While Indian law remains vague regarding online gambling, an increasing number of online casino websites and sportsbooks require their users to provide personal details. As the Supreme Court has allowed so-called ‘games of skill’, many iGaming platforms continue to operate legally in the Indian market. In recent years, many websites combining sports betting and gambling have emerged and SlotV casino is perhaps one of the most well-covered in the media. In order to create a safer and more secure environment for the Indian gambling audience, a growing number of gambling websites and online sportsbooks are now adhering to KYC practices. In simple terms, to get full access to all the functionality and be able to withdraw winnings, Indian players now have to undergo identity verification.
Why KYC is Necessary?
To begin with, KYC is simply an acronym for Know Your Customer. According to this concept, the service provider has to check the background of its user to make sure that he/she complies with all the requirements of current legislation as well as the terms of the user agreement. Firstly, by implementing identity verification, the operator can make sure that its user is a player of legal age. Secondly, KYC helps to find out if the player has not been involved in any illegal activity related to fraudulent schemes, tax evasion or money laundering. In fact, verification is nothing new as it is done by every Indian e.g. when opening a bank account or registering on a crypto exchange.
What is Needed to Pass the KYC
To undergo the KYC identity verification procedure, Indians need three documents. The first is proof of identity by providing a digital copy of passport, Aadhar Card or driving license. The second is proof of residence address, which requires uploading photographs or scanned copies of paying bills or rental agreements. Finally, an Indian player has to prove the source of income by providing a bank statement for example.
There are many more iGaming platforms in the Indian gambling market which don’t require KYC. However, the trend today is to adopt KYC practices, so the vast majority of gambling websites and sports betting platforms will follow it in the near future. Along with this, initiatives to bring India’s online gambling industry into the legal arena are becoming louder and louder. This means that special bodies will be set up to monitor and supervise the operators.
KYC Contributes to the Healthy Gambling Ecosystem
In the last few years, the online betting & gambling market in India has grown considerably. Therefore, many international gambling operators are looking at India as a very attractive region to set up their business. Although the laws regarding gambling regulation are not yet defined, the KYC is a big step in the right direction.