
Online casinos without identity checks threaten the entire industry
'No-KYC' gambling platforms let players wager without proving their identity — there are no ID or address checks. In practice, these are typically offshore or crypto-based casinos where sign-up takes minutes and players deposit and withdraw funds anonymously. By skipping traditional 'know your customer' (KYC) checks, the mandatory identity verifications used by licensed casinos, these sites promise privacy, speed and simplicity.
One cryptocasino review notes players find 'no-KYC casinos easier to use and faster to get started', because the normal onboarding delays are skipped. Such platforms hype instant payouts, large bonuses and 'provably fair' games — with some cryptocasinos (for example Shuffle.com) already handling over $1 billion in monthly bets. This explosive growth mirrors the wider cryptogambling surge — worldwide, cryptowagers topped $8 billion a month in 2025, nearly double the previous year.
Many players are drawn by the allure of anonymity and convenience. No-KYC casinos do not require personal documents, so gamblers retain their privacy and avoid repeated identity checks (often valued by those wary of data breaches or surveillance). Without KYC red tape, deposits and withdrawals can clear in seconds, whereas licensed casinos might hold funds, pending verification.
In short, ease of use, rapid transactions and generous bonuses are the key appeals. These features explain why nearly 80% of cryptocasinos tout blockchain-based 'provably fair' games — part of a no-KYC gambling experience.
But experts warn that this convenience comes with severe risks. Without KYC, there is no barrier to fraud, other crime and exploitation. Criminals can easily use fake identities or anonymous crypto to launder money or fund terrorism on these sites.
Gamblers, especially underage or vulnerable players, slip through the cracks. No age checks means underage betting surges and problem gamblers lack enforced limits. Unregulated sites can also rig games or refuse payouts with impunity and they typically omit the safeguards — deposit limits, self-exclusion tools, verified licensing — that protect players. In short, no-KYC casinos become hotbeds for scams and financial crime. Industry analysts note that such platforms offer 'a perfect environment to commit financial crime'.
Regulators around the world echo these concerns. In the UK, the Gambling Commission reports that the number of Britons using unlicensed (often no-KYC) sites has skyrocketed — about 460 000 gambled illegally in 2020, more than double the 2019 figure. These unlicensed operators typically flout AML/KYC rules.
UK authorities have responded by targeting them aggressively — in one year, they shut down 264 illegal gambling websites and issued hundreds of cease-and-desist notices. The gambling commission stresses that licensed casinos must perform robust identity and affordability checks, especially for high-stakes gamblers, precisely to prevent money laundering and protect consumers. The commission notes that licensed operators failing to verify customers endanger the entire market's integrity.
Beyond Britain, KYC is fast becoming universal for legal gambling. The EU's new digital ID law (eIDAS 2.0) mandates KYC for all iGaming operators via secure identity wallets by 2026. In the US, New Jersey's gaming regulators, for example, require online casinos to verify the date of birth, social security number, address and more of gamblers before they can make any bets.
Many African regulators follow suit under anti-money laundering laws, for example, South Africa's Financial Intelligence Centre Act requires casinos to identify customers and report suspicious activity.
In short, almost every regulated market now links legal gambling to KYC checks, aiming to detect underage play, prevent crime and ensure fair competition.
In practice, no-KYC platforms threaten the broader gambling ecosystem. By diverting players into unregulated channels, they undermine consumer trust and reduce resources for player protection.
Legal operators — already burdened by strict anti-money laundering and age-verification procedures — see no-KYC sites undercutting them with big bonuses and zero oversight. This 'black market' gambling often offers rigged odds, no recourse for players and no responsible gaming support. Gaming industry analysts warn that an unchecked no-KYC sector eats away at the legitimacy of online gambling. For instance, licensed operator groups and regulators emphasise that KYC is 'a fundamental protective measure' that preserves a safe and responsible gaming environment.
When large numbers of players gamble anonymously offshore, the regulated sector's ability to channel betting into safe, monitored avenues suffers, and with it, government revenue for addiction programmes, legitimate operators' revenue and the overall reputation of gambling as a trustworthy pastime.
The consequences are tangible. In 2024, regulators slapped record anti-money laundering fines on gambling companies — more than $184 million globally in just one year — indicating how seriously authorities view compliance breaches.
In Lithuania, for example, a chain was fined €8.4 million for failing to stop a money-laundering scheme. These enforcement actions underscore that unauthorised, anonymous platforms draw heightened scrutiny. The higher the profile of gambling in the media as an unregulated Wild West, the greater the risk that governments will impose blanket bans or draconian rules (for example, outright cryptogambling bans or forced shutdowns) — decisions that could affect all gamblers.
