Casino KYC how it works and to what effect

[bitzizzix]

The gambling sector is one of the main targets of financial criminals and complies with KYC regulations to be able to secure business in the sector, from money laundering and so on, and while many things are good, the reality is that many gamblers don't like it.
because they still want to be anonymous and do not want their identity to be known to others and to avoid unwanted things.

[madnessteat]

kyc doesn't have any advantage when it comes to KYC on a site where the site's owners are anonymous, can you imagine who will guarantee that your documents will be safe? Why do you have to show your ID to someone who is anonymous?

You hit the point here Slow Death! So why would we go with KYC when the owners are anonymous? What's the point in that? From this we can only make one conclusion, KYC in crypto casinos is used to delay payments to people who wish to withdraw! It's usually when someone wins big, but there are cases when casinos ask people for KYC when they won something more from free money and they want to withdraw!
Well, I am avoiding that KYC, and I can't remember the last time I had to verify myself... simply when KYC becomes mandatory I simply move to other places!

The owner of the casino can remain anonymous to users but when he gets a license for gambling activities he provides his documents to the licensing authorities.

Casino owners require users to pass KYC in order for their sites to meet the standards that are imposed by regulators. I think a lot of casino owners don't like it very much as well as users who value their privacy.

[goldkingcoiner]

Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.

Some people tend to learn favorably towards the "know-your-customer" regulations. As they view this as something that will protect their money from hacks or unrightful possession. This is only somewhat true.

A good online casino will adhere to the laws and provide a basic level of security and confidence for their customers.

I believe that a crooked casino, will be crooked regardless of whether there is KYC or not. In fact, crooked casinos may do more damage than just take your money, if they have your kyc documents. So, basically, I am quite anti KYC. There is barely any advantage and too many risks for large disadvantages.

[Sirait]

What are KYC's advantages and disadvantages.

If you wanna remain anonymous then don't go for KYC. Since gambling is not legal in many countries and you may get caught if government authorities officially approach casinos to give them data of there users. For instance, in my country government has approached binance to help them track a money laundering scam. If binance gave them users data of my country then we all my country fellow may land in trouble since crypto is not legal here. Just my few satoshis.

it seems your fear is too much, my country also strictly prohibits gambling and crypto but has never imprisoned crypto players or owners, they only imprison illegal gambling providers and money laundering criminals who use gambling and exchanges to carry out their actions. Like it or not, KYC is a personal matter, so if those who still want to be anonymous then just choose a gambling site that doesn't require KYC or only requires level 1 KYC.

[Fortify]

Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.

One thing you always need to be wary of when handing over sensitive documents, that often gets overlooked, is that if they are somehow stolen then they can be used to commit all sorts of identify fraud in your name. Crypto casinos are prime targets for hackers as they can be used to steal funds which can be laundered in a way to make them almost untraceable and they are frequented by cryptocurrency users, which provides a new avenue of attack on people with large amounts of crypto. It can make you more vulnerable to later phishing attempts, or people could create all sorts of fraud issues in the offline world. Compared to fiat casinos, this breed of casino is much more susceptible to such abuse and you need to be careful who is handling your KYC information.

[coolcoinz]

The gambling sector is one of the main targets of financial criminals and complies with KYC regulations to be able to secure business in the sector, from money laundering and so on, and while many things are good, the reality is that many gamblers don't like it.
because they still want to be anonymous and do not want their identity to be known to others and to avoid unwanted things.

Of course they don't like it because making you go through KYC because there are people who want to launder money and such is pretty much like treating every single user like a potential criminal.
Would you like it if in every store you had to show your ID and they'd take a picture of you and the ID? Probably not.
I'm against KYC especially if they're making up stupid reasons for it like money laundering. If you're so afraid of me laundering then limit my deposits/withdrawals to something small like 1k EUR a month. I'd be happy to spend less, but that would also make the casino earn less so that's going to be a rare case.

[Furious 7]

The gambling sector is one of the main targets of financial criminals and complies with KYC regulations to be able to secure business in the sector, from money laundering and so on, and while many things are good, the reality is that many gamblers don't like it.
because they still want to be anonymous and do not want their identity to be known to others and to avoid unwanted things.

Because it must comply with regulations so that some casinos apply KYC, of course, casinos don't want there to be many cases of money laundering and other abuse, so the KYC system is now widely implemented even though I see there are still many friendly casinos without KYC but they will of course have these different requirements very passed in terms of regulations that must be obeyed.
Sometimes we can't argue with it because this has become an obligation, so it's more than just looking for a friendly casino.

[South Park]

Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.

Well, that's the same reason why government wants to regulate cryptocurrency. They want us to be protected from any fraudulent attacks and so they can track whose responsible for the fraudulent activities, and also not to mentioned the money laundering as well.
It's just sad that this kind of user protection defeats the purpose of cryptocurrency as a decentralised currency and anonymous.

Most of the crypto enthusiast hates the idea of KYC and regulations, but I guess we are heading that way fully in the next couple of years.

