OPINIONWORLD

Online Betting Sites Now Require KYC for Indian Players

In the last few years, a new word has entered the Indian vocabulary: KYC (also known as ‘Know your Customer’ or ‘Know Your Client’). 

According to the Indian government, KYC is an important measure in the fight against financial crime and money laundering. any transaction with a financial institution in India cannot be completed without KYC

KYC policies have been expanding and have become very important globally, with issues pertaining to corruption, terrorist financing and money laundering becoming so prevalent. 

KYC is a standard requirement in any industry where financial transactions are involved. It makes it easier for an institution to authenticate its client’s identity and address details through relevant supporting documents, including photo IDs like PAN Card, Aadhar Card and other proof of address.

Any online activity that requires the transfer of money between persons requires KYC. Even people who want to engage in online betting must now meet the KYC requirements of online betting sites as well…

KYC – A Legal Requirement for Online Betting

The online betting industry has grown to an unbelievable extent in the recent years. Players of every age and culture from around the world are willing to try their luck on betting sites, and the trend is growing increasingly popular right here in India.

Most licensed online betting operators have made it mandatory for all players to complete the KYC verification process.

As per Indian law, it is illegal for minors to indulge in betting activities. All online betting sites are required by law to verify the age and identity of all customers as a part of KYC regulations.

The goal of KYC verification on a betting site is to verify your identity and comply with various laws to protect players and operators from fraudulent and illegal activities.

Documents required for KYC

The exact documents you need to provide may vary from one site to the other, but in general, you will need to provide a proof of your residential address and proof of your identity. This is quite similar to other identity verification processes you may have undergone in other contexts.

To prove your address, a copy of your driver’s license or ID should be sufficient. In some cases, you may also need to provide a copy of a residential bill (i.e. a bill for your cable plan or your water or power).

Your driver’s license or ID also fulfills the identity verification requirement in most cases. A passport also works. Some sites may take other forms of documentation as well. In many cases, just one document will be needed, but some sites may require you to submit additional documents.

Bet legally & stay safe!

Licensed betting sites take the law seriously. Therefore, it pays to stick with reputable and well known betting sites.

An online betting site that does not have KYC policies in place, is considered totally unlicensed. Dealing with unlicensed betting operators can be risky for your funds.

If you want to try your hand at online betting, your best option is to join a trusted Indian online betting site and only place bets after you have completed the KYC process.

Related Articles

Leave a Reply

Back to top button

Adblock Detected

Please turn off the ad blocker & refresh this page again to access the content.