How to pass bookmaker KYC and source of wealth checks.
In this article we are going to take a look at what you need to pass bookmaker know your customer and source of wealth checks.
Why do they happen?
What documents do you need?
How can I pass customer KYC checks?
If you have already started matched betting or happen to be making a decent amount of money from your sports betting.
Then it is likely you will have come across the know your customer checks.
You may also have been unlucky enough to also be asked for a source of wealth check.
In a recent video Caan Berry pointed out the increasing nature of these checks and also how they are unfairly used.
Whilst bookmakers are supposed to use these types of measures to identify problem gamblers and stop money laundering.
Often they are used to hamper and annoy bettors that have figured out a way to profit from the bookmakers.
They are being used as a way to deter profitable punters from playing at that site.
Rather then identifying problem gamblers or people that are money laundering.
Bookmaker KYC Checks – Why Do They Happen
Know your customer checks are in place to make sure the person opening and using the account.
Is actually the person they say they are.
These are regulations that a bookmaker needs to adhere to in order to operate.
In order to verify who you are. Bookmakers will often ask for some personal information when you sign up.
You will normally need to provide your –
Date of Birth
Address and postcode
To further back up this information you will also normally be asked to provide one form of ID.
A passport or driving licence is the most commonly used form of ID.
Along with some form of proof of address such as a bank statement, electric or water bill dated within the last 3 – 6 months.
Whenever you open a bookmaker account you should make sure you have these documents in order to make a withdrawal.
Most of the bigger bookmakers have an area on the site where you can upload your documents. Some will request that you email the documents to their risk team.
Normally this is a pretty simple process and your account will be verified within a couple of days.
Some bookmakers can also verify you electronically using the electoral register. In this case the bookmakers will not ask for additional documentation.
Source Of Wealth Checks
The second type of check that bookmakers can carry out is the source of wealth check.
This is a little more intrusive and sometimes bookmakers will ask for information regarding your job title and how much money you earn on a early basis.
Usually this is done when you are depositing and withdrawing large amounts of money.
For example if you are depositing and withdrawing tens of thousands of pounds on a weekly basis, then you can expect a source of wealth check.
In order to pass a source of wealth check you will need to provide some proof of earnings.
For example wages slips or bank statements which show a consistent income.
Bookmakers abusing source of wealth checks.
Something to be aware of however is that some bookmakers misuse source of funds/wealth checks.
This isn’t the case for all bookmakers but it does happen.
Recently I had a bookmaker ask me for unredacted bank statements and proof of earnings when I wanted to withdraw less then £50 from my account.
On this account I had bet only a few hundred pounds over its entire lifetime.
So it hardly qualified for a source of wealth check and the request was very unreasonable.
Money laundering and identifying problem gamblers are the reason behind this legislation.
However as you can see from the emails above. Bookmakers sometimes use this type of check to identify and deter winning bettors.
So whilst you should not expect a source of wealth check unless you are depositing and withdrawing large amounts of money.
Be aware that some bookmakers will still try to delay withdrawals by asking for more information then they should.
Problem Withdrawing From Bookmaker?
If you feel a bookmaker is abusing these checks.
For example withholding a withdrawal of £30 and asking for source of wealth checks, asking for selfies holding your id and notarised documents etc.
Your best option is to contact the UK gambling commission and make a complaint.
You can also copy them into your emails when you correspond with which ever bookmaker you are having issues with. This then notifies the bookmaker itself that you are involving the UK gambling commission.
Another option is to use the website Resolver and initiate a complaint.
Resolver will contact the bookmaker itself and try to resolve the issue. Then send your complaint on to the Independent Betting Adjusdication Service (IBAS) if the issue is still unable to be resolved.
For the most part KYC checks are a very easy procedure. In over 10 years of betting I have only had one issue with a source of wealth checks.
Whilst the checks can be an annoyance and seem intrusive.
There is a still a decent amount of opportunity to make money from the sports betting markets which make it worth while.
One of the simplest and most effective ways to make money is from matched betting.
If you want to learn how to do this for free our recommendation is Profit Rush.
Ryan is a former mixed martial arts and kickboxing competitor. After finishing university he played online poker and taught English for a living in Thailand for a few years.
Upon returning to England his focus has been on making a living from sports trading, betting and arbitrage. Over the course of 5 years he has managed to make a six figure profit using the strategies discussed on this site.
Ryan runs the sports betting and trading website www.smartsportstrader.com