Why Do Gambling Sites Ask for Proof of Funds & Do You Have to Give It to Them?

min read
A vector image with playing cards, poker chips, a roulette wheel, and dice in front of cellphone showing an online casino.
BetMGM Sep 25, 2023, 11:27 PM

Ever tried to bet big at an online casino only to be asked for proof of funds? If this request left you puzzled, don’t worry, you’re not alone. Most players are unsure why online casinos mandate this. Truth be told, it’s not a ploy to pry into your finances but a legal and regulatory obligation. It’s all about preventing unsavory practices like money laundering, ensuring responsible gambling, and curbing gambling addiction. But do you always have to provide it? This article breaks down the realities, dispels the myths, and explores the alternatives.

The Purpose of Online Casino Verification

Verifying your identity and financial standing is a standard procedure for most online casinos. This process typically involves providing forms of identification such as your ID, passport, or driver’s license, and proof of address like a utility bill.

If you’ve already been verified, you may be wondering why the casino is asking for your bank statement.

Asking for proof of funds is more than just a cumbersome procedure; it’s a crucial part of a casino’s legal and regulatory practices. Online casinos are bound by international laws and regulations. These regulations mandate the verification of a player’s financial resources for two primary reasons:

Promotion of Responsible Gambling Practices

Much like a bank asking for proof of income when you’re applying for a loan, casinos want to make sure you can meet your financial commitments which, in this case, would be your bets.

By reviewing your bank statements, the casino can check that you’re betting within your means. This can be particularly important if they suspect a player has a gambling problem. Having access to proof of funds can help the casino offer support options to the players who need them.

Prevention of Money Laundering

Casinos don’t want to inadvertently become a conduit for illegal activities. By verifying the source of your funds, they can ensure that the money you’re playing with is legitimate.

Which Games Require Proof of Funds?

Proof of funds requests are not related to specific games but rather the financial transactions you make with the casino. Whether you’re playing in live dealer online games, or spinning the reels in online slots, if you’re making significant deposits or withdrawals, the casino might ask for proof of funds.

How To Show Proof of Funds

While the process and online casino requirements may vary, most casinos will typically request similar types of documentation to show proof of funds.

Bank Statements

Your most recent bank statement clearly showing your name and account number, with a sufficient balance to support how much you’re gambling.

Pay Slips

If you’re employed, your recent payslips can serve as proof of funds. They should display your name, employer’s name, and salary.

Savings Accounts or Investments

Documents showing savings or investments can also be used, such as statements from different bank accounts or an investment portfolio.

Sale of Assets

If you’ve recently sold an asset (like a car or a house,) you can use relevant documents to show where the funds came from.

Gifts or Inheritance

If the money for gambling comes from a gift or inheritance, a letter from a lawyer or a will can be used as proof.

Common Myths and Misconceptions

Myth 1: Proof of Funds Is an Invasion of Privacy

It’s common for players to perceive the requirement for proof of funds as an invasion of their privacy. While that’s understandable, it’s essential to know that online casinos are not interested in your personal financial details beyond ensuring that the funds are legitimate. Remember, all reputable online casinos have stringent security measures in place so any sensitive information you share with them is encrypted and kept confidential. 

Myth 2: All Casinos Require Proof of Funds

There’s a belief that all online casinos require proof of funds, but this isn’t always the case. Many online platforms set a certain threshold, and if your deposits or withdrawals exceed this limit, only then would you be asked to provide evidence of your funds. Each casino has its own threshold, so it’s important to check the terms and conditions before playing.

Myth 3: Providing Proof of Funds Means Immediate Approval

Another misconception is that once you provide proof of funds, it guarantees immediate approval of your transactions. While providing proof can speed up the process, each transaction is still subject to the casino’s standard review process to ensure the safety and security of all parties involved.

Alternative Options to Providing Proof of Funds

What happens if you decide not to provide proof of funds but you don’t want your account to be limited or suspended? In the future, gambling sites might introduce more advanced verification methods, like facial recognition technology, to use instead. But for now, you have two options.

1. Set Deposit Limits

One common alternative is to set deposit limits on your account. This helps you control your gambling budget, so you’re not spending more than you can afford. This is a widely accepted practice, and most casinos will happily facilitate this request.

2. Self-Exclusion Programs

Another option is to make use of self-exclusion programs. These programs allow players to take a break from gambling for a set period of time, giving them space to assess their gambling behaviors. Self-exclusion can be a powerful tool in preventing gambling addiction.

Gamble Responsibly with BetMGM

At the end of the day, it’s your call whether or not to provide proof of funds to an online casino. But if you want a smooth and secure gaming experience, it’s best to go along with the casino’s requirements.

BetMGM puts player safety and security above everything else. Players have the option to establish deposit limits or opt for self-exclusion policies. Whether you decide to provide proof of funds or choose an alternative option, BetMGM respects your decision and is committed to maintaining a safe and enjoyable gaming environment.

Register today with BetMGM for a thrilling gaming experience.

Actress Vanessa Hudgens flipping casino chips next to the text "The King of Casinos"
About the Author

BetMGM

Read More

Our BetMGM editors and authors are casino experts with a wealth of knowledge of the online casino industry at all levels. Their coverage includes company news, game reviews, how-to instructional articles, strategy guides, and editorials showcasing BetMGM’s superior product and game library.

Our BetMGM editors and authors are casino experts with a wealth of knowledge of the online casino industry at all levels. Their coverage includes company news, game reviews, how-to instructional articles, strategy guides, and editorials showcasing BetMGM’s superior product and game library.