How my lack of knowledge has blinded me so far

[bittraffic]

As a gambler he is responsible for the gambling sites and licensed casinos are liable to the laws of that country. These sites will require KYC to avoid their liability however, KYC is not a big issue for non-license based casinos. But KYC is required to avoid money laundering issues. And I don't think there is any other important issue related to KYC other than the fact of money laundering. One of the main reasons for the rapid growth of crypto casinos is that there is a gambler's anonymity.

Anonymity is negated after KYC, all casinos are already asking for verification as it's basically the regulation of the government. The nonlicensed casino only lives for a certain period of time, they may not be asking KYC but once you win big.

If you plan to continue playing without issue while you have an outstanding balance in your account. KYC is just a security for you and the casino itself that they won't be investigated.

[Eureka_07]

<snip>

Many casinos abuses this power. We have seen it a lot of times. Bunch of players already shared us these kind of operation of casinos.
Some were just to comply with the regulations and AML policies. But most were used because they do not want to pay; they're frauds.
It is by far hard to find any casino that won't ask for KYC. The reason is that most are being regulated by their respective governments.

[yahoo62278]

To be honest, i dont understand why some ppl so mad at KYC... and would like to know opinions of who is against that, just to understand an their view.

The reason I think KYC is bullshit is the fact that I'm over 18 and able to make my own decisions. I don't need any government telling where I can and cannot spend my money. If I want to go blow $1000 in an online casino and try to win $50000, then that should be my right. That's not the case though, they only step in and make something illegal because they're not getting their piece of the pie. If casinos online paid each government taxes, there would likely be no KYC crap everywhere. Just my opinion.

[decodx]

To be honest, i dont understand why some ppl so mad at KYC... and would like to know opinions of who is against that, just to understand an their view.

Lots of people care about their privacy and want to keep some stuff about themselves private. While KYC is designed to prevent money laundering and terrorist financing, some people may feel that it violates their privacy and exposes them to identity theft. Furthermore, some people may be concerned that KYC requirements may lead to the misuse of their personal data by financial institutions or government authorities. They may worry that their information could be hacked, leaked, or sold to third parties without their consent. It certainly wouldn't be the first time this happened.

[YOSHIE]

From now henceforth, my assumptions about KYC verification from reputable online gambling platforms have changed, I seek for answers and I find them, drop your opinions if you think I am wrong or you think this is not accurate enough.

I don't think the online casinos that are here violate the KYC requirements for their customers if they win big, except: the user did violate some of the casino rules that have been determined, I've read the history of people winning bets at online casinos for $ 80k, they withdraw without any constraints and any reason past KYC.

Does KYC charge users who bet, if so don't bet big, bet as much as you can without crossing the KYC limit, maybe it's better to consider.

I think if one gambles fairly, honestly, without any element of cheating all is well about KYC.

[ethereumhunter]

Know Your Customer introduces customers to the shop/business/business and, in this case, the casino. Casinos need to know the background of users who frequently play at their casino and ensure that their users are never involved in crime or do not engage in illegal activities. KYC is also needed to find out the source of customer income and not let casinos be used as a place to launder money from illegal activities.

If the casino asks for verification after a user has won a big win, it may be because the casino noticed a large money transfer and looks suspicious so the casino feels the need to request KYC. It is also possible that later the casino will be asked by the regulator about the results of the report that the casino sent to the regulator why there was a very large transaction at the casino so that the casino can answer it correctly. All possibilities can happen to casinos, so they apply KYC to some of their users. But there are still casinos that don't implement KYC on all of their users and only randomly select all of their users.

[Awaklara]

It is by far hard to find any casino that won't ask for KYC. The reason is that most are being regulated by their respective governments.

although there are also casinos that ask for KYC when we want to withdraw a large enough amount. but when we make a withdrawal with a reasonable amount of the amount set by the casino, then KYC is not needed.
but indeed most of the trusted casinos that I played at did ask for KYC. for gamblers, maybe it's annoying. but for those who are familiar with KYC and platforms such as exchanges and other online casinos, of course, there will be no problem with KYC.

[Betcrypto.cr]

We are really close to launch and we are never going to ask for KYC, check out our site Betcrypto.cr and open an account we can add some balance for you to test our casino

 

[Cantsay]

I saw a thread talking about most mistakes that newbies make that later end up affecting them. Most users just assume that the casino they're using won't request for KYC while some think because their previous casino did not request KYC during, then all other casino should behave that same way.

