYC in compliance with the gaming-related laws within the jurisdictions they target. They are required to get their players’ personal information like name, age, address, and sometimes banking details. They even ask the players to present copies of their valid IDs just to ensure there will be no fraud.

While some cryptocurrency players find KYC beneficial and well-intentioned, others see it as a menace to online betting. Here's an infographic summarizing why:

SOURCE WITH FULL ARTICLE: 4 Reasons Crypto Players Skip Casinos with KYC


I hope you find this post friendly. Feel free to comment below your thoughts on KYC procedures in crypto-accepting casinos.

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[YuginKadoya]

Those Four Reasons why gamblers don't really mind KYC and would skip gambling sites that do have one, And in my opinion and In my opinion it is just a bother and hassle for some because Cryptocurrency is really anonymous certain people tend to be that way and don't want to bother giving their information to play on online casino's And even though there are online casino' that requires it for their own security, Gamblers would surely want their own security as well, And giving it to a site would make a gambler uneasy and would sure exploit their information to the public and how much gains they make or how much loss they acquired I really think this is the things they tend to take care off.

[Bitinity]

Lets me quote the 4 reasons in this thread:

#1 Compromised Anonymity
#2 Fear of Info Exploitation
#3 Hassle
#4 Country Restrictions

Further details of each reasons can be read on the added link by OP.

I myself one of those who against KYC procedure for betting purpose in this bitcoin/crypto gambling industry. I have to say that 4 above reasons are enough to represent my situation but the main important reason why I choose to gamble with crypto is about its anonymity. In case all crypto gambling sites requires KYC in the future, I think I will stop gambling as there is no reason for me to continue as I gamble for fun only so I do not want to reveal my identity in online gambling.

[Genemind]

Country restriction is the number one reason why some online gamblers avoid gambling sites which require KYC. To add, not just that gambling online is not allowed to some countries, a number of people who uses crypto or who are into gambling might be minors.

I know a lot of people in our country who is still young and minor and earning cryptocurrency and some are even earning thru gambling.

[rijaljun]

KYC is not really good for some people, it may because they are underage or to avoid any requirements to be a gambler. It could be also because some of KYC proccess is not easy as it seems. Some of the proccess takes too long time, and people don't have enough patience to wait for approvement. In my opinion, KYC proccess is not that necessary for gambler because most of gambler must be feeling safer to be unknown.

[btc78]

I respect the sentiments of those gamblers that don’t want to deal with KYC so they are just simply avoiding to engaged in such
We are here for anonymity and we are gambling to have fun and to gain so why need to reveal yourself when you were only want to play?
Though there are some gambling sites that will let you just play without any requirement if you are playing with small amount butif you win higher than the problem will starts to occur

[Idrisu]

KYC is not really good for some people, it may because they are underage or to avoid any requirements to be a gambler. It could be also because some of KYC proccess is not easy as it seems. Some of the proccess takes too long time, and people don't have enough patience to wait for approvement. In my opinion, KYC proccess is not that necessary for gambler because most of gambler must be feeling safer to be unknown.

kyc is good to me and I don't really know why we want to hide our identity.  As a gambler it is very important we reveal our identity because it is very possible to make huge amounts of money and if it an evil person that win through anonymous the fund can be channel for evils things that will be a harm to all of us.

[Cacingkemi]

Lets me quote the 4 reasons in this thread:

#1 Compromised Anonymity
#2 Fear of Info Exploitation
#3 Hassle
#4 Country Restrictions

Further details of each reasons can be read on the added link by OP.

I myself one of those who against KYC procedure for betting purpose in this bitcoin/crypto gambling industry. I have to say that 4 above reasons are enough to represent my situation but the main important reason why I choose to gamble with crypto is about its anonymity. In case all crypto gambling sites requires KYC in the future, I think I will stop gambling as there is no reason for me to continue as I gamble for fun only so I do not want to reveal my identity in online gambling.

Agree dude. I will also stop gambling if all gambling sites must to use KYC, a standard reason I want to play clean without anyone knowing who I'm. Gambling is not a job that must disclose our information in detail, imagine that if anyone recognizes me as a gambler cause KYC is seen publicly by hackers so sad well in my country it is not a pride.

[goaldigger]

We all understand that KYC is needed to protect a company for future scammers and fraud doers but what pisses the players is that some casinos demand KYC nd later on become the one they are refering to on why they needed KYC. People needs protection and anonimity to thats why they choose crypto as a medium on gambling.

[imstillthebest]

kyc is good to me and I don't really know why we want to hide our identity.  As a gambler it is very important we reveal our identity because it is very possible to make huge amounts of money and if it an evil person that win through anonymous the fund can be channel for evils things that will be a harm to all of us.

good for you that you love kyc but for some they hate kyc because of many reasons  but you got a point , why hide your identity if you are a clean person ?  only shady person likes to hide his identity because he is afraid to be traced . 

while some users do also have a point that crypto is anonymous and if we use kyc with it , the main feature of crypto which was being anonymous will also be trashed  . to avoid further discsusion , much better if a person will ignore kyc sites if he dont like it  . thats solves their problem  .

