Why is Account Verification for Casino Withdrawals Important?

Players at online casinos can get frustrated when they have to wait a while for their winnings. Indeed, there is little more annoying than an online casino that seems to be dragging its heels in this area.

An issue that can often result in delays for casino withdrawal transactions being processed is problems relating to account verification.

Casinos will often require their customers to be fully verified before they will proceed with a withdrawal request as a result of their Know Your Customer (KYC) regulations.

Without passing the KYC checks by providing the casino account verification required documentation, it is even possible that casino players will be unable to access winnings.

What KYC Means at Online Casinos

Standing for Know Your Customer but almost always referred to as KYC for short, this is the process by which the casino is able to verify a customer, ensuring they are who they claim to be.

The KYC process at each online casino varies, but it always works in a fairly similar way. Casino players will find that some verification can happen automatically when they sign up for an account.

Those who make a deposit using a debit card – Visa, MasterCard and Maestro are all widely accepted – at the casino cashier might be able to go through the KYC process without even realising.

But for those who have chosen an alternative payment method, such as e-wallets like PayPal or Skrill, or even other options like cryptocurrencies such as Bitcoin, then KYC checks may need to be passed manually.

A lot of the time, players will have to provide identification documents before they can withdraw funds out of a casino account for the first time. The purpose of this is to go through the KYC process.

Broadly speaking, the aim of KYC is to fight financial crimes such as money laundering, which is a common issue that online casinos need to address.

A lot of fraudsters have targeted online casinos as a way to launder money, which is why passing KYC checks has become a must for all players these days.

How Can Players Pass KYC Checks Quickly?

Players can get ahead of the game by passing their KYC checks as soon as they sign up at casinos. Most casinos have an area where documents can be securely uploaded for KYC purposes.

Casinos should make it clear exactly what is required but ID documents normally accepted include:

• Passport
• Driving licence
• National ID card
• Bank statement
• Utility bill

Documents like utility bills and bank statements will need to be dated within the last few months if they are to be accepted. Photographs of passports and driving licences need to be clear, rather than blurry.

Those who do not want to use the documents uploader at an online casino site to pass KYC checks will also often be able to send them in as attachments to an email.

Each online casino is different, but customer service will be able to advise on the method to go for. Players will be informed via email when the checks are completed and they have passed through KYC.

Passing KYC checks in advance of making a withdrawal out of the casino cashier can be a good idea as it means the process for a transaction should be smooth, resulting in faster payouts being made.

Impact of KYC on Withdrawal Times

Even at sites that promote themselves as instant payout casinos, issues with KYC checks being passed can have a significant impact on withdrawal times at the cashier.

Players who are yet to be fully verified are likely to find there are delays for their withdrawals as a result. Indeed, some online casino sites may even refuse to process a transaction until KYC is passed.

Some online casino sites only provide account verification for casino withdrawals on typical working days during office hours as well.

This means attempting to withdraw winnings on a Friday evening without having previously passed KYC checks can add a couple of days further delay to the process.

It is difficult to say how long passing KYC will add to the transaction times at the online casino.

Some sites are simply faster than others and can check documents within a matter of hours, allowing players to move forward and withdraw their winnings with a matter of urgency.

Others are not quite as efficient and this can lead to a frustratingly long wait for their customers.

One thing to keep in mind is that using cryptocurrency to make a deposit at the casino is anonymous, with players therefore able to avoid sharing their financial information with operators.

At some crypto casinos, there are no KYC checks to pass as a result, which means players might be able to get their hands on money they have won from spinning the reels a lot quicker.

However, it can be a red flag for some casino players if a site does not require any KYC documents.

How Personal and Financial Information is Protected During the KYC Process

Players are right to wonder about security when going through KYC verification for casinos.

After all, it can be concerning to have to hand over important forms of ID such as a copy of a passport, or even a bank statement that will contain a lot of personal and financial information.

