The future of ID verification for online casinos
Identity verification is a necessary step for new players when signing up for an online casino account. Regulators mandate that online casinos implement know your customer (KYC) measures to verify players’ identities. It is to prevent underage gambling, problem gambling and money laundering.
In most countries, the age requirement for gambling participation is 18. Problem gambling is a serious concern for authorities. Some countries have nationwide problem gambling organizations to help players. In the UK, GamStop lets players exclude themselves if they fear they're developing a problem. Caesars Entertainment was fined £13 million for consistent negligence regarding problem gaming and anti-money laundering failures. Money laundering is another major cause of concern.
KYC measures protect the casino from fraud and other crimes. It's common for players to try to open multiple accounts in order to claim sign-up and no-deposit bonuses.
The UK Gambling Commission requires online casinos to verify the identity of players before they can deposit or play. KYC failures are the source of some of the biggest fines in the iGaming industry. Some casinos request players to send a selfie with their ID or payment card to confirm their identity or method. Without a digital solution, the verification process can take weeks. It's common for online casino to have entire compliance teams in place to process players’ documents. Some problems with KYCs can cause the licenses to be suspended or revoked. There are also issues with player patience.