Casinos are only requesting thief users to complete KYC verification because they want to protect their business from scammers, we all are aware of how scammers use multiple accounts to try to cheat a casino but with kyc they can atleast prevent that from happening.

We are really close to launch and we are never going to ask for KYC, check out our site Betcrypto.cr and open an account we can add some balance for you to test our casino

 

That's what you most casino say at the beginning to try to lure users into your casino and when it's time to withdraw they'll get stuck there.
I've never been to your thread to see how your casino works but I guess I'll have to drop by there to see if your claim is true. And maybe I'll try it out.

[Mate2237]

Op  you are not wrong and KYC is one of the best identification to track down the criminal elements in the online casinos platforms. But some casinos over do or over use it. The major argument on ground which some users have said which I have seen. Casinos which are not licensed is using KYC process to defraud gamblers when they win big and that is wrong. Though there are some gamblers who are also making some big mistakes in the beginning so by the time when they win big and when they want to claim their wins, then the casino site system would reject them and ask them to provide the authentic KYC and where they fail to provide then their funds would be seized. And the gambler would be frustrated and come here and create threads for scam accusation.

[Odusko]

Those living in the united state are already used to the demand for KYC because almost 80% of casinos are blocked in that region and the only ones operating are strictly regulated compliance with that KYC verification is mandatory.
I don't think handing out my documents for verification is a big deal and so if I trust the casino, I shouldn't have any problem with the safety of my documents from identity thefts.

[KiaKia]

It's good you understand the importance of KYC requirements, people don't put themselves in others shoes that's why they always believe they are right at every decision they make, sometimes, you need to be in the game to understand the game, I bet if you are a casino owner and you don't want to get in trouble running your casino you will ask for KYC from your customers, it's a normal routine.

[famososMuertos]

It's good you understand the importance of KYC requirements, people don't put themselves in others shoes that's why they always believe they are right at every decision they make, sometimes, you need to be in the game to understand the game, I bet if you are a casino owner and you don't want to get in trouble running your casino you will ask for KYC from your customers, it's a normal routine.

Do not generalize and do not judge OP's intention, he has his intrinsic point of view, since the primary idea of cryptographic Casinos is (was) anonymity.

So, the regulations have arrived and the Casinos have to adapt to the regulations, it is not so much because of an "x" deposit, it is because there are vandidos wanting to launder money in cryptographic casinos, and then that affects the good use of KYC, which In the first instance, they should not be such excessive requirements and that is where you should look or know more about the subject, so, not just say; "Put yourself in the shoes of...",  hence that denotes that you have not been in the situation of having to deliver additional documentation.

Then, the KYC is generaly very arbitrary, so much! that it seems that you were requesting a credit from the casino or applying for a Visa.

@KiaKia, this is not an exaggeration, sometimes the requirement levels established in the application stages are not met.
That is, some Casinos (no all), they have documentation requirements that transcend complex requests, when what you want is to withdraw an amount that is not even relatively close to the standard amounts to reach those types of requests.

There are casinos that are really problematic with the type of requirements and sometimes not only that, but those requirements can take days, even weeks depending on the country, consequently skipping the basic procedure of what it really means KYC.

[AmoreJaz]

It's good you understand the importance of KYC requirements, people don't put themselves in others shoes that's why they always believe they are right at every decision they make, sometimes, you need to be in the game to understand the game, I bet if you are a casino owner and you don't want to get in trouble running your casino you will ask for KYC from your customers, it's a normal routine.

that's okay if you have gambling license. it is understandable if you have the need to implement the kyc to your customers. but doubt the motive if the casino has no license and yet they are asking kyc from the player who just won big.
these casinos with legit license has the need to implement kyc, some are just not strictly implementing it because some of their players are only small time rollers. but if they do exceed their limits, expect that they will start asking kyc.

[uneng]

OP has explained all the main points to justify why casinos have to comply with KYC measures in order to keep their businesses running smoothly.

The system is elaborated in a way you have to follow the rules created by regulators, otherwise you are out of the market, since you can't afford paying fines for a long time without going bankrupt in the middle of the process.

Reality is harsh on us, and although we imagine a perfect hypothetical world where KYC isn't required, it doesn't apply to practice.

