Why we don't want KYC on casinos but happy to comply with banks?

[Slow death]

This KYC thing is really unappreciated here, mostly because a lot of us want freedom. Crypto casinos were supposed to give anonymity so we don’t feel like the government is watching every move we make. That’s the whole appeal in the first place.

But here’s the part most people ignore: casinos usually require KYC only if they’re regulated. It’s not because they want your info for fun, it’s because their license depends on it. If they don’t follow that mandate, their operation gets shut down.

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

Banks are highly regulated by governments; they have physical headquarters, so people can easily go to the headquarters to complain, and they can easily go to court to complain, and the court can condemn the bank, leaving the customer satisfied. Therefore, the level of reliability is much higher. Online casinos, on the other hand, don't have physical headquarters, so there's no way for someone to complain to the court or the police; the casino can easily decide not to respond. So how can someone feel secure doing KYC? Since we all have no choice, we all do KYC.

[Hazink]

There's no difference. Even if your money in bank can also be frozen by regulators when it's linked to the suspicious activity. Stop acted like bank can't frozen our money. Basically, they're all the same.

I disagree with you that banks and casinos are the same. You need the bank to carry out your daily transactions to sort out your bills. You save your money in the bank and take loans from the bank. Casinos are only there for us to gamble with. Do you know that I can gamble without a casino but you cannot do without a bank if you want to spend fiat.

There is a difference between the bank and the casino, no doubt, but in terms of spending, we can actually deal with fiat without the need for banking. All you need to do is request to get paid in cash and anything you want to spend your money on can be paid with cash, just as some can decide to gamble only on the street with cash using that means to invade any property tracking of their gambling activities.

[Doan9269]

This is more about the mentality we have also regarding the banks and the casino, we know that the banks cannot let go of their normal procedures and we have nothing to do than coming in total agreement with them, this alone will make everything completely a must for us to follow the due process in getting the benefits in them, either with banks or the casino, we need to do the needful.

[Odusko]

Well for someone like me, I don't have any reason not to hand over my documents for verification, and in fact I prefer to verify a casino account most especially cryptocurrency casinos verification that is much more flexible than that of the traditional banks, this make it easy for me to pass the verification and making use of the casinos which have license and can be verified.

[Davidvictorson]

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

This was exactly what I said yesterday in one of my replies to a topic here on KYC.
Let me just paste it because it is the same thoughts here

As long as the casino is a reputable one I have no problem with the KYC documentation process. I submit my KYC documents to most financial services app that I use and also to a crypto exchange. Yes there is that big “what if?” Well I can’t answer that which is why I then to focus more on what I can control which is my up to date security knowledge and extra measures to stay safe online. There are other options for non-KYC casinos just like 2up. io incase one needs recommendations.

[Zlantann]

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

Having a bank account is compulsory since you would need it to receive wages and carry out other monetary transactions. What that means is that it is impossible to avoid bank KYC since you always need their services. Secondly, banks might handle customers' data more than casinos. Since they are regulated by Central Banks, they might not indulge in selling data to third parties.

Gambling is just a recreational activity that can be avoided. I might decide not to gamble and choose another source of entertainment. Some casinos offer non-KYC services, so I have alternatives. There are many accounts of casinos being hacked or selling customers' information to third parties. Therefore, one might have to be careful when exposing personal information to these casinos, especially if they are not reputable.

[panjul07]

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

Absolutely it is different story because casinos and official bank are 2 different things, why do you compare it while it is not an apple to apple comparison?
I would say that it is like comparing between primary and secondary or even tertiary needs, Bank account is nowadays like a must thing to have especially people use it to receive salary, sending/receiving from relatives or any other transactions.
Casinos in other side, it is an optional thing where people use it for secondary/tertiary needs (entertainment or something else) and gamblers do not use it everyday unless they are addicted.
It is not about both are regulated/licensed or not but it is more about the level of needs.

[EluguHcman]

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

I believe you will also find it hard to answer if I ask... Why do we appreciate Bitcoins Decentralized concept with the core not supporting KYC but we gladly don't just submit our KYCs then o the banks but we majestically walks through the banks and shows our real self off?

You just need to understand that crypto is being attractive not just due to the edge of values it holds but the fact it is decentlized that maintains uses anonymities to an extend even though having it 100% may seem difficult.

Perhaps the attributes of no interest in casino required KYC is equivalent to the aspiration of using Bitcoin and keep your identity private as long you are using decentlized finances to gamble.

Moreover if you must know, non KYC casinos are supported by the crypto networks which means we dangles around crypto expecting to keep Privacies.

[Stavri]

This KYC thing is really unappreciated here, mostly because a lot of us want freedom. Crypto casinos were supposed to give anonymity so we don’t feel like the government is watching every move we make. That’s the whole appeal in the first place.

But here’s the part most people ignore: casinos usually require KYC only if they’re regulated. It’s not because they want your info for fun, it’s because their license depends on it. If they don’t follow that mandate, their operation gets shut down.

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

The banking system and casinos are very different, so comparing them isn’t really accurate. But let me explain the main reason anyway... banks undergo regular, strict supervision and are generally managed professionally on the other hand casinos usually do not operate with the same level of oversight or professionalism.

[palle11]

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

It is for these simple reasons.

