Why do casinos ask for proof of income ❔

Is it possible the casino to ask for source of funds?

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Is it legit the casino to ask for proof of income/source of funds?

As part of their customer interaction requirements, casinos in many countries must know their customers. It might seem invasive, but casinos can offer the best possible service and ensure that gambling is safe, fair, and crime-free by understanding their customers.

Casinos use specific techniques to profile their customers to ensure that they are not gambling with the money they do not have. Casinos ask for proof of income to keep their customers from falling into financial difficulties. Another primary goal is to control crime and money laundering from the gambling industry.

Source of Funds or SOW

Like mortgage companies and banks check an applicant’s eligibility before offering a loan, casinos try to identify players for affordability. Casinos can ask for your bank statement to see if you regularly make deposits or large amounts. It is a red flag that can prompt casinos to investigate you further. It is often called ‘enhanced verification.’ The instant verification casinos offer an alternative here. You can put wagers with these online casinos if you cannot play because of verification issues.

Is proof of income necessary? 

Absolutely.

It might be intrusive and scary, but income verification keeps players safe. As long as you are gambling with a licensed and trusted online casino, you have no reason to worry about the information you share. Since casinos use the same level of online security as banks, you can safely share proof of income.

The information casinos can ask for includes:

  • Bank Statements
  • Proof of employment
  • Payslips
  • Dividend income
  • Ewallet Account Statements

If you are gambling with the winnings from another casino, you will have to show proof. Keep in mind that you are dealing with another human being whose job is to verify that you are telling the truth about your income source. Be honest, cooperate, and things will fall in place.

SOW checks are essential for casinos to protect themselves and the players by ensuring that players have the income or savings to support the level of gambling they are trying to indulge in. You do not want to be in a financial crunch just because you gambled with the money you don’t have.

How are instant verification casinos different? 

Instant verification casinos are no different from other casinos in verifying your income. But they do things at a much faster pace to help players make withdrawals the same day. You can see your winnings in your bank account the same day, provided you act correctly.

If you keep your account in good health, use one fast payment method for both making a deposit and withdrawing the winnings, and stick with the terms of services of the online casino, you can make transactions instantly. Make sure you do not abuse bonuses or violate any casino rules to benefit from the services of easy verification casinos truly.

Conclusion 

Proof of income verification is essential to identify the affordability of the player. It protects both the player and the gambling business from financial troubles. There is nothing you can do about it, and as long as you are not participating in any fraudulent transactions, you should not worry about it either.

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