Bookmaker verification process – KYC

KYC, which stands for “Know Your Customer,” is an important process for anyone engaging in sports betting. This process helps to protect both the bookmaker and the customer from any potential fraudulent activities. It involves collecting some personal information from the customer, such as name, address, and date of birth. Sometimes utility bills and other things. This information is then used to verify the customer’s identity before they can start betting. But for sports betting beginners, it can be a bit intimidating to upload important documents online.

“Why do the bookmakers need so much information about me?” – You may have asked yourself this.  Perhaps you also got worried about bookmakers asking for a lot of identification documents when you just signed up/or tried to withdraw money. But this process is completely normal.

In this video, we will describe how this process usually works, what the bookmakers usually ask for, and why it is needed. Also that this is a normal process, that should not take very long.

Bookmakers need a certain level of verification in order to comply with anti-money laundering regulations and to help prevent any illegal activities. The KYC process ensures that customers are not engaging in fraud or using stolen funds to place bets. It also helps to protect bookmakers from high-risk customers who might try and defraud them.

The KYC process usually starts by requiring the customer to provide some basic information about themselves.  Usually the below information is required:

This includes verifying the customer’s identity through various third-party sources such as credit bureaus or government databases. They also need to confirm that the information provided is correct and true, and that the customer is not trying to hide any suspicious activities or transactions.

Depending on the bookmaker, they may also require additional documents such as proof of residence, proof of income, utility bills, or even a bank statement.

Once the bookmaker has received this information from the KYC process, they are required to perform a series of checks to ensure that the customer is who they say they are. Once all of these checks have been completed, the customer is then allowed to open an account and start placing value bets and sure bets.