Why do New York Sportsbooks need to do Identity Verification, and can you trust them with personal information? Learn more about the KYC required by all sportsbooks, what is needed from you when signing up at a legal New York sportsbook, and why you don’t have to worry about providing your SSN or DOB to a legal and licensed s operator.
NY Sportsbooks and KYC
Since the first online sport betting operators were launched in the State, one of the most common questions has always been about the super-strict verification processes required by legal sportsbooks. These processes are part of the KYC or Know Your Customer laws which are crucial to operating an above-board, licensed, and regulated sports betting site.
As online sportsbooks are now offering their services in the Empire State, these requirements are an essential part of the registration and sign-up processes. In addition, the details are used to determine your liability for tax. From the moment you sign up with a sportsbook, all of your
winnings from sports betting are taxable
and must be declared annually to the IRS.
For
legal sportsbooks in New York, just like in other states, more information is required for verification purposes than just an email, especially as the operator will be setting up an account where you can deposit and withdraw money from using accredited financial providers payment methods.
These requirements are also not new in the State of New York. Daily Fantasy Sports operators have been in the State for quite some time and require the exact details from their customers. This includes your name, address, and proof that the person is who they say they are, which can be most effectively proven if the customer provides a drivers’ license or a Social Security Number along with a date of birth.
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Not only does this type of information help the operator confirm that they are dealing with the correct individual, but it also allows them to ensure that underage individuals are not allowed to continue with the registration process.
If a legal sportsbook, let’s say
FanDuel New York
as a theoretical example, allows an underage individual to gamble using its facilities, it is a severe offense that Government regulators look out for and FanDuel would quickly find that its license is under close scrutiny and might even be revoked.
Providing proof of identification or DOB is just a normal part of using any legal sportsbook in New York and the United States, and complying also protects you, the customer, from a potential non-payment or denial of funds from the operator, which is a genuine risk if the operator is not licensed and regulated.
Don’t worry, be happy
Also, you can rest assured that all and any licensed sportsbook in the Empire State,
Sugarhouse New York
for instance, is on the ball when it comes to this type of verification method, and your privacy is a priority to the operator you choose to give your details to, provided it’s a licensed and regulated operator in New York.
Thus, for a safe and legal sports betting market to exist and flourish in the Empire State, the Know Your Customer or KYC verification is merely a way to ensure that New York sports betting operators are obeying state laws.
And, as these operators are working with customers’ money, it’s crucial that they need to ensure that bettors are who they say they are.
All you need to do is make sure the NY sports betting operator you choose is legal and licensed. If so, you don’t need to worry about providing proof of ID or DOB.
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