While no-KYC casinos tempt players with short-term convenience and secrecy, they erode the long-term health of the gambling industry. The global trend is clear — regulators and responsible operators are moving toward more verification, not less. KYC and anti-money laundering checks are now standard in the UK, EU, US and beyond as key defences against fraud, money laundering, underage gambling and other harms.
Continuing to champion no-KYC platforms risks fuelling crackdowns that could shut down even legitimate gaming services. Protecting players and preserving the industry's integrity means accepting KYC as a necessary step. In the end, stricter KYC safeguards ensure that gambling can be fun and fair for everyone — a goal that no-KYC anonymity ultimately undermines.
Industry reports and regulator publications document the rise of anonymous cryptocasinos and their risks. Regulatory bodies (for example, the UK Gambling Commission and EU digital-identity rules) require KYC to prevent money laundering, underage gambling and fraud. Responsible gambling studies and news analyses highlight how unregulated, no-KYC gambling sites exploit players and threaten market trust.
Mduduzi Mbiza is the founder and director of Izmu, an online platform promoting responsible gambling education in South Africa.
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2 days ago
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The Citizen
10-07-2025
- The Citizen
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IOL News
04-07-2025
- IOL News
Betting on the dollar as the world turns to gold
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Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ According to the GPI 2025 report, the Sarb ranks 38th globally, holding $66.2 billion (about R1.2 trillion) in international reserves — a 6% annual increase that underscores its growing importance in the global reserve architecture. 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While rising gold prices have naturally boosted the metal's share in the country's overall reserves, the Sarb has not pursued active accumulation, according to the report. 'Amid rising economic uncertainty and geopolitical tensions, the importance of gold as a portfolio diversifier has grown,' said Tuvshingerel Tumenbayar, the acting director, and Azjargal Amarsaikhan, senior economist at the Bank of Mongolia. 'We regard gold as a strategic asset that supports risk mitigation and strengthens financial security in rapidly evolving global conditions.' The report found that South Africa's reluctance to increase gold holdings reflected a broader tension between tradition and modernity in reserve management. While gold offered insulation from fiat currency volatility, the Sarb appeared to prioritise liquidity and yield through traditional instruments such as US Treasuries. 'Geopolitical risks to central bank reserves are currently considered possible, though their likelihood remains low,' Parker explained. 'We assess them because of the significant impact they could have if they were to occur. Given this risk has recently evolved from 'unthinkable' to 'unlikely but conceivable', we have not yet developed models for assessing geopolitical exposures; modelling the impact of geopolitical risk on reserve assets is very complex. Consequently, we address the issue qualitatively on a case-by-case basis.' He further said: 'We also have existing credit risk and country risk limits that can be adjusted in response to increased geopolitical risks in specific regions.' The GPI 2025 report underscored a notable shift in global reserve behaviour: while many central banks were exploring alternative currencies and asset classes, the US dollar remained the dominant reserve currency. South Africa is no exception. 'As a safe-haven asset, US Treasuries will continue to dominate financial markets,' the report quoted a central bank from sub-Saharan Africa as saying. Parker echoed this sentiment, emphasising the enduring relevance of the greenback: 'While geopolitical risks influence reserve management, South Africa sees the dollar retaining its importance despite ongoing volatility.' Sarb maintained a strong exposure to US Treasury bonds, reflecting confidence in the depth, liquidity, and resilience of the US's debt market, according to the report. This conservative posture aligned with broader trends observed across emerging markets, where capital preservation remained the top priority. 'Capital preservation is the main investment priority for 61% of survey respondents,' the report stated. 'Reserve managers are becoming wearier of volatility and the possible need to intervene — the share of respondents that prioritise liquidity rose to 29% from 20% in 2023.' Parker expanded on Sarb's approach: 'Our currency choices are mainly influenced by trade activity and foreign debt issuance. In recent years, we have been somewhat overweight in the dollar, relative to the weights implied by these metrics. This was due to the ultra-low or even negative interest rates available on safe assets from other major economies, which undermined the core reserve-management objective of capital preservation. 'Now that interest rates seem to be stabilising comfortably above zero, across most major jurisdictions, a more balanced currency allocation may be achievable again. The dollar is nonetheless likely to retain an important role, alongside other currencies that are important for our trade and borrowing.' Geopolitical risk emerged as a defining theme in the GPI 2025 report. Among reserve managers, 31% selected geopolitics as the primary economic factor driving their investment decisions over the next 12–24 months, up from just 4% last year. 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