1. It is regulated
2. The regulator is known
3. The regulator is the government
4. The people is under the government
5. The government is meant to protect the people
6. The government is part of the people
7. The government has been existing for long
8.:The banks exist for long

So these are some of the reasons, you won't compare casino that is newly established and you don't know the physical presence of them and there regulators especially when they are not operating from your country.

[Obim34]

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

If you can use a service from one end without KYC and the usual demands for KYC, won't you switch to non KYC?

It is no longer about giving out KYC but now having varieties of casinos not demanding KYC, which makes it an option.

KYC to banks are in local region, while KYC to casinos are to online far away team that can't be easily accessed.

[coin-investor]

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

The banking industry is under strict supervision while it is operating. They have a central banking system that adheres to rigorous laws governing banking operations.
It's very rare to hear of a bank scamming or failing to pay its clients, because deposits are insured, something that you cannot find in a casino; they are two different industries.
In the banking industry, we know who is running the banks and their set of officers; in casinos, we hardly know who is running them.

[Pandu Geddon]

You can still complete KYC at a casino that you trust. I think it's not just about the casino's license, it's about your trust. 
You can easily trust banks or government agencies. You live in the country, and the most important thing is to make your operational matters easier. 
Unlike a casino, you can consider it as an outsider. You have to build your trust in the casino first until you can decide to verify your data there. 
I'm sure many gamblers in this forum have multiple accounts at casinos, but some will still consider sharing their personal data.

[ryzaadit]

If we’re smart and experienced gamblers, we already know that licensed casinos are basically KYC casinos too. Some sites claim to be “anonymous” or “no-KYC,” but that only means they’re not strict in enforcing it, not that they will never ask for it.

Doens't matter.

If not anonymous at all, just don't claim it. Maybe semi anonymous, or something like thats... I don't blaming the license too and they at least not missleading custome from the Ads. It's really annoying.

These is why, always read term.

[robelneo]

Because we know our credentials are safe with the bank, which is regulated and under the central bank's supervision, they ensure that your money and credentials are safe and insured.
The banking system in any country is one of the most trusted institutions; major industries work with or partner with banks.
Online casinos are very different; although they are licensed and regulated, their business model differs from that of the banking system. You are risking money in casinos while saving it with banks, and some casinos eventually scam their players; if a bank does that, it will be prosecuted by the government, because it's an institution.

[Free Market Capitalist]

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

As if there were no differences between casinos and banks. For starters, people don't collect their paychecks or other payments at a casino; they collect them at the bank. In some cases, depending on the country, this is mandatory. No law requires you to have an account at a casino, nor does anyone make payments to you there.

I find the question quite BS to be honest.

[Wakate]

This is more about the mentality we have also regarding the banks and the casino, we know that the banks cannot let go of their normal procedures and we have nothing to do than coming in total agreement with them, this alone will make everything completely a must for us to follow the due process in getting the benefits in them, either with banks or the casino, we need to do the needful.

People need to understand that banks are controlled by individual government of a country while a casino might be controlled and licensed by a foreign government to operate on the international level which might not stick to local laws and how KYC is supposed to be done and kept for safety of customers.

Many casinos online that are licensed are not really following the law and ethics the licensing body has lay down which have been affecting so many players, getting logged out of their accounts and funds frozen without a legitimate reason for such actions. Casinos are getting too rich this days because they are the one in charge. They can decide to close your account without a reason claiming that you have compromised their terms and conditions.

[libert19]

I mean, I responded to a thread yesterday mentioning I only do kyc when it's really necessary, and banks are necessity when you live in the world, so you have to and I don't give my kyc to any random bank, only to reputable ones.

[Asuspawer09]

I mean your not really going to trust your information to something like a gambling website or a casino, we just can't comapred that to the banks it is a much credicble business that you can trust compared to gambling websites that you dont really know, plus a lot of gambling websites online is from other countries there was no way to verify if it is a legitimate business or just a scam thing, we usually see a lot of scam gambling website out there so its just normal for a lot of investors not to trust gambling website because of its bad image for sure. Also, there was no actual need for the gambling website to ask for a KYC in my opinion. Personally I wouldnt going to gamble and do KYC on a gambling website just to gamble.

I guess there are some similarities since they are both custodial, the point is that we dont have control over our money when we deposit, but for me, the main thing is just trust, credibility, and legitimacy. I mean if it is the most popular gambling website and it's trusted around the world for years, I wouldn't mind doing some kind of KYC on them, but for some websites, I preferred not to.

[beveryu778]

This KYC thing is really unappreciated here, mostly because a lot of us want freedom. Crypto casinos were supposed to give anonymity so we don’t feel like the government is watching every move we make. That’s the whole appeal in the first place.

But here’s the part most people ignore: casinos usually require KYC only if they’re regulated. It’s not because they want your info for fun, it’s because their license depends on it. If they don’t follow that mandate, their operation gets shut down.

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

KYC is accepted by people in banks since the whole system is regulated, insured and the overall system is expected to be trusted. Although we may hate giving personal information, we are aware that banks are made to comply with strict laws to keep the information we give them safe. The same level of security is not experienced in casinos. A lot of users do not know where they will keep their information and whether the casino is really reliable.

In addition, crypto casino gained popularity due to privacy and freedom. A sudden request to provide full KYC as a bank will make them seem to be stealing the reason why people came to them in the first place. The reluctance is not KYC-related, it is a matter of trust and expectations.