You will often be required to complete a process called Know Your Customer (KYC) after signing up with a legit online sportsbook. Read on to learn what is all about and why you should find it reassuring when your betting site asks you to conduct this procedure.
Why Do Sports Betting Sites Require a KYC Process?
Licensed sports betting operators are obliged to comply with KYC legislation to protect customers and the business from criminal activity. KYC is designed to stamp out:
- Money Laundering
- Underage gambling
Legitimate companies that handle money in the 21st century will ask you to complete a KYC process. It is not exclusive to online gambling. You will need to complete KYC when setting up a share dealing account, for example.
It also helps sportsbooks comply with self-exclusion requests, ensuring that bettors do not sign up for accounts when they are trying to avoid gambling.
All in all, you should be reassured if you are asked to complete a KYC process, as it means the sportsbook takes player safety seriously and that it is committed to combatting money laundering.
How to Complete KYC
You will need to upload scans of certain documents to complete a standard KYC process. The idea is to prove your identity and your address.
You will be asked for official photo ID, such as a driver’s license and a passport. You may also need to upload a recently issued letter that confirms your address, such as a utility bill or a bank statement.
Some online sportsbooks also ask for a scan of your credit card. All of these documents can be uploaded on a secure portal if you use a safe betting site. When they are approved, you will be able to make deposits, place bets and get paid out.