Anonymous Betting vs. KYC Betting Pros & Cons

If you’re not familiar with Know Your Client, or KYC betting don’t worry. Although it sounds complicated, it’s simple. KYC betting means that as a player you must provide identification proving who you are.

Often, gaming companies asking you to prove who you are insist you provide very personal information like your social security number. Anonymous betting is the opposite of KYC betting. 

Keep reading for the pros and cons of anonymous betting versus KYC betting.

Anonymous Betting vs. KYC Know Your Client Betting Pros & Cons

Why you want to be an anonymous bettor

1. You mustn’t give up your personal information

Anonymous betting happens on Bitcoin only sites. When you bet anonymously, it means proving your identity to make withdrawals or to fund your account isn’t a requirement.

If you wish to withdrawal, all you must do is attach a BTC receive address. The receive address is unique for each withdrawal.

All bets happen on a blockchain. Blockchains don’t require personal information because everything is in digital code. If you own the code, if the BTC code rests in your digital wallet, that’s all that matters.   

2. You can start making bets ASAP

Know your client betting often requires players to go through multiple levels of verification. For instance, you may have to deliver a utility bill along with a picture I.D.

Some online sportsbooks and casinos that have KYC protocols may even insist you sign an affidavit saying who you are.

Anonymous betting gets you up and running right away. Bitcoin transactions are anonymous in the sense they don’t release information on what the transaction is. Someone can trace transactions from digital wallet to digital wallet, but the only information available to the tracer is the wallet information.

So if you’re a player who doesn’t want anybody to know you like to bet on NFL games, you want to go with a Bitcoin sportsbook and casino. Your BTC bets, withdrawals, and deposits are nothing more than bitcoin transactions on the Bitcoin blockchain.   

3. No credit checks

To be fair, most traditional fiat currency online sportsbooks and casinos don’t require credit checks. Some, though, have gotten into the habit of asking for credit checks.

This is especially true if you decide to open an account with a U.S. based online sportsbook and casino. To prevent from having to go through a credit check, sign-up and play through a Bitcoin sportsbook and casino.   

4. You can bet with your BTC

Because you can fund your traditional online sportsbook account with bitcoin, you may think you are betting with BTC, but in reality, you are betting with fiat currency.

Bitcoin deposits at KYC betting companies is just a way to fund your account. Once the BTC lands in your account it converts to the fiat currency of your choice. When you make bets with BTC, you aren’t wagering with dollars attached to a specific account that’s under your name.

You are betting with bitcoin that’s attached to a digital wallet. In this case the digital wallet is your betting account.

Bad customer service is the one possible drawback to anonymous betting

There is one drawback to being an anonymous bettor. Know your client betting often ensures top-notch customer service.

But that’s okay. It doesn’t mean that a cryptocurrency sportsbook has bad customer service. It just means that you must be selective. Choose the right crypto sportsbook and you should have no trouble with customer service reps. 

- B.E.Delmer, Gambling911.com