The good news is that online casinos tend to take safety and security very seriously. Encryption is in place to make sure that hackers should never be able to access this information.

Look out for security standards such as SSL encryption as this helps to show data will be kept safe.

Casino sites also have privacy policies in place. Players should always try to make time to read these documents whenever they are signing up for an account with a new online casino.

Legal and Regulatory Aspects of KYC

Something to remember about account verification for casino withdrawals is that the legal aspect of KYC can be different depending on where a player is in the world.

As an example, Australia has the Anti-Money Laundering and Counter-Terrorism Financing Act, which was passed in 2016 and is regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Players in neighbouring New Zealand, meanwhile, follow KYC requirements that have been guided by the AML/CFT Act. This says that a customer’s full name must be verified, along with their current home address and their date of birth.

The Money Laundering Regulations of 2007 detail the United Kingdom’s KYC requirements. Players are likely to need to provide proof of their full name, residential address, and date of birth to pass KYC checks in the UK.

Playing at online casinos is getting more popular in the United States all the time. US-based casino customers need to provide an identification number – a Taxpayer Identification Number (like a SSN or EIN) – as well as personal information like their name and address.

North of the border, Canada has the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), which is enforced and regulated by the Financial Transactions Reports Analysis Centre of Canada (FINTRAC).

Canadian casino customers are able to send in copies of documents such as a birth certificate, driver’s licence, passport or permanent resident card as acceptable forms of verification.

It is clear that passing KYC checks is something many casino customers must get to grips with.

But the good news is the process does not need to be stressful or complicated, nor does it need to provide major delays when trying to withdraw winnings out of the casino cashier.

We will go through GST’s controversial levy and the expected impact of the increased gambling tax in India. We will also provide detailed information regarding public response and what representatives of the Indian gambling industry think of the situation. Feel free to use the links below that will take you to a relevant section of the blog.

India’s Controversial Levy and Effects from Tax Increase

The controversial levy, GST – The Goods and Services Tax Council^[1] has the tax increase already in power and plans an estimated revenue of 140 billion rupees that is to be collected from online gambling operations as the next financial year goes by.

This has impacted heavily the Indian online casinos without any doubts. Public concerns are voiced, and gamblers in the country have already been affected.

This decision has provoked discussions and debates among industry officials, including shareholders and economists. In short, the industry representatives fear that the move has “hammered their earnings and impacted many gamblers“, all because of the already increased tax.

Important Details Regarding the Decision

The tax has increased, and this move stems from the fact that the Indian government wants to even out other industries and boost the revenue generated by the online gambling space – iGaming, casinos, and sports betting.

It is clear that the increased gambling tax has severely impacted not only the shareholders, but individual gamblers themselves, mostly in a negative way. Several factors are to be considered:

• Increased costs on all operations of the gambling industry in India
• Gamblers prone to negative changes
• Overall service price increases
• Negative effect on the smaller gaming businesses

It is clear that the 28% levy on funds collected by gambling operators will be imposed on every bet the user places. This has struck a major blow to the betting industry and investors, the government says, all caused by its move back in October 2023.

By implementing this, officials believe the process will have a significant financial effect in the Indian gambling industry. Gambling operators will be forced to act due to this whole situation. The tax was increased back in October, and GST estimates a revenue of 140 billion rupees that is to be collected over the next financial year, all coming from gambling operations.

Indian Representatives’ Responses

Secretary Sanjay Malhotra revealed that GST collections overall averaged 1.7 trillion rupees each month, and it is expected that it will be increased to 1.8 trillion going into the next financial year. A staggering change that will surely have economic backlash.

Malhotra proposed a return on tax in the 2025 fiscal year. He indicated that the government is estimated to receive around 75 billion rupees for the current financial year up to the end of March, reflecting a significant increase from 16 billion from the previous year. Chief operating officer Aaditya Shah stated that “the tax rate implementation of 28% has brought significant challenges to the gaming industry“.