But that is the issue, if you use your common sense and you protect yourself appropriately you do no need any protection, becoming your own bank comes not only with new freedoms but with new responsibilities, people simply do not want to take charge of their financial future with their own two hands, and if that is the case they can leave bitcoin behind and invest in any other assets available with their money, there is no need to change this market to accommodate those persons as they will never understand why a market like this exist at all.

[Jody.Drummer]

Not all casinos implement KYC, it depends on the set rules. There are still many casinos you can visit without having to go to KYC for withdrawals. You just need to select and sort them according to your wish where your personal data do not want to be given. Back again to one's preferences in dealing with KYC. That is why it is important to prioritize reading the casino rules before betting, so as not to become a complicated complaint, because most people bet in a hurry, when they want to make a withdrawal they are asked to KYC instead end up saying something bad to the casino.

[AhmadM]

~
Nowadays, the competition is getting tougher, so many online gambling sites require their users to do KYC so that their site is safe from problems

average KYC level 1 is enough for users to make withdrawals or deposits

I don't think the tougher competition between crypto casinos take a part either directly or even indirectly why several casinos bring up KYC requirements to their users. On the contrary, many casinos try to lessen the requirements as much possible as they could in order to keep users playing on the site. Additionally, asking KYC to users doesn't mean that casinos would from free from problems.

[blockman]

Not all casinos implement KYC, it depends on the set rules. There are still many casinos you can visit without having to go to KYC for withdrawals. You just need to select and sort them according to your wish where your personal data do not want to be given. Back again to one's preferences in dealing with KYC. That is why it is important to prioritize reading the casino rules before betting, so as not to become a complicated complaint, because most people bet in a hurry, when they want to make a withdrawal they are asked to KYC instead end up saying something bad to the casino.

Many are still good and don't apply KYC to their customers, only if they'll be good to their accounts. The casino will step on it if that person has been caught being distrustful.
That's when they will start asking for documents and proof of ownership and identity from that person. Just be sure that you're the person they really are dealing with because when they start being doubtful to you, you really have to proceed what's being asked.

[bitgov]

~
Nowadays, the competition is getting tougher, so many online gambling sites require their users to do KYC so that their site is safe from problems

average KYC level 1 is enough for users to make withdrawals or deposits

I don't think the tougher competition between crypto casinos take a part either directly or even indirectly why several casinos bring up KYC requirements to their users. On the contrary, many casinos try to lessen the requirements as much possible as they could in order to keep users playing on the site. Additionally, asking KYC to users doesn't mean that casinos would from free from problems.

I do not know if I understand correctly, but if you think that the KYC verification is positive for the casino in the eyes of the gamblers, then in my opinion you are very wrong. Everyone who plays in cryptocurrency casinos definitely prefers casinos where there is no KYC verification. Of course, if casino have a license gives us a certain sense of security, but I'm afraid it does not reduce the risk of possible problems.

[freedomgo]

Not all casinos implement KYC, it depends on the set rules. There are still many casinos you can visit without having to go to KYC for withdrawals. You just need to select and sort them according to your wish where your personal data do not want to be given. Back again to one's preferences in dealing with KYC. That is why it is important to prioritize reading the casino rules before betting, so as not to become a complicated complaint, because most people bet in a hurry, when they want to make a withdrawal they are asked to KYC instead end up saying something bad to the casino.

Many are still good and don't apply KYC to their customers, only if they'll be good to their accounts. The casino will step on it if that person has been caught being distrustful.
That's when they will start asking for documents and proof of ownership and identity from that person. Just be sure that you're the person they really are dealing with because when they start being doubtful to you, you really have to proceed what's being asked.

What I did to avoid this problem is I spread my bets on different gambling sites. I understand that when you are gambling with a decent amount of money, you might become subject to KYC in the long run if you keep winning, so that is not good for me as it will defeat the purpose why I'm gambling using crypto casinos because of privacy.

[dunfida]

Not all casinos implement KYC, it depends on the set rules. There are still many casinos you can visit without having to go to KYC for withdrawals. You just need to select and sort them according to your wish where your personal data do not want to be given. Back again to one's preferences in dealing with KYC. That is why it is important to prioritize reading the casino rules before betting, so as not to become a complicated complaint, because most people bet in a hurry, when they want to make a withdrawal they are asked to KYC instead end up saying something bad to the casino.

Many are still good and don't apply KYC to their customers, only if they'll be good to their accounts. The casino will step on it if that person has been caught being distrustful.
That's when they will start asking for documents and proof of ownership and identity from that person. Just be sure that you're the person they really are dealing with because when they start being doubtful to you, you really have to proceed what's being asked.

What I did to avoid this problem is I spread my bets on different gambling sites. I understand that when you are gambling with a decent amount of money, you might become subject to KYC in the long run if you keep winning, so that is not good for me as it will defeat the purpose why I'm gambling using crypto casinos because of privacy.

But we know that not all people does have the money to do so nor they do spread out several interest on other places which we do mostly prefer on staying up on a site
which we do really like to play and deposit out on that place no matter what.

We know that gambling sites neither could be licensed or not but in general they are really that regulated which means sooner or later it would really be asking some sort of KYC.
maybe not now on other sites but i wont be surprised that sooner or later it would surely happen which would leave us no choice.

