These days KYC is a big deal and there are a lot of resources, specifics, and a lot of reasons why it is important. But, for some players, this is still an unknown topic so we will have to explain it in detail. Below we will be focused on what KYC brings to online gambling and why it is so important to process. If you are planning to gamble at an online casino, knowing all you can about KYC is important or even mandatory.
What is KYC?
KYC means “know your customer” and it is a process that protects the casino and the player. Here is how it works. When you create an account at the online casino, you will have to provide personal files, data and so much more in order to prove your identity. Once the casino approves or better said when they match your data and you, you can play games and withdraw the winnings.
This process is fast and generally will last around 2 days. Keep in mind that it is possible to last longer if the casino has too many tasks to process or if there are some complications. But, this happens rarely and you are more likely going to see an approved notification in less than 2 days than wait longer than that.
Why Players Want To Avoid KYC
As you may have heard some gamblers would like to skip KYC and bypass it completely. There are ways to do this. For instance, you can play without ID check and these operators can be still safe and there are no issues there.
Players who want this are looking for something special. They want to play and withdraw all of their winnings as soon as possible and we know that KYC cannot allow that. Some players still don’t want nor like to share their personal files and information online. They are scared of identity theft or they simply don’t feel comfortable doing this. As such, these gamblers would look for an online casino where they can play without KYC.
We must add that there are special casinos where you don’t even have to create an account. Yes, these are real things and you can win and withdraw the winnings. Keep in mind that you will still need to verify your account at the payment provider you are using.
KYC Is Important And Here’s Why
There is no other way to say this. KYC is important and it is there to protect you. The first reason why it is mandatory is to prevent money laundering. This is a huge problem. In the United States, for instance, 2-5% of the money is actually money from this activity. As you can see, this is a huge deal. The situation is similar in the United Kingdom and all other countries. Online casinos are ideal for this purpose. They are all around money so money laundering here is easy and simple.
The next reason why KYC is so important is to protect the players and the casinos in a case when a person from one country visits a casino located in another country. The best example is the most common actually. It is when a player from the United Kingdom will visit a casino in the United States. This can be problematic. The laws of both countries will affect the player which can be a problem. KYC is there to make gambling impossible if it is banned in one country and therefore protect a player from severe issues and fines.
KYC is used due to one important reason also. It is designed to prevent criminal activity. This is not the same as money laundering but it has the same result. The goal is to make online gambling fun and to keep it as entertainment. Without KYC some people would be able to use this form of hobby to generate money, cooperate and so much more. KYC prevents that because each player will be linked to actual data and it cannot be faked.
Many players looking for ways how to play without KYC, but without KYC players would be able to make countless accounts at casinos, use the online casino for money laundering, illegal activity, or something completely different. This is a bad thing and something that officials are looking to prevent. Without KYC online gambling would be unsafe and risky.
The Final Word
KYC is an important process that doesn’t take long and it can be used to make online gambling so much better and more appealing. We can add that KYC is something that has a huge, positive effect on the industry. Yes, there is a way you can skip it if this is what you want. But, should you do it? The answer depends on what you are looking for and what you want to avoid.