Bookmaker Account Verification - Verifying Your ID and KYC Checks

Why is Bookmaker Account Verification Needed?

International and local authorities require bookmakers to conduct client verification checks. One reason for this is to prevent minors and those who have self-excluded themselves from gambling. Remember that the internet is a virtual world. So, it is easy for minors to pretend to be older than they are.
Additionally, account verification protects user accounts from criminal use, particularly money laundering. Confirming your account is one of the ways the online bookmaker can ensure the safety of your funds. Verification also ensures that the user does not have multiple accounts on the website.

UK Account Verification Process For Online Bookmakers

The United Kingdom Gambling Commission announced new requirements for age verification of UK licensed operators at the start of 2019. Before that moment, gambling sites only needed to confirm a user’s identity before a withdrawal. These operators must conduct these checks before allowing a deposit or first bet, even with a free bet or promotion.

Verifying your account is a simple process. All you need to do is submit the necessary documents, including a national ID card and bank statements. The bookmaker does the rest.

The only effect of these checks is that they might delay you from gambling on the platform as soon as you want to. However, many reputable sites conduct these checks within a short time frame.

International Verification Process For Legal and Offshore Bookmakers

Aside from the UKGC, other licensing jurisdictions require that online bookmaker sites verify age and identity. This is before players can withdraw funds they have made on the platform. The player must submit a few documents as the online gambling site requested. This could include a copy of your utility bill, proof of address, and a photo ID, among others.

The Know Your Сustomer (KYC) Process

Completing a Know Your Customer process is straightforward. However, you must first create an account on these betting sites. Here are the steps this entails:

1. Visit the betting site
2. Click the option to sign up
3. Fill in the necessary details, which could include your email and phone number
4. Submit the registration process

The online bookie might request that you confirm your email address. For this, you will receive an email with a link that you must click to complete the process. Note that this email verification is independent of your identity verification.

To verify your account, go to the "Profile" section of your account and look for the "Verification" option. Submit the valid documents and wait for the gambling platform to process them. However, you should note that the Know Your Customer process will vary from one site to another.

Verifying Your Identity

The main reason why you verify your identity is to prevent underage gambling. In a physical gambling location, it is easy to tell if a person is too young to gamble or not. The same can not be said for an online betting site. That is why the operator will request documents to ensure you are of legal gambling age.
In the UK, you must be 18 to gamble, and licensed operators must check your age before you can deposit, bet, or take money out. If you are on the electoral roll at the address you give the bookie, they can usually check your age automatically. On the other hand, if you are not on the electoral roll, you must send proof of age, like an identity card.

What Personal Documents Can Bookmakers Request?

A licensed gambling site would ask for different documents to prove your identity. These could include:

• A Copy of Your Bank Statement Dated up To a Certain Time
• Copy of A Recent Utility Bill
• Credit Card Details
• A Copy of Your Driver's Licence or Any Other Form of Identification

Since you are gambling online, you must send these documents electronically. Some betting sites would make provisions for you to upload the files. Other operators might request that you send these copies via email.

The documents you need to verify your account will be specified on the gambling site. Ensure that you go through this to understand the verification process at the booking site before registering.

Source of Funds (SOF) and Wealth Checks

Online bookmakers licensed by the UK Gambling Commission would also demand that you submit documents showing your income. This might seem a little disturbing to some players, but it is one of the measures to prevent money laundering. If no one checks, stolen money can be put into bookmaker accounts, "cleaned," and then taken out.

Aside from this, this verification ensures that players do not spend more than they can afford. Usually, problem gamblers go the extra mile by borrowing cash to keep playing. The UKGC notes that stopping this harm is part of their "social responsibility."

It is not a big deal if a high roller who makes £250,000 a week loses £55,000 while betting. However, if someone with a normal job loses that money, the bookies now have to try at least to help.

Source of wealth checks are typically performed for players who make substantial deposits regularly. It could also be for those who make a significantly larger amount abruptly.

In the latter's case, assume a player has a £40 rolling balance and wagers £5 on average. Then, they suddenly deposited £1,500 and wagered £600. This would raise red flags.

Some required documents you might expect include a bank statement and a payslip from your employer. Others include a tax return and a screenshot from an online payment system.

Additional Withdrawal Verification

Before withdrawing the funds you made from gambling on the site, you must verify your account. Withdrawal checks ensure that the player requesting a cash out is the same player who bet on the site.

Like normal verification, you must submit a few documents on the site where you bet online. These include proof of identity, such as a driver's licence, a government-issued identity card, or any other form of identification. You must also submit proof of address, like a copy of your most recent bill.
On some gambling platforms, you'll need to submit a copy of the front and back sides of your bank card. This is usually when your preferred payment method for deposits and withdrawals is a credit or debit card.

Common Problems Verifying An Account On Gambling Sites

While KYC procedures are crucial, there are downsides to them. First off, ID verification procedures can take a while. The verification procedure can be finished quickly if the operator has the necessary technology.

However, the verification procedure can take weeks without a computerised solution. Thankfully, many online gambling sites have staff to handle players' paperwork. Some operators would also ask bettors to send selfies to speed up the process.

On the part of the bookmaker, failure to comply with these verifications can attract hefty fines. Plus, long-term problems with KYC measures can cause their licences to be revoked.

Player patience is also a problem. In a world where people want things immediately, every test of a player's patience could cause them to take their gambling elsewhere. As a result, the longer the process, the higher the possibility of the user not returning to play at the site.

Tips for A Smooth Account Verification at A Bookmaker?

No bettor would like to wait a long time after signing up before they can gamble online. Likewise, no one enjoys delayed winnings because of lengthy verification procedures. That's why finding sites that complete these procedures within a few hours is important. You can do this by reading the reviews at Oddspedia to learn more about the bookmakers' gambling terms.

Furthermore, when signing up, ensure you enter your name the same way it is on your verification document. This is crucial because any conflict of information causes more delays. You must also have the right documents in order before even signing up on the platform. With this, you do not have to look too far when the operator asks for your details.

Conclusion

Sports betting is a multibillion-dollar industry thanks to its constant evolution. However, this popularity has also led to a rise in financial crimes. Thus, regulatory authorities are now paying more attention to gambling sites online.

Some money launderers view the gambling sector as the ideal place to spend their illicitly acquired earnings. They do this by depositing the cash on the platform to clean it and then cashing out. The execution of thorough KYC procedures is in light of the record-breaking money laundering cases and other financial crime instances in recent years.

These checks also lower cases of underage gambling. So, while these regulations might be bothersome for punters who want to have fun, they are necessary.

FAQ - Betting Site Verification Checks