[Fivestar4everMVP]

For me, i have never had issues with casinos, or even crypto exchanges asking me to verify my account, simply because right from time, i already know the benefit of this process..
There are many reputable casinos that do not wish to bother their customers about KYC verification, but because they have to abide by the law and regulations, they have no choice but to demand KYC verification from their users.

Aside having to pass KYC verification on internet platforms like gambling casinos and crypto trading exchanges, going through KYC verification is something we do in the bank before the bank allows us to have and operate an account with them, it is also what we do before any company takes us in as one of their employee, if we can comfortably give our details to this firms, what difference does it make doing same on the platform where we make money from online?

[Lida93]

This is why it's always good a thing to have an indepth understanding and insight about any phenomenon before trying to raise an eyebrow towards it so you don't end up raising a wrong impression about it all. It baffle me to think how most gamblers avoids KYC as this basically is like a modern day tradition among all legitimate gambling sites and casinos not just only for the safety and security of their customer's but for their own sake too not to be a scape to the authority.
I drag foot from gambling with any online gambling site that don't request for verifications from me cause I feel maybe am falling into scammers net and this won't strengthen my resolve to continue using such site for my gambling activities, cause I believe KYC is another way to close the gab between the gamblers and the gambling companies as the gambler can be easily reached in case of any fraudulent attempt on his account.

[Viscore]

There are people like me who dislike KYC verification requirements from online casinos, and I always have two complaints about it.

1. Why the need for KYC.

2. Why pretend they won't ask for KYC, but ask for verification after a big win.

All of that could be part of the terms of service (TOS), or they are required by regulators to verify their clients once they hit a big amount of money. Sometimes, not all the information we need to know is present in the TOS, but as long as it's legally enforceable, we can't blame the gambling site for doing their job to comply with the regulators.

Unless in the case of scam casinos.

There’s no wrong actually for KYC if you see it on the positive side, but if you are completely against it, because you viewed it negatively, then you will never really like the idea that online casinos have made it compulsory for all gamblers, maybe not for small winnings, but definitely for huge winnings amount. However, if you come to understand their TOS, you will never question about KYC, and you will expect that they are just following the rules and regulations coming from the regulators. Otherwise, if they won’t stick to it, their casino business will also be fined because of non-compliance.

[Fortify]

There are people like me who dislike KYC verification requirements from online casinos, and I always have two complaints about it.

1. Why the need for KYC.

2. Why pretend they won't ask for KYC, but ask for verification after a big win.

While my lack of knowledge has kept me away from several big online casinos in this forum, I decided to do some additional research in my spare time.

Some Facts Why KYC Verification is a Necessity For Online Casinos.

~Online gambling businesses have become more attractive since the Covid19 days, more money entered the gambling business, making the attention very noticeable, also a good opportunity for the law to go after them.

~There are penalties on online gambling necks too, they have to implement anti-money laundering procedures just to survive, many online gambling platforms faced the panel in the past and ceased to exist.

~You have no idea how much these companies spend per year just to be friendly to the law and pass criterion regulations and business procedures, it is called intense regulation, to avoid fines.

~The only way these people can avoid the mistake of allowing fraudsters into their system ( gambling platform ) is by having KYC and AML (anti-money laundering ) in place.

~If you see another way that I don't, do drop your comment, because people can't be trusted, they will pretend to be a random online gambler but they have other bad intentions in mind.

From now henceforth, my assumptions about KYC verification from reputable online gambling platforms have changed, I seek for answers and I find them, drop your opinions if you think I am wrong or you think this is not accurate enough.

I think the "Covid effect" where casinos got a bump from many people being bored and staying at home is well and truly over. It's business as usual right now and share prices have declined, so competition is more cutthroat than ever in this industry. That being said, KYC is essential for any decent casino because it will normally mean that they are in a stable jurisdiction which is more likely to protect your money and any winnings that might materialize. You definitely have to be wary of fake casinos seeking to harvest this sort of private information, especially now it's becoming more normalized, people might hand over sensitive documents like passport or driving licence information which can be abused further if it ends up in the wrong hands.

[CoinEraser]

To be honest, i dont understand why some ppl so mad at KYC... and would like to know opinions of who is against that, just to understand an their view.

KYC is an ugly and dangerous thing. Any website can be hacked, as has been seen in the past, and the KYC data could be stolen. This data could then be misused.
I can only recommend you to read through this thread from GazetaBitcoin: What happens when your identity is stolen -- real story || Avoid CEXs!
Then you probably understand why KYC is not good.