Why does an online gaming operator request verification documents when one is requesting a withdrawal and what is normally required?

April 14, 2017 Posted in Facts by No Comments
Withdrawing Money from an Online Gambling Account

Once a player has enough funds in their account, they will need to provide verification documents to withdraw their money. This may be upsetting to players that want to quickly withdraw money from their winnings. It seems tedious to some, after all, it’s their money, right? They rightfully won it, so why place a halt on the money now? Why would a player need to provide verification documents to get their money?

Why Does an Online Gambling Operator Require Verification Documents

There are several reasons why an online gambling operator request that players provide verification documents to withdraw their money. This works in the interest of both the players and the online gambling operator. It is a security process that online gambling operators follow and protects both parties involved in the transaction. Here is how it works:

In order for any online gambling operator to offer betting type games legally, they must be licensed to do so. These licenses they hold are issued by licensing authorities within the online gambling jurisdiction. The licensing authorities are responsible for regulating the licenses and making sure online gambling operators adhere to certain regulations.

One which is the requirement that a player verifies their account and send in the proper documents requested. This will assure that the online gambling operator is following regulations as expected. By adhering to this regulation it meets the licensing authority’s requirement of verifying accounts and protects both parties involved in the withdrawal transaction.

Another reason document verification is required for withdrawal of funds is to ascertain that the money in or out of the online gambling operator is legitimate. Regulations set forth by the licensee authorities deem this necessary to reduce financial risk for both parties involved. It protects the online gambling operator and the player from fraudulent withdrawals.

Without this process of verification, there is more risk of online fraud being committed. Anyone with the means to commit the fraud would be able then to withdraw money from a player’s account. Which puts the online gambling operator at financial risk since money must be replaced to the rightful player.

Verification covers the areas required to meet licensee regulation. The name, age, and address must be verified and the payment method the player is using needs to be verified. Which means all these personal documents should match the information the online player registered with. All the documents should have the same name and address on them.


What are the Documents that are Normally Required to Verify an Account?

One of the documents needs to be a state ID, a driver’s license or a passport. The address should be current and match the rest of the documents that will be sent. The player will make a copy of this, making sure the copy is sharp and the details on the identification are clear. If the copy is not clear and cannot be fully read, the operator will ask for another copy. This only slows down the time for a player to access their money.

The type of identification the player uses will help satisfy one of the verification requirements. It proves the identity and age of the player. It is important for an online gambling operator to assure that players are of legal age to participate and play casino games for real money. It would be unlawful to allow anyone below the minimum age to play.

The next part of document verification is proof of address. This could be a copy of a current utility bill like electric or water or a copy of their bank statement. If the player pays bills online or does banking online, getting a digital copy from their account should be no problem. The copy should be the whole page of the document and the details like name and address need to be clearly visible. This meets the proof of address requirement.

Finally, a player needs to verify their payment method. So, if they paid with a credit card like a VISA, the money the player will withdraw will go into this card. The name on the card should be the player’s name as shown on their Identification. A copy clear copy showing the front of the card with their name on it and the back showing their signature.

The copy only needs to show the first six and the last four numbers of the card. The rest can be blacked out. The copy for the back of the card only needs to show the signature. The CCV code should be blacked out as well.

Once copies of these documents are made, a player needs to send them as requested to the online gambling operator. When the operator has received them and has verified all details to be legit, the player will be able to withdraw their funds. As mentioned above, the process meets the online gambling law regulations and protects both the player and the operator from fraud.