He claims that the higher the tax rate implementation, the higher the impact on companies’ cash flows. Since the tax has already been implemented, negative impacts are already seen.

Future Prospects and Economical Impact

Looking objectively at the situation, we can provide an estimate of the turn of events that these changes will lead to going forward. We noted that the government expects to receive 75 billion going into next year, which is a significant increase.

But how does this impact the industry, the shareholders, the players, and all related entities? Indian officials have stated that the addition of the 28% tax has hammered their earnings and warns of an impact on gamblers”. GST’s decision has affected the whole Indian online gambling industry.

According to India’s Minister, the 35 billion rupees in tax that was generated from October to December last year means that the industry has stabilized, but not for long. He believes that the framework that has been conducted in April of 2024 will not change taxes.

Public view is another topic of concern. This increased tax has led to disturbances among regular gamblers because of higher costs and lower returns. This may lead to addiction, which is another concern. Unfortunately, all of this points to a drastic, negative impact on the Indian gambling industry^[2].

We are currently unsure if responsible gambling organizations such as BeGambleAware^[3] or GAMSTOP will have any changes on their end or any regarding the current situation. It goes without saying that they have a huge role in the gambling industry.

Wrapping Up – Our Final Thoughts

It is time to conclude our article and present you with our concluding thoughts and remarks. The staggering tax increase has had a significant impact on India’s gambling industry, and its effects are already felt, but only time will tell how they will further develop.

Shareholders, gamblers, officials, and all related entities have voiced their concerns about it, and our current prospect on how this develops seems more negative than positive.

We are curious as to how the events will unfold, and we can say with certainty that the current facts we have give a promising estimate of the situation. We can only hope the gambling industry pulls through and players can partake and have fun in this ever-growing industry.

References and Useful Links

The section below will provide some of the research materials we have used to compile this article and make it as accurate as possible. Feel free to click on the links that will take you to the relevant resources.

Early Origins

Like most other casino games, the history of blackjack is quite long. A few centuries long, in fact. The game we know as blackjack today has changed quite a lot from the original version.

In other words, the very first version of blackjack was somewhat different to the modern one. However, it had enough of the same core features that it can still be classed as blackjack.

So where does the blackjack timeline begin? The earliest mention of the game is in the short story ‘Rinconete y Cortadillo’, found in the book Novelas Ejemplares by Spanish author Miguel de Cervantes.

This book was published in 1601 or 1602. In the short story, the two main characters are cheaters who play the game ‘veintiuno’ (which translates as ‘twenty-one’).

It’s mentioned that when playing this game, the goal is to get to 21 but without going over this number. Also, the ace card can be worth either 1 or 11.

These are two rules that the modern version of blackjack still has. It’s safe to say that the game was being played around the beginning of the 17th century.

The first record of it being played in casinos comes from around the start of the 18th century in France. It was called ‘Vingt-et-Un’ (French for ‘21’).

What’s interesting is that there was an earlier French game called ‘Ferme’ in which up to a dozen players tried to get as close to 16 as possible. This game had a lot in common with blackjack.

There was also a Spanish game called ‘One and Thirty’ where you had to reach 31 using at least three cards. This could have been a development of the game mentioned in Miguel de Cervantes’s short story.

Blackjack games spread from mainland Europe to Britain and the US in the 19th century. By the end of the century, the name ‘Blackjack’ was being used for the game, and its rules were mostly in line with today’s.

The Invention and Impact of Basic Strategy

If you’ve played blackjack yourself, there’s a good chance you’ll know about basic strategy. This is a cheat sheet of sorts that tells you what the best move to make is.

It was first published in the article ‘The Optimum Strategy in Blackjack’, which appeared in the Journal of the American Statistical Association. There wasn’t just one writer of this article; there were four.

These four men, collectively known as The Horsemen, were Roger Baldwin, Wilbert Cantey, Herbert Maisel and James McDermott. They were interested in the statistics and mathematics behind blackjack.