[Sithara007]

I am not a registered user to any of the casinos where KYC is mandatory. There are multiple issues with KYC. First of all, in my country online gambling is banned (although it is very rarely implemented). Also, Bitcoin and other crypto-currencies are banned in my country. So there is a chance that the government agencies can track me down, in case I upload my KYC documents. Another risk is that my KYC documents might be stolen from these websites or they may be sold by the promoters.

[crzy]

I respect the sentiments of those gamblers that don’t want to deal with KYC so they are just simply avoiding to engaged in such
We are here for anonymity and we are gambling to have fun and to gain so why need to reveal yourself when you were only want to play?
Though there are some gambling sites that will let you just play without any requirement if you are playing with small amount butif you win higher than the problem will starts to occur

That’s true, gambling casinos will also depend on how much money you’ve won and how much money you’ll withdraw. KYC might be uncomfortable to some gambler but its purpose is purely for the security (hopefully), so if there’s a need to submit it better to do it or try not to win big money.

[hahay]

Lets me quote the 4 reasons in this thread:

#1 Compromised Anonymity
#2 Fear of Info Exploitation
#3 Hassle
#4 Country Restrictions

Further details of each reasons can be read on the added link by OP.

I myself one of those who against KYC procedure for betting purpose in this bitcoin/crypto gambling industry. I have to say that 4 above reasons are enough to represent my situation but the main important reason why I choose to gamble with crypto is about its anonymity. In case all crypto gambling sites requires KYC in the future, I think I will stop gambling as there is no reason for me to continue as I gamble for fun only so I do not want to reveal my identity in online gambling.

Agree dude. I will also stop gambling if all gambling sites must to use KYC, a standard reason I want to play clean without anyone knowing who I'm. Gambling is not a job that must disclose our information in detail, imagine that if anyone recognizes me as a gambler cause KYC is seen publicly by hackers so sad well in my country it is not a pride.

That's right, I think we need to go back again about our main goal of using online gambling is to get freedom and because we keep anonymous. That's the only reason for me about online gambling, if gambling involves KYC, then of course many customers will retire early from gambling and if that happens, this industry will not grow as it is now. Regarding country restrictions in point 4, I think that has happened without having to involve KYC, I personally have found crypto gambling blocking IP for my country which in the end I have to leave their site and are very regretful they are a reputable and trusted site in the crypto gambling industry.

[jakelyson]

and there's the issue of trust.

I cannot trust gambling sites with my personal information which if not safely kept can be stolen and used in identity theft.

I miss the days when I can gamble without registration and KYC. You just need the seed and your good to gamble. Totally anonymous.

[Haunebu]

I miss the days when I can gamble without registration and KYC. You just need the seed and your good to gamble. Totally anonymous.

There are several crypto gambling casinos which don't require KYC and they will always exist since many owners echo similar views that KYC is basically a menace and we should freely gamble without any of that bullshit.

The problem is that many people don't care too much about their privacy which is why they go through with these KYC procedures without caring too much about future implications. Its just a matter of preference at the end of the day.

[Tipstar]

The better answer would be there are much more better casinos if you are willing to provide your identity. Especially in the sports and event bettings.
The odds in crypto based sites are much lower than the traditional gambling site. I feel slots are visual (cards and others) games too are better on traditional casinos or the live streaming casinos.

[pinggoki]

Simply because they don't want to reveal their identity, they don't want to reveal that they up to gambling online. Based on my experience, I prefer to gamble online rather in a real one because I don't want to be found out besides playing online make more anonymous or to play with ease. Playing on gambling with KYC is more like you presenting yourself that you are proudly a gambler which is out of our choices. But this is just my opinion maybe others have their own resons.

[palle11]

Gambling in the past use to be an illicit habit. I'm also thinking that in that same past, there could have been restrictions, keeping people away from gambling. Therefore, it is understandable if gamblers try to avoid KYC enabled casino because it reveals their identity. Again to say the least is that crypto business is suppose to be KYC free and this is more, the reason for such avoidance.

[Ellen Adarna]

I think crypto players skip casino with KYC because they only visited the gambling site just to play and to earn profit, some players skip KYC because it is just a waste of time for them. I am also playing in crypto casino because i love playing poker and baccarat, and honestly i also skip KYC only for untrusted gambling sites because i don't want to reveal my information in sites and some times my only intention is to play. It is really difficult to share your identity nowadays because other people could use your information to other people that will makes you a criminal, that is why it will be better if you just keep yourself invisible to untrusted sites.

[rodel caling]

Lets me quote the 4 reasons in this thread:

#1 Compromised Anonymity
#2 Fear of Info Exploitation
#3 Hassle
#4 Country Restrictions

Further details of each reasons can be read on the added link by OP.

I myself one of those who against KYC procedure for betting purpose in this bitcoin/crypto gambling industry. I have to say that 4 above reasons are enough to represent my situation but the main important reason why I choose to gamble with crypto is about its anonymity. In case all crypto gambling sites requires KYC in the future, I think I will stop gambling as there is no reason for me to continue as I gamble for fun only so I do not want to reveal my identity in online gambling.

Definitely if the anonymity exploit at the public of each gambler possible to stop playing gambling because the reason why is didnt like to,expose their identity in the public being gambler especially for those people want to play for just fun not totally for the money.