Why should the casino verify my identity before payout?
Online casinos are famous for the convenience that they offer to the players. Such the demand for these casinos that the online gambling industry is poised to reach $94.4 billion by 2024. When so much money flows through the industry, it is evident for regulatory authorities to introduce some stringent policies.
Many players find the KYC or Know Your Customer verification somewhat annoying, but it is undoubtedly there to protect players and gambling businesses. If you wonder why casinos ask for your identity proof before payout, the answer is simple.
The need for verification is to comply with international laws and directives to prevent fraudulent financial transactions and money laundering.
All Australian casinos must verify players, usually at the time of payout. According to the Australian Parliament House, Age Verification is introduced for online wagering in Australia “as part of measures to combat money laundering and terrorist financing.”
Verifying your account
Usually, online casinos ask for a photo of a valid government ID to verify your account. They access your full name, date of birth, and a clear picture from the ID. Some casinos might also ask for proof of permanent address. Typically, they will ask for your passport or a driving license. If you are skeptical about the authenticity of a casino, you can check for their licensing details. The information should be provided on the website; if not, ask for it before sharing any verification documents.
However, Australia’s no verification casinos allow players to gamble without any ID. Such casinos allow players to sign up and make deposits without any identification.
Why do casinos ask for verification at the withdrawal stage?
While some casinos ask for ID when you open an account or make a deposit, others can request ID verification before payout. It is often done when specific activity on your account triggers a request. For instance, it can happen if you use certain e-wallets, crypto, or another mode of payments on your account. In most cases, verification at withdrawal is done when you withdraw huge funds. If you use the same verified method for withdrawals that you used for deposits, most certainly, you will not be asked to verify.
Another reason why many casinos ask for verification during payout is that that’s when most players are likely to comply with the request. If they ask players to verify when signing up or making deposits, they will most likely quit. But once you have to withdraw, you cannot do it without providing an ID. If you want your money, you will have to comply with the request. That’s powerplay at work.
Australia no verification casinos offer an alternative. A no verification casino allows players to withdraw without verifying identity. Players interested in anonymous online gambling can create accounts with these casinos. Some Australian no verification casino sites allow crypto deposits and withdrawals for complete anonymity. As cryptocurrencies are entirely anonymous, there is no way for casinos to fetch your details through financial transactions.
Still, before you gamble at any no verification casino, go through their terms and conditions to avoid any unpleasant surprises.