Are you thinking about trying out online betting? If there’s a game on the weekend and you want to take a piece of the action, you need to sign up with an online bookmaker to place your bet. However, many online bookies require you to give them your ID and or proof of address when opening an account in the UK.
The UK Gaming Commission states that venues only have to collect Know Your Customer (KYC) information from players if they win £3,000 or more and withdraw the money from their account.
However, most gaming sites won’t pay you out anything if you don’t complete KYC, even if you’re withdrawing £30 or £3,000. Fortunately, there are no verification betting sites available to UK punters that don’t feel conformable handing personal information over to betting sites.
Let’s unpack the pros and cons of using no verification betting sites.
What are the Advantages of No Verification Betting Sites?
No KYC Process
No verification betting sites don’t require you to complete “Know Your Customer” procedures to verify your identity. If you’re only betting small wagers, say £5 to £20, why should you have to take on the risk of giving your betting platform personal information?
Credit Card Deposits Accepted
No verification betting sites accept credit cards and alternative deposit methods that circumvent the traditional financial system and the eyes of the authorities. As a result, you don’t have to hand over personal information like your ID.
Keep Your Gameplay Away from the Eyes of the Authorities
The government doesn’t have to know what you do with your money, but that’s not what happens in real life. The reality is that the UK government wants to track every transaction you make. However, sign up with a no verification betting platforms and use a VPN combined with alternative deposit methods. This strategy can help you keep your activities hidden from the prying eyes of the government.
What are the Disadvantages of No Verification Betting Sites?
Large Withdrawals May Require Verification
If you’re withdrawing more than the £3,000 limit, then most no verification betting sites will ask you to complete KYC before accessing your funds. These sites are not money laundering venues. They exist to serve smaller players in the market, and that’s why they advertise their business as “no verification.” The average transaction amounts are usually well below the legal threshold for mandatory financial reporting.
Some Sites Have Limited Player Protection
Some new sites might not invest in the security they need to prevent bad actors from hijacking the site and the player accounts. Therefore, be wary of any new site, especially those dealing with cryptocurrencies alone. These sites may build a liquidity pool and “rug-pull” it from the players, disappearing with the player funds.
Limited Customer Support
Ensure that the site you’re signing up with has good customer support. Send the team an email before creating your account, asking them a generic question. See how long it takes them to reply and the quality of the answer they provide. This test gives you a benchmark of what you can expect when dealing with withdrawal problems and the speed at which they resolve your issues.