New KYC Rules For UK Betting Sites
Effective From 7th May 2019
by Kevin Holden on Tuesday 7th May, 2019
TweetUK Gambling Commission Betting Site Verification
Uk Gambling Commission Launches New KYC Rules
Apart from losing bets, taking selfies or sending off copies of passports and phone bills to prove who you are is one of the worst things when it comes to online betting.
You may have noticed a lot of emails in your inbox lately from betting companies asking you to verify your account.
As of today 7th May 2019, sending information about yourself to bookmakers is required before you can place a bet. In the past, this has been only required when you want to withdraw a large amount of money from your betting account. The duration of the checks can sometimes take a few days so it will be interesting times ahead to observe how the bookmakers manage this new requirement set out by the UK Gambling Commission.
The waiting times to be KYC verified by the betting companies is yet to be seen, but we hope that customers can be verified with the hour. This is no good if you're looking to bet on a horse race within the next 20 minutes.
Out top tip for existing customers of online betting sites is to prepare one email and mass send to the sites you already hold accounts with.
If your thinking about signing up to one of the new betting sites listed at our website, be sure you have a valid copy of ID handy in your photos such as passport or drivers License as well as some photos of recent bills to your home address. This way you can effectively speed up your application with a new betting site.
What is KYC or Know your customer?
Know your customer or simply KYC, is the process of a company verifying the identity of their customers and assessing their suitability and the potential risks of illegal activities or to prevent usage of the services by minors.
