Licensed sportsbooks require you to complete a Know Your Customer (KYC) process in order to verify your account. Read on to learn what it entails.
The Reason for the KYC Procedure
The purpose of KYC is to combat money laundering, fraud, corruption and the financing of terrorism.
It is a legal requirement for banks, financial institutions and lots of other businesses. Online sportsbooks and casinos must implement a KYC process as part of their regulatory conditions, as gambling sites could be used for money laundering purposes if these checks were not completed.
A KYC process also helps online sportsbooks ensure they are accepting adult customers and not underage bettors.
What Does a KYC Process Entail?
The KYC procedure is typically the final part of the registration process at an online sportsbook. Some sportsbooks do not require you to complete the process until you request your first withdrawal, but most ask you to complete the KYC procedure before you are permitted to make a deposit and place a bet.
You generally need to provide two documents. The first is designed to prove your identity and the second is designed to prove your address.
You can therefore provide a passport, driver’s license or government-issued ID card, along with a recent bank statement or utility bill.
There is no need to send off the original document. You can simply take a picture of it with your phone and upload the image, as long as it is clear and legible.
The sportsbook will then assess at your documents, run checks, and approve your account if you pass.
You may additionally be required to upload scans of your credit card or bank details as part of the KYC process. If you are ever unsure of any step, you can contact the customer service team for help.