Basic strategy comes in the form of a table. You use the dealer’s face-up card and your own two cards to see what move is statistically best for you. There’s a basic strategy table for every version of blackjack.

It’s a very useful resource for people learning to play the game. It’s also useful for those wanting to perfect their strategy and hopefully make a profit.

The best blackjack sites give players as much information as possible about the game. This includes running through basic strategy and providing examples of tables for players to use.

The Card Counting Revolution

What popularised basic strategy was the publication of the book Beat the Dealer in 1963. In this, writer Ed Thorp, an American math professor and blackjack researcher, verified the strategy, confirming that it suggested the optimal moves.

This attracted a lot more people to the game. They saw blackjack not as a game of luck, but as a game where there was a guarantee you could make the best move, no matter what.

Since you could always play optimally by using basic strategy, you could, in theory, have a decent chance of winning. When compared to an entirely luck-based game like roulette, blackjack seemed more appealing.

While basic strategy was a great help, some people wanted to go further. They tried to find a more effective way of beating the game and improving the player’s chances of winning.

This is how card counting became popular. It’s a blackjack strategy that involves keeping track of what cards have come up and using this knowledge to work out who has the advantage.

The strategy isn’t about remembering every single individual card that’s appeared. Instead, it assigns a point value to each card. As the game progresses, you keep score and use this to determine your moves.

That’s just a basic summary of card counting. It’s somewhat complex, though many people have been able to use it successfully and make a profit from playing blackjack.

In fact, people have been banned from casinos for using the card counting technique. While it’s not technically illegal in the UK, in the US, it’s against the law to count cards using an external device or person.

Casinos are well aware of card counting and will ban anyone who they think is trying to use the technique. This is despite the fact that the technique never guarantees a win.

Employees, including croupiers overseeing blackjack games, keep an eye on players and look out for signs they’re counting cards. People also monitor CCTV footage and pay attention to suspicious players.

The technique became even more well known thanks to various books and films. A prime example is the 2008 film 21, about six MIT students who won millions from Las Vegas casinos by card counting.

The film is based on the book Bringing Down the House by Ben Mezrich. While it’s non-fiction as it’s supposedly based on real-life events, it’s said to have various inaccuracies and made-up details.

But what about online blackjack? Can you count cards in digital versions of the game? The answer, to put it simply, is no. The reason you can’t use the technique is because decks are regularly shuffled.

Blackjack games, even digital ones, typically use 6-8 decks. The act of shuffling the decks after a round essentially makes card counting pointless.

This is also true for live versions of the game, which you’ll find at most online casinos. These are real-life games you can take part in through your online casino account.

The croupier typically shuffles the decks of cards after every round to prevent players from counting cards. No matter how you play blackjack, there’s no point in trying to count cards.

To sum up, card counting is frowned upon by casinos. If you practise it, there’s a good chance the establishment will find out sooner or later and ban you from the premises.

The thing is, Thorp’s book actually became a hindrance more than a help. Since it popularised card counting, the result was that lots of people tried it and casinos decided to take action.

If the technique hadn’t been popularised, there’s a chance it might not be something worthy of a ban today. But casinos around the world know all about it and don’t want players to use it.

Modern Blackjack

Today, blackjack is a hugely popular game that millions of people around the world enjoy playing. There are two main versions of it: real-life and online.

Real-life games of blackjack are played in land-based casinos, gaming venues, social clubs and more. In these games, someone acts as the dealer while everyone else is a player who’s trying to beat the dealer to 21.

As for online blackjack, it works a bit differently, as the dealer is an automated computer program that, just like real-life dealers, has to follow set rules.

Then there are live dealer blackjack games. As mentioned previously, these use a real-life croupier and physical equipment, with people able to take part through their casino accounts.

One of the latest innovations is virtual reality blackjack. This is where someone wears a VR helmet and is made to think they’re in a casino where they can play digital versions of blackjack.
The game has come a long way. There’s no telling where it might be heading next!