[CaVO32]

Not all casinos implement KYC, it depends on the set rules. There are still many casinos you can visit without having to go to KYC for withdrawals. You just need to select and sort them according to your wish where your personal data do not want to be given. Back again to one's preferences in dealing with KYC. That is why it is important to prioritize reading the casino rules before betting, so as not to become a complicated complaint, because most people bet in a hurry, when they want to make a withdrawal they are asked to KYC instead end up saying something bad to the casino.

Many are still good and don't apply KYC to their customers, only if they'll be good to their accounts. The casino will step on it if that person has been caught being distrustful.
That's when they will start asking for documents and proof of ownership and identity from that person. Just be sure that you're the person they really are dealing with because when they start being doubtful to you, you really have to proceed what's being asked.

What I did to avoid this problem is I spread my bets on different gambling sites. I understand that when you are gambling with a decent amount of money, you might become subject to KYC in the long run if you keep winning, so that is not good for me as it will defeat the purpose why I'm gambling using crypto casinos because of privacy.

This is one smart way to address the possible submission of KYC. Since we are having several reputable casinos and sportsbooks already. You can easily spread your bets without worrying that your bet is too big for them. Because a lot of known casinos here even if they have gaming license, they are not requiring KYC, unless, you surpass their maximum deposit or withdrawal requirements for level 1 player. But you should also be prepared in case they ask you. So you are not caught in the middle if you happen not to be ready about it.

[crzy]

Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.

KYC verifications are only for the benefit of the site since they can get your details that can give you an access to their site, they are doing this to avoid any fraud and money laundering which they are being obliged to report with. Pros and cons is only for the security of both parties, there are still some site who didn’t require any KYC, you have the option to gamble with them instead.

[nurilham]

What are KYC's advantages and disadvantages.

The negative side of KYC in casinos for me is similar with doing KYC on other platforms, exchanges, and others. It is about the security guarantee of our personal data, if that is exactly secured or not. We know how cruel the digital crimes are if they are using your personal data dan identity. So far, that's one of what we are afraid of.

The pros? Well, probably it is about the requirement from the casino platform itself to ensure that the user doesn't come from the restricted countryies. Additionally, they also want to ensure that the user is real, not the bots or connected account maybe?

[DoublerHunter]

What are KYC's advantages and disadvantages.

The negative side of KYC in casinos for me is similar with doing KYC on other platforms, exchanges, and others. It is about the security guarantee of our personal data, if that is exactly secured or not. We know how cruel the digital crimes are if they are using your personal data dan identity. So far, that's one of what we are afraid of.

The pros? Well, probably it is about the requirement from the casino platform itself to ensure that the user doesn't come from the restricted countryies. Additionally, they also want to ensure that the user is real, not the bots or connected account maybe?

^ Less fraud if there is a KYC verification process and that is only pros when there is a KYC but there are a lot of disadvantages on it when a casino required KYC procedures. They can steal our identity and abuse it via selling into the dark market and using our identity on an illegal side which is without knowing us. However, in any platforms that require selfie and ID verification, I avoided them, basin KYC requirement is quite good like name and email address is usually common and good to go.

[Lanatsa]

What are KYC's advantages and disadvantages.

The negative side of KYC in casinos for me is similar with doing KYC on other platforms, exchanges, and others. It is about the security guarantee of our personal data, if that is exactly secured or not. We know how cruel the digital crimes are if they are using your personal data dan identity. So far, that's one of what we are afraid of.

The pros? Well, probably it is about the requirement from the casino platform itself to ensure that the user doesn't come from the restricted countryies. Additionally, they also want to ensure that the user is real, not the bots or connected account maybe?

^ Less fraud if there is a KYC verification process and that is only pros when there is a KYC but there are a lot of disadvantages on it when a casino required KYC procedures. They can steal our identity and abuse it via selling into the dark market and using our identity on an illegal side which is without knowing us. However, in any platforms that require selfie and ID verification, I avoided them, basin KYC requirement is quite good like name and email address is usually common and good to go.

Any verification which is on need on face and ID documents is really a big no no for me which if we do really think off that there are lots of gambling sites in the market which doesn't still require KYC

which you could simply switch or jump in and make it as a new place for you to play and continue on the same behavior because sooner or later these businesses would really be complying
these rules and regulations in near future.

When it comes to security then there's no doubt but as you do speak about those risks then this is something where people do really like to avoid.

[seleme]

For example, the Stake team offers a 15% boost for bonuses on lvl2 KYC while it is above 20% for KYC level 3 users. It doesn't worth passing KYC if solely purpose is to hunt bonuses but it adds quite a good amount for high rollers. The worst side of KYC is your data will be in hands of third parties.. If you try to make an alt account on the same casino, they will ban your account permanently unless you agree to pass KYC.
Generally speaking, there is no A+ online crypto casino operating anonymously and guarantee they will never ask for personal documents in the future. Medium tolerance is OK for average gamblers, but things can change when you hit big there and the account can put on withdrawal only mode if the user refuses KYC.