i am playing on a sports betting site that i have just learned uses kyc for withdrawl... why do these sites have kyc requirements. can someone explain me what is the purposes of websites knowing your real life information (security risks) for no benefits.
There are so many reasons from; Weeding out multi accounts created to cheat on bonus and referral promotions to ensuring that a person using their gambling platform and is planning to withdraw their winnings is not from a country where gambling is banned as stated in their ToS because going against such Government Laws of certain Countries can legally land them in trouble.